Financials Starbucks Corporation

Equities

SBUX

US8552441094

Restaurants & Bars

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-14 pm EDT			Pre-market 08:34:56 am
75.63 ^USD	-0.72%		76.02	+0.52%

May. 14	Investors need more than PPI to make up their minds
May. 14	Wolfe Research Adjusts Price Target on Starbucks to $85 From $109, Keeps Outperform Rating	MT

Valuation

Fiscal Period: Oktober	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	103,552	101,390	133,144	96,680	104,541	85,666	-	-
Enterprise Value (EV) ¹	111,962	113,107	141,142	108,905	116,389	99,283	100,702	102,611
P/E ratio	29.6 x	110 x	31.9 x	29.8 x	25.5 x	20.9 x	17.8 x	15.5 x
Yield	1.72%	1.42%	2.03%	2.37%	2.37%	3.04%	3.24%	3.51%
Capitalization / Revenue	3.91 x	4.31 x	4.58 x	3 x	2.91 x	2.32 x	2.13 x	1.96 x
EV / Revenue	4.22 x	4.81 x	4.86 x	3.38 x	3.24 x	2.68 x	2.51 x	2.35 x
EV / EBITDA	19.6 x	33.8 x	21.7 x	17.7 x	16.2 x	13.5 x	12.1 x	11 x
EV / FCF	34.6 x	990 x	31.2 x	33.9 x	31.7 x	27.4 x	22.8 x	17.9 x
FCF Yield	2.89%	0.1%	3.2%	2.95%	3.16%	3.65%	4.39%	5.58%
Price to Book	-16.4 x	-13 x	-25 x	-11.1 x	-13 x	-10.3 x	-10.1 x	-7.68 x
Nbr of stocks (in thousands)	1,197,000	1,168,900	1,179,100	1,147,400	1,145,400	1,132,700	-	-
Reference price ²	86.51	86.74	112.9	84.26	91.27	75.63	75.63	75.63
Announcement Date	10/30/19	10/29/20	10/28/21	11/3/22	11/2/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: oktober	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	26,509	23,518	29,061	32,250	35,976	36,980	40,173	43,658
EBITDA ¹	5,724	3,351	6,501	6,136	7,164	7,353	8,351	9,315
EBIT ¹	4,560	2,133	5,262	4,855	5,801	5,809	6,624	7,347
Operating Margin	17.2%	9.07%	18.11%	15.05%	16.13%	15.71%	16.49%	16.83%
Earnings before Tax (EBT) ¹	4,466	1,164	5,357	4,232	5,402	5,376	6,290	7,096
Net income ¹	3,599	928.3	4,199	3,282	4,124	4,055	4,731	5,285
Net margin	13.58%	3.95%	14.45%	10.18%	11.46%	10.97%	11.78%	12.1%
EPS ²	2.920	0.7900	3.540	2.830	3.580	3.616	4.255	4.880
Free Cash Flow ¹	3,240	114.2	4,519	3,211	3,675	3,627	4,418	5,724
FCF margin	12.22%	0.49%	15.55%	9.96%	10.22%	9.81%	11%	13.11%
FCF Conversion (EBITDA)	56.61%	3.41%	69.51%	52.33%	51.3%	49.32%	52.9%	61.45%
FCF Conversion (Net income)	90.03%	12.3%	107.62%	97.84%	89.1%	89.43%	93.39%	108.32%
Dividend per Share ²	1.490	1.230	2.290	2.000	2.160	2.303	2.453	2.657
Announcement Date	10/30/19	10/29/20	10/28/21	11/3/22	11/2/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Octubre	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	8,050	7,636	8,150	8,414	8,714	8,720	9,168	9,374	9,425	8,563	9,330	9,647	10,059	9,392	10,177
EBITDA ¹	1,536	1,321	1,771	1,590	1,586	1,587	1,933	2,058	1,870	1,471	1,925	2,099	1,989	1,698	2,163
EBIT ¹	1,213	996.4	1,373	1,273	1,259	1,245	1,591	1,706	1,485	1,099	1,527	1,706	1,589	1,261	1,728
Operating Margin	15.07%	13.05%	16.85%	15.12%	14.45%	14.28%	17.35%	18.2%	15.76%	12.83%	16.37%	17.68%	15.8%	13.42%	16.98%
Earnings before Tax (EBT) ¹	1,062	876.1	1,192	1,101	1,135	1,210	1,464	1,593	1,379	992.4	1,400	1,578	1,477	1,206	1,612
Net income ¹	815.9	674.5	912.9	878.3	855.2	908.3	1,142	1,219	1,024	772.4	1,064	1,192	1,118	885.3	1,197
Net margin	10.13%	8.83%	11.2%	10.44%	9.81%	10.42%	12.45%	13.01%	10.87%	9.02%	11.41%	12.36%	11.11%	9.43%	11.77%
EPS ²	0.6900	0.5800	0.7900	0.7600	0.7400	0.7900	0.7900	1.060	0.9000	0.6800	0.9563	1.064	0.9977	0.7944	1.082
Dividend per Share ²	0.4900	0.4900	0.4900	0.5300	0.5300	0.5300	0.5300	0.5700	0.5700	0.5700	0.5700	0.5852	0.6281	0.6281	0.6342
Announcement Date	2/1/22	5/3/22	8/2/22	11/3/22	2/2/23	5/2/23	8/1/23	11/2/23	1/30/24	4/30/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: Octubre	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	8,410	11,716	7,998	12,226	11,848	13,617	15,036	16,945
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.469 x	3.496 x	1.23 x	1.992 x	1.654 x	1.852 x	1.801 x	1.819 x
Free Cash Flow ¹	3,240	114	4,519	3,211	3,675	3,627	4,418	5,725
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	16.6%	3.82%	13.8%	11.6%	14.2%	13.7%	14.5%	14.8%
Assets ¹	21,688	24,297	30,383	28,408	29,056	29,601	32,721	35,651
Book Value Per Share ²	-5.260	-6.650	-4.510	-7.580	-7.000	-7.330	-7.500	-9.850
Cash Flow per Share ²	4.090	1.350	5.050	3.800	5.220	4.670	5.670	6.210
Capex ¹	1,807	1,484	1,470	1,841	2,334	2,939	2,930	2,924
Capex / Sales	6.82%	6.31%	5.06%	5.71%	6.49%	7.95%	7.29%	6.7%
Announcement Date	10/30/19	10/29/20	10/28/21	11/3/22	11/2/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Starbucks Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

75.63 USD

Average target price

90.51 USD

Spread / Average Target

+19.68%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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