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  "documentTitle": "Starbucks (SBUX)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2018-10-09 00:00:00",
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  "notes": "The slide uses a 'Summary Valuation' table to justify an investment thesis based on historical reversion.",
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      "kind": "callout",
      "text": "If SSS and valuation revert closer to historical average levels, we believe that SBUX shares can more than double over the next three years",
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      "text": "3-Year IRR: 20%",
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      "text": "We estimate that SBUX will generate a three-year IRR of at least 20% at current prices, with limited downside risk",
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      "text": "Source: Pershing Square estimates. Note: Projections exclude $179mm of annual pretax non-cash revenue related to the amortization of the upfront payment received in the Nestle transaction ($0.12 per share in 2022).",
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