Price

Shares
MC
Cash
Debt
EV

Howard Schultz - CEO

63.00
1,484
93,505
2,925
2,897
93,477

Q215
Q215
Q215

Main
Company-Operated Stores
Licensed Stores
CPG, Foodservice and Other
Revenue
COGS
Gross Margin
Store Operating Costs
Other Operating Expenses
G&A
Operating Expenses
Operating Income
Interest Income
Pretax Income
Taxes
Net Income
EPS
Shares
Revenue Growth
Total Comps
US Comps
Operating Margin
Tax Rate
Net Cash
Cash
A/R
Inventories
Prepaid Expenses
Deferred Income Taxes
PP&E
OLTA
Intangible
Assets
A/P
A/L
Insurance
Stored Value
Debt
OLTL
Liabilities
S/E
L+SE
Book Value (S/E) A - L
Tangible Book Value

12/29/2013 3/30/2014 6/29/2015 9/28/2014 12/28/2014 3/29/2015

Q114
Q214
Q314
Q414
Q115
Q215
3,344
3,068
3,291
3,276
3,773
3,623
402
356
408
423
484
421
494
450
455
483
547
519
4,240
3,874
4,154
4,181
4,803
4,564
1,795
1,629
1,712
1,723
1,991
1,860
2,445
2,245
2,442
2,458
2,812
2,704
1,175
1,135
1,177
1,152
1,316
1,325
115
111
121
111
129
134
243
241
269
239
298
306
1,533
1,486
1,567
1,502
1,743
1,764
912
759
876
956
1,069
940
56
61
76
154
46
39
968
820
952
1,110
1,115
979
278
218
259
337
315
266
690
601
693
773
800
713
0.45
0.39
0.46
0.51
0.53
0.47
1,532
1,529
1,522
1,522
1,517
1,517

22%
29%

20%
27%

21%
27%

23%
30%

13%

18%

22%
28%

21%
27%

Store Net Adds

Stores
Revenue/Store
Store Growth

6/28/2015 9/27/2015
Q315
Q415
3,915
3,887
475
481
491
547
4,881
4,915
1,954
1,983
2,927
2,932
1,392
1,379
132
128
289
304
1,813
1,810
1,115
1,122
67
70
1,182
1,192
319
244
863
948
0.57
0.63
1,516
1,505
18%

23%
27%
28
2,925
673
1,166
414
1,184
3,978
443
2,086
12,869
603
1,657
215
1,025
2,897
614
7,011
5,858
12,869
5,858
3,772

18%
8%
9%
23%
20%

Q116

Q216

Q316

Q416

2012
10,535
1,210
1,532
13,277
5,813
7,464
3,918
407
801
5,127
2,337
272
2,609
674
1,935
1.25
1,546

2013
11,793
1,361
1,713
14,867
6,382
8,485
4,286
432
938
5,656
2,829
347
3,176
0
3,176
2.08
1,525
12%

18%
26%

19%
0%

22,519
216,759

524
23,043
213,288

2014
12,978
1,589
1,881
16,448
6,859
9,589
4,638
457
991
6,087
3,502
347
3,849
1,092
2,757
1.81
1,526

2015
15,197
1,862
2,104
19,163
7,788
11,375
5,411
522
1,197
7,130
4,245
222
4,467
1,144
3,324
2.20
1,513

11%

17%
7%
7%
22%
26%

21%
28%

2016

2017

2018

2019

2020

2021

2022

2023

21,079

23,187

25,506

28,056

29,459

30,932

32,478

34,102

4,848
225
5,073
1,420
3,652
2.41
1,513

5,333
227
5,560
1,557
4,003
2.65
1,513

5,866
229
6,095
1,707
4,389
2.90
1,513

6,453
231
6,684
1,872
4,813
3.18
1,513

6,776
234
7,009
1,963
5,047
3.33
1,513

7,424
236
7,660
2,145
5,515
3.64
1,513

7,795
238
8,033
2,249
5,784
3.82
1,513

8,185
241
8,425
2,359
6,066
4.01
1,513

10%
7%

10%

10%

10%

5%

5%

5%

5%

23%
28%

23%
28%

23%
28%

23%
28%

23%
28%

24%
28%

24%
28%

24%
28%

23,043
831,606

1,800
24,843
848,487
8%

2024

2025

2026

2027

2028

2029

2030

35,125

36,179

37,265

38,383

39,534

40,720

41,942

8,430
243
8,673
2,429
6,245
4.13
1,513

8,683
246
8,929
2,500
6,429
4.25
1,513

8,944
248
9,192
2,574
6,618
4.37
1,513

9,212
250
9,462
2,649
6,813
4.50
1,513

9,488
253
9,741
2,728
7,014
4.63
1,513

10,180
256
10,436
2,922
7,514
4.96
1,513

10,485
258
10,743
3,008
7,735
5.11
1,513

3%

3%

3%

3%

3%

3%

3%

24%
28%

24%
28%

24%
28%

24%
28%

24%
28%

25%
28%

25%
28%

2031

2032

2033

7,813

7,891

7,970

Maturity
Discount

NPV
Share

1%
7%

97,253
65.53

2034

2035

2036

2037

2038

2039

2040

2041

2042

2043

8,049

8,130

8,211

8,293

8,376

8,460

8,545

8,630

8,716

8,804

2044

2045

2046

2047

2048

2049

2050

2051

2052

2053

8,892

8,980

9,070

9,161

9,253

9,345

9,439

9,533

9,628

9,725

2054

2055

2056

2057

2058

2059

2060

2061

2062

2063

9,822

9,920

10,019

10,119

10,221

10,323

10,426

10,530

10,636

10,742

2064

2065

2066

2067

2068

2069

2070

2071

2072

2073

10,849

10,958

11,067

11,178

11,290

11,403

11,517

11,632

11,748

11,866

2074

2075

2076

2077

2078

2079

2080

2081

2082

2083

11,984

12,104

12,225

12,348

12,471

12,596

12,722

12,849

12,977

13,107

2084

2085

2086

2087

2088

2089

2090

2091

2092

2093

13,238

13,371

13,504

13,639

13,776

13,914

14,053

14,193

14,335

14,479

2094

2095

2096

2097

2098

2099

2100

2101

2102

2103

14,623

14,770

14,917

15,066

15,217

15,369

15,523

15,678

15,835

15,993

2104

2105

2106

2107

2108

2109

2110

2111

2112

2113

16,153

16,315

16,478

16,643

16,809

16,977

17,147

17,318

17,492

17,667

2114

2115

2116

2117

2118

2119

2120

2121

2122

2123

17,843

18,022

18,202

18,384

18,568

18,753

18,941

19,130

19,322

19,515

2124

2125

2126

2127

2128

2129

2130

2131

2132

2133

19,710

19,907

20,106

20,307

20,510

20,715

20,923

21,132

21,343

21,557

2134

2135

21,772

21,990

22,210

22,432

22,656

22,883

23,112

23,343

23,576

23,812

24,050

24,290

24,533

24,779

25,026

25,277

25,530

25,785

26,043

26,303

26,566

26,832

27,100

27,371

27,645

27,921

28,200

28,482

28,767

29,055

29,346

29,639

29,935

30,235

30,537

30,842

31,151

31,462

31,777

32,095

32,416

32,740

33,067

33,398

33,732

34,069

34,410

34,754

35,102

35,453

35,807

36,165

36,527

36,892

37,261

37,634

38,010

38,390

38,774

39,162

39,553

39,949

40,348

40,752

41,159

41,571

41,987

42,407

42,831

43,259

43,691

44,128

44,570

45,015

45,466

45,920

46,379

46,843

47,312

47,785

48,263

48,745

49,233

49,725

50,222

50,724

51,232

51,744

52,261

52,784

53,312

53,845

54,383

54,927

55,477

56,031

56,592

57,158

57,729

58,306