financial modelling- case study- star bucks
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All Rights Reserved NYSE: WMT
Starbucks Corporation (S!"#
Co$pan% &vervie'
(in !S$ e)cept per share a$ounts or other'ise stated#
Co$pan% *n+or$ation Co$pan% ,escription
Industry Speciality EateriesSector Services
Country USA
Current Market Price $73.39
Ticker AS!A" #S S%U&
Market Capitali'ation ($MM) **+3,-
elative Inde/ (S0P *--)
1ear end 3-2Sep
eportin currency US! ($)
Co$petitors
So4e o5 t6e related co4panies
-er Share ,ata . /e% Ratios
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All Rights Reserved NYSE: WMT
Revenue 8orecast
Revenue ,ata
A
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All Rights Reserved NYSE: WMT
it6 Star8ucks are !unkin %rands #roup+ Inc.: Mc!onalds Corp.: estle: 1u4; %rands+ Inc.: !arden estaurants+ Inc. etc.
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All Rights Reserved NYSE: WMT
Enterprise 9alue Added
Enterprise 9alue Added
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All Rights Reserved NYSE: WMT
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Second Stae
22
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Starbucks Corporation (S!"#
Ratio Snapshot
(in !S$ e)cept per share a$ounts or other'ise stated#
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Starbucks Corporation (S!"#
alance Sheet
(in !S$ e)cept per share a$ounts or other'ise stated#
@.,-
S6ort2ter4 invest4ents 9-=.H-
Accounts receiva8le+ net 3@H.*-
Inventories 9H*.@-
Prepaid e/penses and ot6er current assets ,H,.*-
!e5erred inco4e ta/es+ net =3-.>-Total current assets 3+79>.9-
Gon2ter4 invest4ents ,-7.--
EKuity and cost invest4ents 37=.3-
PPE+ net =+3**.--
!e5erred inco4e ta/es+ net 2
Dt6er assets =97.7-
Dt6er intani8le assets ,,,.9-
#oodill 3=,.H-T&TA< ASSETS 7+3H-.>-
-.9-
Insurance reserves ,>*.H-
!e5erred revenue >>9.3-
Total current liabilities =+-7*.@-
Gon2ter4 de8t *>9.*-
Dt6er lon2ter4 lia8ilities 3>7.@-
Total liabilities =+973.,-
Shareholder>s e?uit%:
-.7-Additional paid2in2capital >-.*-
etained earnins >+=97.>-
Accu4ulated ot6er co4pre6ensive inco4e (loss) >H.3-
Total shareholder>s e?uit% >+3@>.9-
oncontrollin interests =.>-
Total e?uit% >[email protected]
Co44on stock ($-.--, par value) 2 aut6ori'ed+ ,+=--.- s6ares:issued and oustandin+ 7*3.= s6ares and 7>9.3 s6ares
( includes 3.> co44on stock units)+ respectively
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Purc6ases
Tangible@intangible assets schedule
-ropert% plant . e?uip$entross value H+,H3.,-
Cape/ (5ro4 t6e cas6 o) *3,.9-
!isposals (=*7.@-)
Cape/sales ratio >.**B
Accu4ulated depreciation 2 openin (3+=H-.3-)
!epreciation c6are 5or t6e year (*>7.@-)
!epreciation rate @.@9B
Net value =+3**.--&/
#ross value
E CAPE&
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9.*-
et additions(repay4ents) to lon ter4 de8t (#oes to Current portiono5 lon ter4 de8t)
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@*.9- *H,.>- [email protected] H9=.3-
,+=>,.*- ,+,,,.=- ,+,9-.H3 ,[email protected]*
,9H.*- [email protected] 3-@.=H 33,.,3
[email protected] =77.3- =77.3- =77.3->+,99.H- *+>7,.>- 3+-H3.-H 3+=37.79
,,H.-- *@.3- *@.3- *@.3-
>*9.9- >9H.*- >9H.*- >9H.*-
=+H*@.9- 3+=--.*- 3+*-H.>3 3+@==.,=
97.3- 9H7.-- 9H7.-- 9H7.--
,>>.7- ,@*.3- ,@*.3- ,@*.3-
,>3.7- =7>.@-
399.,- @H=.9- @H=.9- @H=.9-@+=,9.=- ,,+*,H.7- 9+,39.>9 9+H=9.9-
39@.,- >9,.7- *=H.@* *H*.93
2 =+7@>.,- =+7@>.,- =+7@>.,-
,+,33.@- ,+=H9.3- ,+=H9.3- ,+=H9.3-
,H7.7- ,7@.*- ,7@.*- ,7@.*-
*,-.=- H*3.7- H*3.7- H*3.7-
=+=-9.@- *+377.3- *+>,=.>* *+>*,.*3
*>9.H- ,+=99.>-
3>*.3- 3*7.7- 3*7.7- 3*7.7-
3+,->.7- 7+-3>.>- *+77-.,* *+@-9.=3
-.7- -.@- -.@- -.@-39.>- =@=.,- =@=.,- =@=.,-
*+->H.=- >+,3-.3-
==.7- H7.-- H7.-- H7.--
*+,-9.-- >+>@-.=- 3>9.9- 3>9.9-
*.*- =.,- =.,- =.,-
*+,,>.*- >+>@=.3- 3*=.-- 3*=.--
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*+,9,.=- *[email protected]
H+9-3.,- 7+7@=.,- @+@==.** 9+9H@.,>
@*H.=- ,+,*,.=- ,+->-.>* ,+,>*.*@
(,,H.=-) (=7=.=-) 2 2
H.>>B 7.73B H.=>B H.=>B
(3+HH@.,-) (3+933.7-) (>+*@,.H-) (*+3,H.,=)
(*7H.,-) (H>7.9-) (73>.*=) (@=9.9-)
@.3*B @.33B @.33B @.33B
=+H*@.9- 3+=--.*- 3+*-H.>3 3+@==.,=&/ &/
6D33
7+7@=.,- H>7.9- H>7.9-
,+->-.>* @H.H= @H.H=
,+,>*.*@ 9*.3@
,+=H7.@,
,+3**.,,
,+>7*.-=,+*7@.=7
,+H7=.97
,+7*H.H=
F34D0 607D71
,*9.,- =97.9-3H.3- ,3@.@-
-.=7B -.93B
(,*.>-) (=3.,-)
(>.*-) (7.7-)
=.@3B =.*@B
,>3.7- =7>.@-
&/ &/
7*-.--
*>9.>- *>9.>-
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*>9.*- *>9.H-
-.,- 7>9.@-
*>9.H- ,+=99.>-
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-*.-> >33.39
=77.3- =77.3- =77.3- =77.3-3+>3@.@9 3+*H3.HH 3+79H.=> 3+99H.*-
*@.3- *@.3- *@.3- *@.3-
>9H.*- >9H.*- >9H.*- >9H.*-
>+,*>.>@ >+>H,.3= >+7H*.=H *+->,.-7
9H7.-- 9H7.-- 9H7.-- 9H7.--
,@*.3- ,@*.3- ,@*.3- ,@*.3-
@H=.9- @H=.9- @H=.9- @H=.9-,-+,H3.37 ,-+*9>.9@ ,,+,3,.*- ,,+H-7.*H
H,-.H* H3*.97 H9=.=> 7>-.7-
=+7@>.,- =+7@>.,- =+7@>.,- =+7@>.,-
,+=H9.3- ,+=H9.3- ,+=H9.3- ,+=H9.3-
,7@.*- ,7@.*- ,7@.*- ,7@.*-
H*3.7- H*3.7- H*3.7- H*3.7-
*+>9H.=* *+*=,.*7 *+*77.@> *+H=H.3-
3*7.7- 3*7.7- 3*7.7- 3*7.7-
*+@*3.9* *+@79.=7 *+93*.*> *+9@>.--
-.@- -.@- -.@- -.@-=@=.,- =@=.,- =@=.,- =@=.,-
H7.-- H7.-- H7.-- H7.--
3>9.9- 3>9.9- 3>9.9- 3>9.9-
=.,- =.,- =.,- =.,-
3*=.-- 3*=.-- 3*=.-- 3*=.--
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,,+=3*.9* ,=+*9,.-H ,>+-HH.-@ ,*+H>>.3H
,+=H7.@, ,+3**.,, ,+>7*.-= ,+*7@.=7
2 2 2 2
H.=>B H.=>B H.=>B H.=>B
(H+,>H.-=) (7+-@,.>7) (@+,=9.7>) (9+3--.@=)
(93*.>*) (,+->@.=7) (,+,7,.-7) (,+3-=.>7)
@.33B @.33B @.33B @.33B
>+,*>.>@ >+>H,.3= >+7H*.=H *+->,.-7
H>7.9- H>7.9- H>7.9- H>7.9-
@H.H= @H.H= @H.H= @H.H=
9*.3@ 9*.3@ 9*.3@ 9*.3@
,-*.** ,-*.** ,-*.** ,-*.**
,,=.@= ,,=.@= ,,=.@=
,==.@- ,==.@-,3,.>-
73D4 25146D0F 252F2D1F 25310D4F
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Co$$onHSie alance Sheet
+,@-.,H >+3>=.>-
*@.3- *@.3-
>9H.*- >9H.*-
*+=7=.=@ *+>>-.9-
9H7.-- 9H7.--
,@*.3- ,@*.3-
@H=.9- @H=.9-,=+-==.>> ,=+3*3.3-
7@*.,> @=>.>-
=+7@>.,- =+7@>.,-
,+=H9.3- ,+=H9.3-
,7@.*- ,7@.*-
H*3.7- H*3.7-
*+H7-.7> *+7,-.--
3*7.7- 3*7.7-
H+-=@.>> H+-H7.7-
-.@- -.@-=@=.,- =@=.,-
H7.-- H7.--
3>9.9- 3>9.9-
=.,- =.,-
3*=.-- 3*=.--
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,7+3,7.33 ,9+-73.9*
,+H7=.97 ,+7*H.H=
2 2
H.=>B H.=>B
(,-+H-3.=9) (,=+->*.-*)
(,+>>,.7H) (,+*@@.--)
@.33B @.33B
*+=7=.=@ *+>>-.9-
H>7.9- H>7.9-
@H.H= @H.H=
9*.3@ 9*.3@
,-*.** ,-*.**
,,=.@= ,,=.@=
,==.@- ,==.@-,3,.>- ,3,.>-
,39.=@ ,39.=@
,>H.=*
25442DFG 2566D11
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E
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Starbucks Corporation (S!"#
*nco$e State$ent
(in !S$ e)cept per share a$ounts or other'ise stated#
*nco$e State$ent
Sales
Cost o5 sales includin occupancy costs
ross proIt
&perating e)penses
Store operatin e/penses (Sellin and distri8ution e/penses)
#eneral and ad4inistration e/penses
Dt6er operatin e/pensesE*T,A
!epreciation and a4orti'ation e/penses
&perating inco$e (loss#
&ther inco$e@ (e)pense#
Gitiation c6are
#ain on sale o5 properties
S6are o5 associate co4pany prots
Interest inco4e
Interest e/pense
*nco$e (loss# be+ore inco$e ta)es
Inco4e ta/ (e/pense) 8enet
et earnins includin noncontrollin interests
et earnins attri8uta8le to noncontrollin interests
Net earnings attributable to Starbucks
AdJusted Net *nco$e
asic *nco$e
!ilutive eect
,iluted net inco$e
Earnins per s6are 2 8asic
Earnins per s6are 2 diluted
Ad?usted EPS 2 %asic
Ad?usted EPS 2 !ilutedWeighted average shares outstanding:
%asic
!iluted
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+9,*.*-) (*+@,3.3-) (H+3@=.3-) (H+@3@.>9)
H+7@>.9- 7+>@H.=- @+*-9.9- 9+@>-.7*
(3+*9>.9-) (3+9,@.,-) (>+=@H.,-) (>+*@H.79)
(7>9.3-) (@-,.=-) (937.9-) (,+---.7*)
(39=.@-) (>=9.9-) (>*7.=-) (*,=.-H) 0514FD71 0533FD11 05606DF1 35F42D24
(*=3.3-) (**-.3-) (H=,.>-)
2504DG1 25F6GDF1 0501FD31 35F42D24
2 FFF (=+7@>.,-) 2
3-.=- 2 FFF 2
,73.7- =,-.7- =*,.>- 2
,,*.9- 9>.>- ,=3.H-
(33.3-) (3=.7-) (=@.,-)
25622D21 0517D21 (007D71# 35F42D24
(*H3.,-) (H7>.>-) [email protected] (,+3-9.>-)
25046D11 25364DF1 6D61 05432DF4
=.3- -.9- -.*- 2
2504DF1 25363D61 6D31 05432DF4
2500GD1F 25363D61 2562FD7F 05432DF4
2504DF1 25363D61 6D31
- ### -
2504DF1 25363D61 6D31
2DGG 2D63 1D12
2DG0 2DF7 1D12
2DG4 2D63 0D43
2D7 2DF7 0D36
7>@.3- 7*>.>- 7>9.3-
7H9.7- 773.-- 7H=.3-
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*.@=) (7+9=H.3>) (@+=*>.@9) (@+9@*.37) (9+H,>.3>)
,,+-,@.7= ,=+397.H, ,3+>H@.*, ,>+HH-.33 ,*+H@H.*H
(>+77>.7@) (*[email protected]) (*+=,3.H=) (*+H7>.97) (H+-7=.==)
(,+-,-.-*) (,+-,H.=-) (977.**) (,+-H>.-H) (,+,3@.*>)
(*H3.@-) (H=3.9H) (HHH.9=) (7=*.9>) (77H.7*) 45GF1D17 5GFGD4F G5G21D40 F527D3F F5G77D1
45GF1D17 5GFGD4F G5G21D40 F527D3F F5G77D1
2 2 2 2 2
2 2 2 2 2
2 2 2 2 2
45GF1D17 5GFGD4F G5G21D40 F527D3F F5G77D1
(,+H3>.*3) (,[email protected]) (=+3,3.H*) (=+*,@.3@) (=+H9>.H7)
3513DG 35G67DF1 4507GDFF 45GFGD77 5114D36
2 2 2 2 2
3513DG 35G67DF1 4507GDFF 45GFGD77 5114D36
3513DG 35G67DF1 4507GDFF 45GFGD77 5114D36
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Co$$onHSie alance Sheet
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E
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.,-
(3-.=-) 2 FFF
,-H.=- H,.,- (,+->*.9-)
(3=.9-) (>9.3-) (*H.=-) (**.=-) 2 (@-.,-)
,>*.=- ,*3.H- ,>=.3-
33.3- =3.H- =3.--
(@@.7-) (9-.3-) ([email protected])
(>==.3-) (=73.3-) ,*=.*-
==7.*- (,-*.=-) @@.7-
(@,.@-) =3.7- @7.H-
3*.@- H-.@- ,39.9-(==.*-) (,9.7-) 7H.3-
25G20D41 25F1D31 05716D31
(9HH.--) (,+7>@.H-) (7@*.9-)
>3-.-- ,+79H.>- ,+->-.=-
(**.@-) (,=9.,-) (H,-.>-)
(*3,.9-) (@*H.=-) (,+,*,.=-) ,,7.>- *.3- ,*.3-
2 FFF ,[email protected]
(,3.=-) (>,.@-) (=7.=-)
(25127D1# (7F4D11# (25422D01#
2 FFF 7>9.7-
2 FFF (3*.=-)
3-.@- (3-.@-) 2
(=7.*-) 2 FFF
=*-.>- =3H.H- =>7.=-
,-3.9- ,H9.@- =*@.,-
(3@9.*-) (*,3.--) ([email protected])
(***.9-) (*>9.,-) (*@@.,-)
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&k &k &k
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Starbucks Corporation (S!"#
Revenue ,rivers
(in !S$ e)cept per share a$ounts or other'ise stated#
,ivisional revenue breakdo'n .*-
% YoY change 9.4%
.7-
% YoY change 46.6%Total revenue 225F11D41 235077D1
Check &k &k
,ivisional revenue breakdo'n (#
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Europe5 Middle East5 and A+rica (EMEA# @.9*B @.*@B
Channel ,evelop$ent 7.3*B 9.7=B
All &ther Seg$ents ,.*-B ,.*7B
Total 211 211
Nu$ber o+ stores +73, *+-,,
China@Asia -aciIc (CA-#
Co4pany operated *,= HHH
Gicensed stores =33> =H=@
Europe5 Middle East5 and A+rica (EMEA#
Co4pany operated @7= @@=
Gicensed stores @@H 9@7
All &ther Seg$ents
Co4pany operated ,> ,>
Gicensed stores @- 7H
Total Stores
Co4pany operated @97= 93H>
Gicensed stores @-3, @7-=
Nu$ber o+ stores (# B @3.3B
B o5 licensed stores *@.9B *7.HB
China@Asia -aciIc (CA-#
B o5 oned stores *.7B 7.,B
B o5 licensed stores =9.,B 3-.=B
Europe5 Middle East5 and A+rica (EMEA# B o5 oned stores 9.7B 9.>B
B o5 licensed stores ,,.-B ,,.3B
All &ther Seg$ents
B o5 oned stores -.=B -.,B
B o5 licensed stores , -B - 9B
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7.79B
9.*>B
=.H>B
211
,*
9-H
=97H
@*3
,,,H
3*7
HH
,-,9>
9*73
B
,,.7B
3.*B
- 7B
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Row height -13.50
Insert a row witha height of 6.00as a separator(sparingly!)
Row height- 12.75oreasts ingreen fontwith graysha"e
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Starbucks Corporation (S!"#
Revenue ,rivers
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(in !S$ e)cept per share a$ounts or other'ise stated#
Income Statement Assumptions
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Starbucks Corporation (NasdaqGS:SBUX) > Capital IQ Estimats > Consnsus
Currnc!: "portd Currnc! Con#rsion: $oda!%s Spot "at
Units: Capital IQ (&'ault) &cimals: CapitalIQ (&'ault)
Consolidation: Consolidatd cct* Standard: US G+
Currnt ,iscal -ar End: Sp./0.1023 4 ,Q1 1023 Earnins "las &at: pr.13.1023
NasdaqGS:SBUX (US&) 5an 5dian 6i789o
arget rie 7.3 .007.00
%rowth 1.62& 1.00& 20.00&15.00&
rie olatility erage (3.00)
In"$stry Reoen"ation 8ol" (3.00)
5arkt Summar! NasdaqGS:SBUX
'$rreny 9* ollar
atest rieast 'lose rie 73.73.
52 :;. 8ighow 2.5052.52
otential 9psi"eiff. fro arget rie 1.00 &1.0
Fiscal Years
NasdaqGS:SBU !US"# $%%% &''' &''$
()S Normali*ed 0.1 0.1 0.23 inal o. of
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ow - - -
*t". e. - - -
>o. of o. of o. of o. of o. of
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tg. *tan"ar" 9* % 9* % 9* %
Compan0 Le1el !US"# $%%% &''' &''$
2e1enue - 2?16.22 2?6.
inal o. of
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>o. of o. of o. of o. of
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=e"ian - - -
8igh - - -
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Cash (arnin+s , Share - - -
=e"ian - - -
8igh - - -
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tg. *tan"ar" - - -
")S 0.00 0.00 -
inal
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inal
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NasdaqGS:SBU !US"# F$ $%%% "ec $%%< F& $%%% 5ar $%%% F= $%%% >un $%%%
()S Normali*ed 0.0 0.03 0.03
inal o. of o. of o. of o. of
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=e"ian - - -
8igh - - -
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>o. of o. of un $%%%
2e1enue - - -
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Std* &#* No* o' Estimats* NasdaqGS:SBUX . "commndation: ;utpr'orm (2*o /pinion 1
NasdaqGS:SBUX (US G+4US&)
Current uarter Current Year N35
()S Normali*ed 0.56 2.66 2.7
Guidance - 2.55-2.65 -
Compan! 9#l (US G+4US&)
2e1enue 3?60.5 16?67.25 17072.52
Guidance - 16?31.2- -
(BI3"A 03.1 3?703.37 36.77
&''& &''= &''? &''@ &''
0.2 0.3 0. 0.61 0.7
0.27 < 0.3 < 0. < 0.60 < 0.73 <
0.2 < 0.3 < 0. < 0.60 < 0.73 <
0.2 < 0.3 < 0. < 0.61 < 0.73 <
0.27 < 0.3 < 0.7 < 0.60 < 0.71 <
0.0 0.0 0.0 0.0 0.01
717 11 1515 2020 11
- - - 0.5 % 0.71 %
- - - - -- - - 0.5 %8 0.72 %8
9* % 9* % 9* % 9* % 9* %
0.27 0.3 0. 0.53 0.73
- - 0.7 < 0.53 < 0.73 <
- - 0.7 < 0.53 < 0.73 <
- - 0. < 0.53 < 0.73 <
- - 0.7 < 0.53 < 0.72 <
- - 0.0 - 0.01
-
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- - 22 36 77
- - 0.6 % 0.5 % 0.72 %- 0.3 % - - -
- - 0.7 %8 0.60 %8 0.73 %8
9* % 9* % 9* % 9* % 9* %
- - - - -
- - - - -
- - - - -
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- - - - -
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- - 9* % - -
- - - 0.00 0.00
- - - 0.00 < 0.00 <
- - - 0.00 < 0.00 <
- - - 0.00 < 0.00 <
- - - 0.00 < 0.00 <
- - - - -- - - 56 1
- - - 9* % 9* %
- - - 5.2 2.5
- - - .00 < 3.37 <
- - - 3.2 < 3.23 <
- - - 5. < 3.6 <
- - - 2. < 3.1 <
- - - 1.31 0.23
- - - 33 33
- - - 9* % 9* %
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0.53 - 0.2 - 1.21 - - 0.1 < - 1.26 <
- - 0.1 < - 1.26
-
8/9/2019 Financial Modelling- Case study- Star Bucks
69/248
- - - - -
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8/9/2019 Financial Modelling- Case study- Star Bucks
70/248
- - - - -
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- - - 1.30 < 50.00 <
- - - 0.75 < 50.00 <
- - - 6.0 < 51.00 <
- - - .10 < 565.52 <
- - - 2.22 5.62
- - - 1010 1515
- - - 9* % 9* %
- - - 35.73 51.7
- - - 31. < 57.1 <
- - - 32.15 < 577.25 <
- - - 33.62 < 5.10 <- - - 2.60 < 572.0 <
- - - 1.7 .3
- - - 66
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- - - ( 26.2 ) 2.0
- - - ( 130.00
-
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- - - - -
- - - - 1?131.63 - - - - 1?16.20 <
- - - - 1?16.20 <
- - - - 1?16.20 <
- - - - 1?16.20 <
- - - - -
- - - - 11
- - - - -
- - - - 9* %
- - - ( 63. ) ( 771.23 )
- - - - ( 73.2
-
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- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
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- - - 21.60 27.0
- - - 15.50 < 23.6 <
- - - 15.50 < 25.50 <
- - - 15.50 < 27.30 <
- - - 15.50 < 15.50 <
- - - - .23
- - - 11 55
- - - 9* % 9* %
- - - 1.50 15.10 - - - - 15.37 <
- - - - 15.50 <
- - - - 15.50 <
- - - - 15.10 <
- - - - 0.1
- - - - 33
- - - 9* % 9* %
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
&''& &''= &''? &''@ &''
0.30 0.37 0.52 0.6 0.76
0.30 < 0.36 < 0.52 < 0.6 < 0.76 <
0.2 < 0.36 < 0. < 0.6 < 0.7 <
0.30 < 0.3 < 0.53 < 0.65 < 0.7 <
0.2 < 0.36 < 0.7 < 0.62 < 0.71 <
9* % 9* % 9* % 9* % 9* %
0.2 0.37 0.52 0.6 0.77
- 0.37 < 0.52 < 0.6 < 0.77 <
- - 0. < 0.60 < 0.7 <
- - 0 < 0 61 < 0 0
-
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- - 0. < 0.61 < 0.0 <
- - 0. < 0.5 < 0.72 <9* % 9* % 9* % 9* % 9* %
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - 0.00 0.00
- - - 0.00 < 0.00 <
- - - 0.00 < 0.00 <
- - - 0.00 < 0.00 <
- - - 0.00 < 0.00 <
- - - 9* % 9* %
- - 0.6 < - 1.30
- - - - 1.30 <
- - 0.6 < - 1.3 <
- - - - 1.6 <
- - 0.6 < - 1.30 <
- - 9* % - 9* %
&''& &''= &''? &''@ &''
3?7.10 ?353.1 5?602.60 6?713.5 ?20.57
3?7.2 < ?36.67 < 5?600.05 < 6?715.5 < ?206.7 <
3?30.17 < ?33.5 < 5?566.5 < 6?70.0 < ?1.55 <
3?71.5 < ?360.1 < 5?660.60 < 6?53.75 < ?52.1 <
3?37.1 < ?17.07 < 5?335.1 < 6?5.73 < ?006.7 <
9* % 9* % 9* % 9* % 9* %
561.17 725.1 52.00 1?215.56 1?33.5
561.17 < 710.1 < 52.76 < 1?17.13 < 1?335.6
-
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- - - - -
- - - - -
- - - - -
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- - - - -
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- - - - -
- - - - -
- - - - -
- - - 513. 602.7
- - - 515.5 < 5.55 <
- - - 513.06 < 53.01 <
- - - 51.7 < 61.0 <
- - - 507.6 < 55.1 <
- - - 9* % 9* %
- - - 72.16 612.27
- - - 71.3 < 611.60 <
- - - 6.3 < 56.55 <
- - - 71.2 < 630.0 <
- - - 65.30 < 570.52 <- - - 9* % 9* %
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - 1?11.53
- - - - 1?16.0 <
- - - - 1?201.3 <
- - - - 1?216.13 <
- - - - 1?1.0 <
- - - - 9* %
- - - ( 675.0 ) ( .51 )
- - - ( 67.1
-
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0.0 < 0.0 < 0.03 < 0.05 < 0.06 <
0.0 < 0.0 < 0.03 < 0.05 < 0.06 <0.0 < 0.05 < 0.03 < 0.05 < 0.06 <
0.0 < 0.0 < 0.03 < 0.05 < 0.05 <
- 0.0 0.0 - 0.0
5 55 77
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
0.0 0.05 0.03 0.05 -
- - - - -
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9* % 9* % 9* % 9* % -
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- - - - -
- - - - -
- - - - -
- - - - -
-
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- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
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F? $%%% ; Sep $%%% F$ &''' ; "ec $%%% F& &''' ; 5ar &''' F= &''' ; >un &''' F? &''' ; Sep &'''
- 527.00 50.70 555.55 51.
- - - 553.61 < 600.31 <
- - - 555.00 < 51.00 <
- - - 562.10 < 631.3 <
- - - 53.72 < 55.30 <
- - - 7.57 15.3- - - 33
- - - - -
- - - - -
- 9* % 9* % 9* % 9* %
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8/9/2019 Financial Modelling- Case study- Star Bucks
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&'' &''< &''% &'$' &'$$ 0.7 0.71 0.0 1.2 1.52
0.7 < 0.73 < 0.76 < 1.23 < 1.51 <
0.7 < 0.75 < 0.76 < 1.23 < 1.52 <
0. < 0.0 < 0.7 < 1.25 < 1.53 <
0.7 < 0.52 < 0.75 < 1.22 < 1.36 <
0.0 0.06 0.01 0.01 0.03
2121 1617 11 120 272
- - 0.7 % 1.22 % 1.50 %
- 0.70 % - - -- - 0.75 %8 1.23 %8 1.51 %8
9* % 9* % 9* % 9* % 9* %
0.7 0.3 0.52 1.2 1.62
0.7 < 0. < 0.7 < 1.21 < 1.51 <
0.7 < 0. < 0.6 < 1.20 < 1.52 <
0. < 0.52 < 0. < 1.23 < 1.53 <
0.7 < 0.5 < 0.5 < 1.1 < 1.36 <
0.0 0.03 0.02 0.02 0.0
3 11 11
0.7 % - 0. % 1.1 % 1.50 %
-
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0.7 % 0. % 1.1 % 1.50 %
- - - - -
0. %8 0.7 %8 0.5 %8 1.1 %8 1.51 %8
9* % 9* % 9* % 9* % 9* %
- - - - 2.20
- - - - 2.2 <
- - - - 2.2 <
- - - - 2.2 <
- - - - 2.2 <
- - - - -
- - - - 11- - - - 9* %
- - - - -
- - - - -
0.00 0.00 0.00 0.36 0.56
0.00 < 0.00 < 0.00 < 0.27 < 0.51 <
0.00 < 0.00 < 0.00 < 0.23 < 0.5 <
0.00 < 0.00 < 0.00 < 0.0 < 0.5 <
0.00 < 0.00 < 0.00 < 0.23 < 0.23 <
- - - 0.07 0.0 3 5 77 1313
9* % 9* % 9* % 9* % 9* %
3.0 3.3 .10 .5 5.
2.7 < 3.12 < .17 < .2 < 5.73 <
3.02 < 3.12 < .0 < .7 < 5.7 <
3.2 < 3.26 < . < 5.06 < 5.6 <
2.62 < 2.7 < 3. < .67 < 5.52 <
0.2 0.15 0.22 0.1 0.11
22 33 55
9* % 9* % 9* % 9* % 9* %
- - - .50 5.31
- - - .7 < 5.2 <
- - - .7 < 5.2 <
- - - .7 < 5.2 <
- - - .7 < 5.2 <
- - - - -
- - - 11 11
- - - 9* % 9* %
1.5 1. 1.52 2.23 2.0 1.76 < 1.5 < 1.56 < 2.07 < 2.25 <
1.76 < 1.5 < 1.5 < 2.0 < 2.31 <
1.76 < 1.62 < 1.5 < 2.1 < 2.6 <
1.76 < 1.55 < 1.51 < 1.3 < 2.01 <
- 0.0 0.03 0.0 0.17
11 22 33 66
9* % 9* % 9* % 9* % 9* %
&'' &''< &''% &'$' &'$$
-
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?11.50 10?33.00 ?77.60 10?707.0 11?700.0 ?02.5 < 10?51.53 < ?70.2 < 10?625.36 < 11?577.5 <
?35.62 < 10?37.50 < ?76.00 < 10?62.1 < 11?602.00 <
?500.00 < 10?57.00 < ?62.70 < 10?706.0 < 11?75.10 <
?350. < 10?05.70 < ?667.50 < 10?3.0 < 10?660.30 <
33.72 3.7 5.3 5.33 200.
11 115 1616 11 2526
- - - ?72.35 % 11?22.77 %
?3.33 % - - - -
- - - 10?263.33 %8 11?671.07 %8
9* % 9* % 9* % 9* % 9* %
1?521.11 1?32.60 1?2.10 2?013.00 2?221.60
1?530.52 < 1?312.76 < 1?30. < 1?67.71 < 2?200.72 <
1?53.77 < 1?3.0 < 1?2.37 < 1?65.07 < 2?207.02 <
1?55.2 < 1?51.10 < 1?6.7 < 2?01.00 < 2?23.00 <
1?71.60 < 1?030.0 < 1?36.00 < 1?5.00 < 2?05.60 <
25.67 155.5 20.11 16.17 32.1
77 1111 1213 1209* % 9* % 9* % 9* % 9* %
1?053.5 3.30 .0 1?72.0 1?6.30
1?062.5 < 23.5 < 75.35 < 1?3.17 < 1?67.76 <
1?063. < 5.50 < 7.10 < 1?37.5 < 1?6.20 <
1?02.7 < 7.0 < 6.60 < 1?52.10 < 1?701.00 <
1?0.00 < 53.70 < 37.0 < 1?23.00 < 1?533.60 <
.2 . 13.6 .67 32.31
11 1213 1717 1617 2525
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
- - - - ( 33.30 )
- - - - ( 31.0
-
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- - - - 51.20 <
- - - - 516.30 <
- - - - 55.00 <
- - - - 503.0 <
- - - - 12.25
- - - - 11
- - - - 9* %
1?331.22 1?25.70 1?3.00 1?70.0 1?612.0
-
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1?251.70 < 1?12.1 < 1?161.5 < 1?672.36 < 1?710. <
1?303.10 < 1?12.1 < 1?166.0 < 1?6.1 < 1?770.00 <
1?35.3 < 1?1.00 < 1?30.00 < 1?75.00 < 2?015.50 <
1?0. < 1?11.62 < 32.00 < 1?52.00 < 1?36.00 <
106. 1.1 15.07 .6 200.7
56 23 56 66 1010
- - 1?000.00 % 1?500.00 % -
9* % 9* % 9* % 9* % 9* %
( 1?00.35 ) ( .50 ) ( 5.60 ) ( 0.70 ) ( 531.0 )
( 77.0
-
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- - - - 32.0 <
- - - - 32.00 <
- - - - 32.30 <
- - - - 31.0 <
- - - - 0.11
- - - - 1717
- - - - 32.00 %
- - - - -
- - - - 33.00 %8
- - - - 9* % 2.1 13.21 21.61 2.1 2.03
30.07 < 20.0 < 20.6 < 26.27 < 2.25 <
2.0 < 22.0 < 21.00 < 27.2 < 2.72 <
31.0 < 26.00 < 23.50 < 2.0 < 2.27 <
2.00 < 13.50 < 16.60 < 16.60 < 25.70 <
1.0 5.32 2.23 .05 1.17
33 33 55 77
9* % 9* % 9* % 9* % 9* %
13.77 5.73 10.6 16.3 17.02
13.5 < 5.50 < 11.50 < 1.2 < 17.0 <
13.5 < 5.50 < 11.50 < 1.2 < 17.0 <
1.00 < 5.50 < 11.50 < 23.20 < 17.20 <
13.70 < 5.50 < 11.50 < 16.3 < 16. <
0.15 - - 3.3 0.15
22 11 11 22 22
9* % 9* % 9* % 9* % 9* %
- - - - 2?.3 <
- - - - 2?7.71 <
- - - - 31?06.00 <- - - - 27?360.3 <
- - - - 1?21.57
- - - - 55
- - - - 9* %
&'' &''< &''% &'$' &'$$
0. 0.56 0.7 1.0 1.57
0. < 0.56 < 0.7 < 1.0 < 1.57 <0. < 0.62 < 0.3 < 1.2 < 1.5 <
0. < 0.7 < 0.1 < 1.33 < 1.66 <
0.1 < 0.52 < 0.72 < 1.13 < 1.6 <
9* % 9* % 9* % 9* % 9* %
0. 0.2 0.75 1.37 1.67
0. < 0.26 < 0.6 < 1.37 < 1.67 <
0. < 0.0 < 0.63 < 1.2 < 1.52 <
0.1 < 0.61 < 0.0 < 1.31 < 1.60 <
0. < 0.25 < 0.7 < 1.1 < 1.5 <
9* % 9* % 9* % 9* % 9* %
-
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9* % 9* % 9* % 9* % 9* %
- - - - 2.26 <
- - - - 2.2 <
- - - - 2.2 <
- - - - 2.2 <
- - - - 9* %
0.00 0.00 0.0 0. 0.60
0.00 < 0.00 < 0.07 < 0. < 0.60 <
0.00 < 0.00 < 0.06 < 0.36 < 0.57 <
0.00 < 0.00 < 0.10 < 0.3 < 0.5 <0.00 < 0.00 < 0.06 < 0.36 < 0.55 <
9* % 9* % 9* % 9* % 9* %
1.56 1. 1.70 2.20 1.3
1.56 < 1. < 1.70 < 2.20 < 1.3 <
1.72 < 1.5 < 1.70 < 2.13 < 2.15 <
1.73 < 1.61 < 1.73 < 2.25 < 2.15 <
1.71 < 1.5 < 1.61 < 1.5 < 2.15 <
9* % 9* % 9* % 9* % 9* %
&'' &''< &''% &'$' &'$$
?23.37 10?230.60 ?2.10 10?35.50 12?15.70
?23.37 < 10?230.60 < ?2.10 < 10?35.50 < 12?15.70 <
?7.2 < 10?16.05 < ?732.6 < 10?60.2 < 11?00.23 <
10?076.6 < 10?63.60 < 10?17.0 < 10?.1 < 12?332.50 <
?706.57 < 10?076.7 < ?337.10 < 10?32.0 < 11?33.0 <
9* % 9* % 9* % 9* % 9* %
1?557.3 1?17.60 1?603.10 2?121.20 2?22.0
1?557.3 < 1?17.60 < 1?603.10 < 2?121.20 < 2?22.0 <
1?561.56 < 1?322.75 < 1?7.0 < 1?71.0 < 2?21.6 <
1?601.21 < 1?355.0 < 1?57.30 < 2?03.60 < 2?33.75 <
1?516.02 < 1?301.00 < 1?37.20 < 1?73.20 < 2?126.22 <
9* % 9* % 9* % 9* % 9* %
1?067.23 636.0 1?072.10 1?603.0 1?752.0
1?067.23 < 636.0 < 1?072.10 < 1?603.0 < 1?752.0 <
1?075.5 < 757.65 < 5.00 < 1?21.11 < 1?707. <
1?137.1 < 12.0 < 1?061.0 < 1?557.70 < 1?03.7 <
3.0 < 502.0 < 66.0 < 1?26.77 < 1?601.10 <
9* % 9* % 9* % 9* % 9* %- - - - ( 3.00
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- - 531.00 < 1?350.00 < 1?66.61 <
- - 9* % 9* % 9* %
- - 752.50 < 1?575.0 1?73.0
- - - 1?575.0 < 1?73.0 <
- - 531.00 < 1?2.00 < 1?73.25 <
- - 531.00 < 1?523.0 < 1?23.61 <
- - 531.00 < 1?31.0 < 1?676.12 <
- - 9* % 9* % 9* %
675.7 10.50 73.0 1?07.62 1?207.15
675.7 < 10.50 < 73.0 < 1?07.62 < 1?207.15 <67.66 < 67.32 < 61.60 < 7.06 < 1?163.05 <
70.76 < 7.0 < 63. < 1?00.50 < 1?21.00 <
633.23 < 05.72 < 561.0 < 65.60 < 1?102.2 <
9* % 9* % 9* % 9* % 9* %
675.7 171.0 52.50 1?050.70 1?21.30
675.7 < 171.0 < 523.5 < 1?050.70 < 1?21.30 <
67.10 < 323.5 < 5.5 < 2.13 < 1?16.05 <
700.5 < 1.70 < 513.0 < .0 < 1?225.07 <
61.0 < 21.10 < 77.30 < 65.60 < 1?117. <
9* % 9* % 9* % 9* % 9* %
- - - - 52.20 <
- - - - 523.70 <
- - - - 560.2 <
- - - - 60.60 <
- - - - 9* %
1?313.0 1?21.2 1?67. 1?60.0 1?05.10
1?313.0 < 1?10.0 < 1?67. < 1?60.0 < 1?05.10 <
1?275.53 < 1?16.33 < 1?27.2 < 1?70.0 < 2?027.7 <
1?31.5 < 1?23.00 < 1?.75 < 1?2.63 < 3?26.50 <1?11.6 < 1?126.72 < 1?01.00 < 1?2.50 < 1?03.2 <
9* % 9* % 9* % 9* % 9* %
( 1?056.3 ) ( .7 ) ( 372.70 ) ( 6.0 ) ( 556.50 )
( 1?065.6
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0.06 < 0.0 < 0.06 < 0.07 < 0.0 <0.06 < 0.0 < 0.06 < 0.07 < 0.0 <
0.06 < 0.0 < 0.06 < 0.07 < 0.0 <
- 0.0 0.0 0.0 -
6 1111 61 25
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
0.06 0.0 0.06 0.07 0.0
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
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- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
F$ &''$ ; "ec &''' F& &''$ ; 5ar &''$ F= &''$ ; >un &''$ F? &''$ ; Sep &''$ F$ &''& ; "ec &''$
667.3 62.2 662.77 6.5 05.3
666. < 63.16 < 67.23 < 66.0 < 7.7 <
671.00 < 630.23 < 62.31 < 67.30 < 0.0 <
61.5 < 65.10 < 61.0 < 6.77 < 05.3 <
632.7 < 625.67 < 663.00 < 60.20 < 70.3 <
1.06 7.16 11.21 3.33 6.656 56 55 55
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
113.62 .5 113.1 12.70 12.5
- - 112.20 < 125.0 < 11.00 <
- - 112.20 < 125.0 < 11.00 <
- - 112.20 < 125.0 < 11.00 <
- - 112.20 < 125.0 < 11.00 <
- - - - -
- - 11 11 11
9* % 9* % 9* % 9* % 9* %
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
-
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- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
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- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
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- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
-
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&'$& &'$= &'$? &'$@ &'$ 1.7 2.20 2.66 < 3.1 < 3.73 <
1.7 < 2.21 < - - -
1.7 < 2.22 < 2.66 < 3.17 < 3.70 <
2.0 < 2.27 < 2.71 < 3.35 < 3.6 <
1.75 < 2.17 < 2.60 < 3.07 < 3.65 <
0.05 0.03 0.03 0.06 0.07
3132 33 3232 3131 77
1.1 % 2.16 % 2.55 % - -
- - - - -
1. %8 2.17 %8 2.65 %8 - -
9* % 9* % 9* % 9* % 9* %
1.7 2.26 2.67 < 3.1 < 3.72 <
1.7 < 2.23 < - - -
1.7 < 2.23 < 2.66 < 3.17 < 3.70 <
2.0 < 2.27 < 2.71 < 3.35 < 3.0 <
1.76 < 2.1 < 2.62 < 3.07 < 3.70 <
0.06 0.02 0.02 0.07 0.0
2121 2222 2222 2020 55
1.73 % 2.22 % 2.5 % - -
- - - - -
1 1 %8 2 23 %8 2 67 %8
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1.1 %8 2.23 %8 2.67 %8 - -
9* % 9* % 9* % 9* % 9* %
2.50 - 3.50 < .10 < .7 <
2.5 < - - - -
2.5 < - 3.50 < .10 < .7 <
2.5 < - 3.50 < .10 < .7 <
2.5 < - 3.50 < .10 < .7 <
- - - - -
11 - 11 11 119* % - 9* % 9* % 9* %
- - - - -
- - - - -
0.72 0. 1.06 < 1.27 < 1.5 <
0.6 < 0.5 < - - -
0.6 < 0. < 1.06 < 1.2 < 1.52 <
0.73 < 0.0 < 1.11 < 1.1 < 1.7 <
0.60 < 0.7 < 0.3 < 1.1 < 1.3 <
0.03 0.03 0.0 0.0 0.11
11 1617 1717 1717 77
9* % 9* % 9* % 9* % 9* %
6.6 .22 7.3 < . < .06 <
7.06 < 7. < - - -
7.06 < 7.6 < 7.35 < .06 < 5.35 <
7.5 < .1 < 10.6 < 1.31 < 13.77 <
6.72 < 7.3 < 3.36 < 3.06 < 5.07 <
0.26 0.21 2.65 3.6 .0
55 33
9* % 9* % 9* % 9* % 9* % 6.32 6.71 .20 < 11.7 < 12.26 <
6.06 < 6.3 < - - -
6.06 < 7. < .20 < 11.7 < 12.26 <
6.2 < 7.51 < 10.27 < 13.55 < 12.26 <
5.5 < 5. < .13 < 10.01 < 12.26 <
0.21 0. 1.07 1.77 -
22 33 22 22 11
9* % 9* % 9* % 9* % 9* %
2.22 3.3 3.27 < .27 < .7 <
2.62 < 3.3 < - - -
2.6 < 3.2 < 3.61 < .20 < .7 <
2.3 < 3.6 < .0 < .72 < .7 <
2.23 < 2.0 < 1.77 < .10 < .7 <
0.22 0.1 0. 0.21 0.0
66 66 6 66 22
9* % 9* % 9* % 9* % 9* %
&'$& &'$= &'$? &'$@ &'$
13?2.50 1?2.20 16?67.25 < 1?36.5 < 20?323.5 <
13?36.61 < 1?0.22 < - - -
13 322 2 < 1 0 00 < 16 61 10 < 1 2 00 < 20 351 0
-
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13?322.2 < 1?0.00 < 16?61.10 < 1?2.00 < 20?351.0 <
1?65. < 15?012.60 < 1?7.50 < 1?72.20 < 20?702.00 <
13?27.00 < 1?0.00 < 16?1.6 < 17?01.0 < 1?2.03 <
251.52 37.13 11.0 31.0 23.5
22 3131 22 2727 66
- 1?62.5 % 16?31.2 % - -
12?70. % - - - -
- 15?02. %8 - - -
9* % 9* % 9* % 9* % 9* % 2?5.00 3?012.25 3?703.37 < ?27.07 < ?35.7 <
7.77& 77.0& 76.70& 75.72&
20.23& 22.20& 23.30& 2.2&
2?553.25 < 3?030.3 < - - -
2?55.02 < 3?057. < 3?735.0 < ?262.00 < ?3. <
2?672.20 < 3?0.00 < 3?6.00 < ?70.70 < 5?1.72 <
2?520.7 < 2?55.00 < 3?13.00 < 3?72.00 < ?753.0 <
30.6 122.26 156.2 150. 10.06
2121 225 2323 2323 66
9* % 9* % 9* % 9* % 9* %
1?7.0 2?30.5 3?01.65 < 3?57.51 < ?1.65 <
1?7.3 < 2?21. < - - -
1?.35 < 2?37.5 < 3?077.55 < 3?62.65 < ?15. <
2?01.57 < 2?75. < 3?15.25 < 3?72.00 < ?1.3 <
1?5.00 < 2?17.0 < 2?73.00 < 3?21.00 < 3?7.50 <
1.25 61.71 10.3 120.3 151.01
2626 22 22 2626 66
- 2?027.36 % 2?26.72 % - -
- 2?037.35 %8 2?3.67 %8 - -9* % 9* % 9* % 9* % 9* %
( 32.70 ) ( 2.10 ) ( 56.26
-
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?035 3 ? 0 3?03 60 3?63 50 ? 00
2?061.57 < 2?56.00 < 3?16.00 < 3?5.00 < ?267.66 <
2?01.00 < 2?6.00 < 3?023.2 < 3?76.70 < 3?36.60 <
.3 25.2 30.6 1.3 10.1
1717 11 11 11 33
9* % 9* % 9* % 9* % 9* %
1?33.0 1?677.06 2?02.2 < 2?03.12 < 2?75.3 <
1?372.3 < 1?65.5 < - - -
1?372.00 < 1?61.25 < 2?02.00 < 2?03.0 < 2?75.71 <1?3.1 < 1?72.00 < 2?065.00 < 2?5.00 < 2?1.17 <
1?355.00 < 1?6.20 < 1?0.30 < 2?325.70 < 2?622.7 <
6.7 20. 21.17 53.72 117.2
2526 2626 232 22 55
9* % 9* % 9* % 9* % 9* %
1?33.0 1?721.0 2?03.33 < 2?02.21 < 2?7.5 <
1?372.1 < 1?62.67 < - - -
1?371.32 < 1?6.51 < 2?033.35 < 2?03.25 < 2?751.00 <
1?3.1 < 1?72.00 < 2?065.00 < 2?5.00 < 2?5.3 <
1?362.30 < 1?65.20 < 1?5.00 < 2?325.70 < 2?637.50 <
6.21 17.5 15.77 56.1 0.17
2020 2121 11 11 33
9* % 9* % 9* % 9* % 9* %
( 1?7.0 ) ( 1?276.30 ) 515.37 < 371.62 < 760.30 <
( 1?275.61
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2?61.00 < 3?327.00 < 3?130.50 < 3?576.30 < 3?7.70 <
1?66.70 < 2?0.00 < ( 25.60
-
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33.00 < 33.00 < 35.00 < 3.50 < 3.30 <
32.00 < 31.0 < 32.0 < 32.30 < 33.00 <
0.1 0.2 0.6 0.6 0.61
2020 2323 2121 11 33
- - - - -
33.00 % 33.00 % 3.50 % - -
- - - - -
9* % 9* % 9* % 9* % 9* % 2.15 2.6 3.1 < 51.71 < 55.26 <
27.52 < 2.7 < - - -
27.5 < 30.00 < 3.55 < .05 < 55.1 <
2.0 < 32.50 < 5.02 < 100.6 < 7. <
26.00 < 26.00 < 26.00 < 27.0 < 2.7 <
0.5 1.7 11.26 23.56 1.6
1010 1212 1010
9* % 9* % 9* % 9* % 9* %
17.76 1.3 23. < 25.20 < 25. <
17.32 < 1.7 < - - -
17.2 < 1.3 < 1.60 < 22.55 < 2.0 <
17.50 < 1.70 < 3.20 < 3.00 < 32.00 <
17.21 < 1.00 < 17.2 < 1.13 < 20.62 <
0.13 0.5 .6 6.6 .6
33 67 77 77 33
9* % 9* % 9* % 9* % 9* %
36?0.6 < 56?76.1 < 57?06.06 < 55?201.07 < 5?37.32 <
36?355.3 < 57?35.2 < 56?.70 < 55?512.3 < 5?21.1 <
3?30.7 < 5?66.00 < 62?26.00 < 56?30.5 < 5?017.6 <33?5.00 < 52?0.13 < 53?7. < 52?37.70 < 50?733.12 <
2?301.17 3?13.65 2?03.7 1?65.7 2?7.17
5 33 77 55 33
9* % 9* % 9* % 9* % 9* %
&'$& &'$= &'$? &'$@ &'$
1.6 2.32 < 2.7 < 3.2 < 3.2 <
1.6 < - - - - 1.6 < 2.30 < 2.77 < 3.2 < 3.0 <
2.00 < 2.0 < 2. < 3.0 < 3.2 <
1.76 < 2.21 < 2.6 < 3.1 < 3.76 <
9* % 9* % 9* % 9* % 9* %
1.6 2.0 < 2.0 < 3.2 < -
1.6 < - - - -
1.6 < 2.30 < 2.7 < 3.2 < -
2.00 < 2.0 < 2.3 < 3.3 < -
1.0 < 2.23 < 2.6 < 3.20 < -
9* % 9* % 9* % 9* % - 2.5 < - 3.65 < .26 < -
-
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2.6 < - 3.65 < .26 < -
2.6 < - 3.65 < .26 < -
2.6 < - 3.65 < .26 < -
9* % - 9* % 9* % -
0.76 0. < 1.11 < 1.31 < 1.57 <
0.76 < - - - -
0.73 < 0.2 < 1.12 < 1.32 < 1.56 <
0.77 < 0.3 < 1.16 < 1.37 < 1.73 <
0.71 < 0.6 < 1.06 < 1.2 < 1.3 <
9* % 9* % 9* % 9* % 9* %
3.62 3.6 < 3.73 < . < 5.05 <
3.62 < - - - -
2.67 < 3.37 < 3.73 < .3 < 5.05 <
2. < 3.2 < 3.73 < .7 < 5.05 <
2.0 < 2.62 < 3.73 < .32 < 5.05 <
9* % 9* % 9* % 9* % 9* %
&'$& &'$= &'$? &'$@ &'$
13?663.30 15?332.20 < 17?072.52 < 1?752.11 < 20?673.1 <
13?663.30 < - - - -
13?73.6 < 15?0.22 < 17?036.6 < 1?72.0 < 20?6.70 <
1?663. < 15?77.00 < 17?5.50 < 1?107.51 < 20?57.35 <
13?10.50 < 15?06. < 16?77.0 < 1?07.35 < 20?32.37 <
9* % 9* % 9* % 9* % 9* %
2?636.60 3?1.3 < 3?6.77 < ?3.15 < 5?00.53 <
2?636.60 < - - - -
2?666.12 < 3?20.50 < 3?6.0 < ?35.3 < 5?011.2 <2?30.37 < 3?306.3 < ?116.26 < ?526.33 < 5?16. <
2?365.07 < 2?67.0 < 3?1.10 < ?270. < ?71.6 <
9* % 9* % 9* % 9* % 9* %
2?072.20 2?552.1 < 3?11.0 < 3?6.36 < ?23.6 <
2?072.20 < - - - -
2?05.55 < 2?567.5 < 3?217.1 < 3?61.13 < ?21. <
2?215. < 2?66.31 < 3?356.2 < 3?30.00 < ?63. <
1?71.70 < 2?32.30 < 2?10.00 < 3?570.1 < ?03.10 <
9* % 9* % 9* % 9* % 9* %
( 30.70
-
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2?10.0 2?751.0 < 3?221.0 < 3?752.15 < -
2?10.0 < - - - -
2?135.66 < 2?625.66 < 3?217.7 < 3?771.13 < -
2?20.7 < 2?73.1 < 3?370.6 < 3?57.2 < ?273.15 <
2?051.50 < 2?52.0 < 3?02.5 < 3?51.6 < ?02.5 <
9* % 9* % 9* % 9* % 9* %
1?3.20 1?76.2 < 2?120.35 < 2?30.7 < 2?773.5 <
1?3.20 < - - - -
1?33.37 < 1?752.5 < 2?11.7 < 2?27.1 < 2?773.11 <
1?517.1 < 1?27.6 < 2?215.1 < 2?502.30 < 2?3.6 <
1?37.20 < 1?6.0 < 2?020.17 < 2?36.13 < 2?671.30 <
9* % 9* % 9* % 9* % 9* %
1?3.20 1?30.00 < 2?121. < 2?. < -
1?3.20 < - - - -
1?31.5 < 1?7.02 < 2?111.5 < 2?0.1 < -
1?512.1 < 1?27.63 < 2?1.0 < 2?622.5 < 2?7.3 <
1?37.00 < 1?6.30 < 2?02.5 < 2?03.65 < -
9* % 9* % 9* % 9* % 9* %
56.0 < 62.20 < 67.70 < 70.36 < 725.75 <
56.35 < 61.0 < 67.35 < 707.2 < 717.70 <
625.20 < 675.0 < 763.00 < 10.25 < 75.3 <
52.0 < 553.0 < 55.10 < 613.10 < 701.13 <
9* % 9* % 9* % 9* % 9* %
2?320.50 2?60.30 < 2?3. < 3?26. < 3?65.21 <
2?320.50 < - - - -
2?1.20 < 2?1.11 < 2?25.10 < 3?23. < 3?66.75 <
3?.30 < 3?257.6 < 3?556.70 < 3?62.0 < 3?76.53 <1?735.0 < 1?31.20 < ( 13.00
-
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- 0.0 0.0 0.0 0.0
1111 1616 1515 1717 11
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
0.0 0.07 0.0 0.10 0.07
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
-
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- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
F& &''& ; 5ar &''& F= &''& ; >un &''& F? &''& ; Sep &''& F$ &''= ; "ec &''& F& &''= ; 5ar &''=
73.22 35.16 65.20 1?003.53 5.21
76.05 < 15.00 < 57.0 < 0.72 < .2 <
763.57 < 15.00 < 60.0 < 1.20 < 53.55 <
72.0 < 1.5 < 66.00 < 1?00.20 < 5.01 <
752.00 < 11.0 < 3.1 < 67.20 < 2.30 <
12.0 3.6 .56 10.72 .2
77 27 77 1010
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
.75 13.5 1.00 17.3 13.
11.50 < 132.0 < 17. < 172.3 < 137.30 <
11.50 < 132.0 < 1.20 < 173.20 < 137.30 <
11.50 < 132.0 < 151.00 < 177.30 < 137.30 <
11.50 < 132.0 < 12.53 < 16.00 < 137.30 <
- - 3.2 3.1 -11 11 33 11
9* % 9* % 9* % 9* % 9* %
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
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21?723.0 < 23?65.70 < - - -
- - - - -
11 11 - - -
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9* % 9* % - - -
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- - - - -
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2?16.30 < 3?070.0 < - - -
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11 11 - - -
9* % 9* % - - -
3?632.00 < ?021.20 < - - -
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-
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3?632.00 < ?021.20 <
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- - - - -
9* % 9* % - - -
( 1?360.00
-
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.21 < - - - -
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9* % - - - -
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9* % - - - -
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9* % - - - -
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9* % 9* % 9* % 9* % 9* %
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9* % 9* % 9* % 9* % 9* %
( 160.05
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113/248
?36.5 < - - - -
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9* % - - - -
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9* % - - - -
( 1?36.50
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- - - - -
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9* % 9* % 9* % 9* % 9* %
0.0 0.0 0.1 0.10 0.12
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9* % 9* % 9* % 9* % 9* %
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F= &''= ; >un &''= F? &''= ; Sep &''= F$ &''? ; "ec &''= F& &''? ; 5ar &''? F= &''? ; >un &''?
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.61 < 1?032.26 < 1?236.0 < 1?16.50 < 1?26.10 <
13.63 1. 1.6 2.2 22.3
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9* % 9* % 9* % 9* % 9* %
165. 175.06 21.3 16. 22.36
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- - 0.35 2.5 6.1611 11 22 22 33
9* % 9* % 9* % 9* % 9* %
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- - - - -
- - - - -
- - - - -
( 1?73.00
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- - - - -
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&'&& &'&= &'&? &'&@ &'&
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&'&& &'&= &'&? &'&@ &'& 32?67.50 < 3?301.75 < 36?200.25 < 3?210.50 < 0?323.50 <
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32?67.50 < 3?301.75 < 36?200.25 < 3?210.50 < 0?323.50 <
9* % 9* % 9* % 9* % 9* %
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7?7.00 < ?016.25 < ?572.75 < ?125.00 < ?710.50 <
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7?7.00 < ?016.25 < ?572.75 < ?125.00 < ?710.50 <
9* % 9* % 9* % 9* % 9* %
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8/9/2019 Financial Modelling- Case study- Star Bucks
126/248
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- - - - -
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( 1?1.50
-
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- - - - -
- - - - 11
- - - - 9* %
- - - - -
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0.12 < - - - -
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0.12 < - - - -
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- - - - -
11 - - - -
9* % - - - -
F? &''? ; Sep &''? F$ &''@ ; "ec &''? F& &''@ ; 5ar &''@ F= &''@ ; >un &''@ F? &''@ ; Sep &''@
1?53.30 1?5.5 1?51.72 1?601.0 1?65.2
1?31.61 < 1?57.00 < 1?513.02 < 1?600.0 < 1?66.16 <
1?3.75 < 1?51.62 < 1?516.60 < 1?603.00 < 1?656.00 <
1?2.70 < 1?606.60 < 1?52.0 < 1?613.21 < 1?7.3 <
1?36.55 < 1?533.03 < 1?2.7 < 1?566.0 < 1?6.36 <
31.6 23.0 12.27 11.65 63.1
1010 77 1111 1111- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
227.1 303.2 25.13 25.00 25.02
231.6 < 30.00 < 23.26 < 276.7 < 266.2 <
231.6 < 30.20 < 23.70 < 277.10 < 272.70 <
2.30 < 30.50 < 26.72 < 27.30 < 273.0 <
21.63 < 2.2 < 231.37 < 273.02 < 252.25 <
12. 6. 6.2 2.6 .
22 33 33 33 33
9* % 9* % 9* % 9* % 9* %
156.27 227.2 157.35 1.63 16.5
160.0 < 23.30 < 162.01 < 11.5 < 17.5 <
160.0 < 23.30 < 162.01 < 12.0 < 1.50 <
160.0 < 23.30 < 16.0 < 1.20 < 17.06 <
160.0 < 23.30 < 15.61 < 16.2 < 15.1 <
- - 2. 2.73 .
11 11 22 1111
- - - - -
9* % 9* % 9* % 9* % 9* %
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
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-
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- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
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- - - - -
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- - - - -
- - - - 123.75
- - - - 120.36 <
- - - - 11.2 <
- - - - 125.05 <
- - - - 117.10 <
- - - - 2.1
- - - - 1010
- - - - 9* %
- - - - 10.3
- - - - 10.32 <
- - - - 10.65 <
- - - - 106.0 <
- - - - 101.0 <- - - - 1.5
- - - -
- - - - 9* %
- - - - ( 26.2 )
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - 9* %
- - - - -
- - - - -
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-
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- - - - -
- - - - -
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- - - - -- - - - -
- - - - -
- - - - -
- - - - -
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- - - - ( 17.7 )
- - - - -
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- - - - 9* %
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-
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- - - - -
- - - - -
- - - - -
- - - - 21.60
- - - - 20.0 <- - - - 20.0 <
- - - - 20.0 <
- - - - 20.0 <
- - - - -
- - - - 11
- - - - 9* %
- - - - 1.50
- - - - 15.50 <
- - - - 15.50 <
- - - - 15.50 <
- - - - 15.50 <
- - - - -
- - - - 11
- - - - 9* %
- - - - -
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F$ &'' ; "ec &''@ F& &'' ; 5ar &'' F= &'' ; >un &'' F? &'' ; Sep &'' F$ &'' ; "ec &''
0.2 0.16 0.17 0.17 0.26
0.22 < 0.1 < 0.17 < 0.17 < 0.26 <
0.22 < 0.1 < 0.17 < 0.17 < 0.26 <
0.22 < 0.15 < 0.1 < 0.1 < 0.27 <
0.21 < 0.1 < 0.17 < 0.16 < 0.2 <
0.01 0.0 0.0 0.01 0.01
1 1616 1516 11 11
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
0 22 0 16 0 1 0 17 0 26
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0.22 0.16 0.1 0.17 0.26
0.20 < 0.1 < 0.1 < 0.17 < 0.26 <
0.20 < 0.1 < 0.17 < 0.17 < 0.26 <
0.21 < 0.15 < 0.20 < 0.1 < 0.27 <0.1 < 0.1 < 0.17 < 0.16 < 0.25 <
0.01 0.0 0.01 0.01 0.01
11 55 66 77 76
- - - 0.16 % -
- 0.1 % 0.17 % - -
- - - 0.17 %8 -
9* % 9* % 9* % 9* % 9* %
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
0.00 0.00 0.00 0.00 -
0.00 < 0.00 < 0.00 < 0.00 < -
0.00 < 0.00 < 0.00 < 0.00 < -
0.00 < 0.00 < 0.00 < 0.00 < -
0.00 < 0.00 < 0.00 < 0.00 < -
- - - - -
11 11 22 22 -
9* % 9* % 9* % 9* % -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
-
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- - - - -
- - - - -
- - - - -
F$ &'' ; "ec &''@ F& &'' ; 5ar &'' F= &'' ; >un &'' F? &'' ; Sep &'' F$ &'' ; "ec &''
1?3.0 1?5.2 1?63.67 2?003.36 2?355.72
1?35.3 < 1?6.6 < 1?63.17 < 2?010.3 < 2?353. <
1?3.20 < 1?73.0 < 1?62.0 < 2?002.5 < 2?3.0 <
1?61.22 < 1?1.70 < 1?.21 < 2?155.30 < 2?07.70 <
1?21.70 < 1?3.20 < 1?13.00 < 1?3.30 < 2?312.7 <
10.6 16.67 1.52 . 25.6
1212 1313 1111 11 1313
- - - - -
- - - - -
9* % 9* % 9* % 9* % 9* %
00.3 26.0 313.11 300.51 2.2
32.00 < 2.2 < 33.5 < 32.00 < 25.3 <
32.00 < 22.