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  "documentTitle": "Starbucks (SBUX)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2018-10-09 00:00:00",
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      "text": "(1) Based on Pershing Square estimated 2019 EBIT including JV income.\n(2) Based on net cash of ~$0.4bn as of 6/30/18 pro forma for $5bn received from the closing of the recent Nestle transaction.\n(3) Shares owned by all core funds managed by Pershing Square through forward contracts.",
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      "text": "Leading global specialty coffee retailer and iconic brand\n29,000 stores with over $32 billion in systemwide sales\n50% U.S., 50% International\n53% Owned (U.S. 60%,China 100%, RoW 30%), 47% Licensed\nAmericas (primarily U.S.) = 67% of EBIT, Asia Pacific = 22%(1)\nMarket capitalization and enterprise valuation of ~$77bn(2)\nPershing Square owns 15.2 million shares at an average cost of $51 per share(3)",
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      "text": "Ticker: \"SBUX\"\nStock Price: $56\nDiv. Yield: 2.6%",
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