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  "docSlug": "93cbee808d66",
  "documentTitle": "Starbucks (SBUX)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-09 00:00:00",
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  "notes": "The chart highlights a premium in M&A multiples compared to Starbucks' current valuation.",
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      "kind": "callout",
      "text": "Over $100bn in coffee-related acquisitions have been completed since 2012, at valuations that average ~20% more than where SBUX now trades",
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      "kind": "chart",
      "text": "TEV / EBITDA for Coffee-Related Transactions",
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      "kind": "disclaimer",
      "text": "Source: Public filings, broker research, Pershing Square estimates. Represents all coffee-related transactions with a TEV of at least $1bn completed since 2012. Note: SBUX trading multiple represents TEV excluding the capitalized value of JV income at 20x earnings divided by Pershing Square 2019E EBITDA. (1) Total TEV includes transactions with a TEV less than $1bn.",
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      "kind": "title",
      "text": "Strategic Investment in Coffee is Accelerating",
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