Starbucks' Progress With U.S., China, and CPG Initiatives Supports Long-Term Cash Flow Story
Wide-moat Starbucks' second-quarter update reinforced many of the key investment criteria that made the company our top restaurant idea heading into 2019, with the U.S., China, and Global Coffee Alliance segments each making progress on their strategic initiatives and the company successfully reducing costs across the system. With shares now up 20% on the year (compared with 17% for the S&P 500), we see Starbucks as fairly valued, even after factoring in a modest increase to our $74 fair val...Starbucks is a roaster, marketer and retailer of coffee. The company's segments are: Americas, which is inclusive of the United States, Canada, and Latin America; International, which is inclusive of China, Japan, Asia Pacific, Europe, Middle East, and Africa; and Channel Development. The company's Americas and International segments include both company-operated and licensed stores. The company's Channel Development segment includes roasted whole bean and ground coffees, Seattle's Best Coffee?, Starbucks- and Teavana-branded single-serve products, a variety of ready-to-drink beverages, and other products sold worldwide outside of the company's company-operated and licensed stores.
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