{
  "docId": "019dd923-622c-750b-8b9b-e25f9c614883",
  "docSlug": "93cbee808d66",
  "documentTitle": "Starbucks (SBUX)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2018-10-09 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 9,
  "pageCount": 43,
  "prevPage": 8,
  "nextPage": 10,
  "slideType": "valuation_reveal",
  "function": "quantify_opportunity",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a waterfall-like logic to show the value creation from initial investment to valuation.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-e25f9c614883/9",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-e25f9c614883",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-e25f9c614883.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-e25f9c614883#slide-9",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "callout",
      "text": "We estimate that every dollar Starbucks spends building a new store in the U.S. or China is worth $10 to $15 shortly after the store opens",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8e1cc4c-c25d-445f-a887-f041cf9ed3d2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Illustrative Value of Each New Store at SBUX Base Case Valuation Multiple ($'000s)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5edc141-2658-44d3-8255-b16068638ee2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Return on Capex: 15.5x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac5-725e-9dcb-6924c2da1259",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.9
      },
      "kind": "source-note",
      "text": "Source: Store build costs as per prior page. Run-rate EBITDA for the U.S. store calculated as run-rate AUV of $1.6mm as per December 2016 investor day times a 30% assumed run-rate EBITDA margin. SBUX base case valuation multiple of 15.5x EBITDA is as per Pershing Square assumptions.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cd85303c-4fbf-4157-a2e2-b0fff4d36b93",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Exceptional Returns on New Unit Capex",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3614670c-c031-446d-9a48-922ebcad56f0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "65d38bdf-6521-4962-be56-ac04ba0626bd",
      "evidence": "The slide explicitly calculates the return on capital (Capex) for new store builds.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}