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  "documentTitle": "Strategic Organizing Center | Activist Presentation Deck | 65 slides",
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      "text": "Total Shareholder Return",
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      "text": "BREW A BETTER STARBUCKS",
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      "kind": "list",
      "text": "Starbucks' EV/EBITDA multiple has declined from 21.1x (a premium to the median of its peers) to 15.0x (a discount to the peer median) since the first union vote",
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      "text": "EBITDA CAGR: (0.7)%",
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      "text": "Starbucks shares performed 16.6% worse than the median of Starbucks' peers* and 11.3% worse than the S&P 500 Restaurant Index",
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      "text": "Since the anti-unionization campaign became a tangible issue (December 9, 2021, when the first union election occurred in Buffalo) through the date that the SOC nominated candidates for the Board, TSR was (6.0)%",
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      "text": "Revenue CAGR: 11.2%",
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      "text": "*Note: Peer cohort comprises CMG, DRI, MCD, QSR and YUM, which are the issuers who are the constituents of the S&P 500 Restaurant Index that we believe are highly correlated with SBUX",
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