Starbucks (SBUX) analysis

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Health is the debt of the company-owned stores, not of a license. Quality separates the store margin, after the bean and the wage, from the royalty. Growth follows traffic and stores, and they need not rise together. P/E is read against a year of heavy traffic, not against that peak. Shareholder return is the dividend, checked against that cash. Do not read it as loyalty that locks the customer in.

The P/E of a year of heavy traffic is not the earnings if the customer does not return. EV/EBITDA is read without treating the license as if it were the company-owned store's margin. Do not use McDonald's multiple, which collects rent, as if coffee and the burger were the same book. A dash if SBUX is missing.

Limits of this report

Not advice on Starbucks. Vaultflake does not state the licensed share or treat the brand as pricing power. Read the filings. A past dividend is not a right. The table is a snapshot, not a target price.

Questions from this report