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      "text": "Enterprise Value of Starbucks' Newest Peer Sets",
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      "text": "The best basis of comparison for Starbucks' total shareholder return is a group of companies in a similar industry, operating at a similar scale, facing similar headwinds, and succeeding at similar challenges. That group is the set of highly- correlated, large cap restaurants presented earlier in this presentation",
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      "text": "Starbucks has introduced two more peer sets in its Feb. 16, 2024, investor presentation,** comprising smaller-scale quick service restaurants (Starbucks' enterprise value is approximately 28 times the median of the proposed peer groups). We believe this peer set is overly broad and was chosen to be flattering to the Company's recent underperformance",
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      "text": "The Board uses TSR relative to the S&P 500 to adjust management compensation by as much as 25%. This year's proxy statement, for the first time, benchmarked Starbucks' TSR against the S&P 500 Consumer Discretionary Index*",
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      "kind": "list",
      "text": "Starbucks' most detailed disclosed peer group, prior to its response to our nominees, was a group of companies including Estée Lauder, Target, and V.F. Corp. (used to set management's total compensation)",
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      "text": "*Source: Starbucks' Definitive Proxy Statement (Jan. 25, 2024)\n**Source: Starbucks Feb. 16, 2024, Investor Presentation (Page 3) states, \"Peers include BROS, CAKE, CBRL, CMG, DENN, DIN, DPZ, DRI, EAT, LOCO, MCD, PZZA, QSR, WEN, YUM, and YUMC.\"; Starbucks Feb. 16, 2024, Investor Presentation\n(Page 9) states, \"Peers include BJRI, BLMN, CAKE, CBRL, CMG, DIN, DPZ, DRI, EAT, JACK, MCD, PZZA, QSR, SHAK, TXRH, WEN, YUM, and YUMC.\"",
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      "kind": "title",
      "text": "Starbucks has introduced new peer sets to make it look like it has outperformed over recent time periods – but the peers don't make sense",
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      "text": "Starbucks is Playing Games with its TSR Peer Sets",
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