Starbucks Corp

SBUX: XMEX (MEX)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	MXN 1,445.12	Kdcwl	Cblhlkgr

Restaurant Industry Offers Pockets of Opportunity; We're Buying Starbucks and RBI

Sean Dunlop

Jul 8, 2022

We see pockets of attractive value in the restaurant industry despite a surge in share prices over the past two weeks, with the median company in our coverage trading at about a 10% discount to our intrinsic valuation. Our top picks, wide-moat Starbucks and narrow-moat Restaurant Brands International, enjoy even wider margins of safety, trading around 20%-25% below our $100 and $67 fair value estimates, respectively. We believe this warrants investor attention.

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