{
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  "docSlug": "9a2da3e17e4fb6685ff57243070ba9ab",
  "documentTitle": "Strategic Organizing Center | Activist Presentation Deck | 65 slides",
  "authorId": "strategic-organizing-center",
  "authorName": "Strategic Organizing Center",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-02-01 00:00:00",
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  "pageNumber": 29,
  "pageCount": 65,
  "prevPage": 28,
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  "slideType": "peer_gap",
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      "kind": "chart",
      "text": "EV / NTM EBITDA*",
      "attrs": {
        "series": [
          "SBUX",
          "Peer Median",
          "S&P 500 Restaurant"
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        "x_axis_label": "Date",
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      "kind": "list",
      "text": "On December 9, 2021 (the first unionization), Starbucks was valued at 21.1x NTM EBITDA, in line with the S&P 500 Restaurant Index and a 2.3 turn premium to the median of its peers\nSince unionization and the Board's failure to oversee management's response, Starbucks has moved to a 3.0 turn discount to the index and a 2.2 turn discount to its peer median (15.0x for SBUX vs 18.0x for the index and 17.2x peer median)\nThe decline in Starbucks' valuation indicates that the investing public has rising concern about the stability and growth of Starbucks' future cash flows\nThe shift from a premium valuation to a discount indicates that investors' concerns about Starbucks are specific to the Company, rather than responsive to industry-wide risk",
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      "kind": "source-note",
      "text": "*Source: Bloomberg. Peer cohort comprises CMG, DRI, MCD, QSR and YUM",
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      "evidence": "list/bullet: On December 9, 2021 (the first unionization), Starbucks was valued at 21.1x NTM EBITDA, in line with the S&P 500 Restaurant Index and a 2.3 turn premium to the median of its peers",
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      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Agitate",
      "beatSlug": "problem-agitate-solution-agitate-make-it-worse",
      "evidence": "The deck agitates the issues, highlighting the consequences of the Board's actions, including damage to the company's brand and shareholder value.",
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      "confidence": 0.8,
      "parentBeatName": "Development",
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  "loops": [
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "1525657f-7a7e-45c8-b3ed-55373791ddb1",
      "evidence": "The deck highlights the cost of failed oversight, including the rising costs of Starbucks' anti-union campaign and the impact on shareholder value.",
      "position": 2,
      "objective": "To highlight the cost of failed oversight",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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