Starbucks: The Lease Effect

	A	B	C	D	E	F	G
1	Name	Date of valuation	Starbucks value (conventional lease treatment)	Starbucks value (with leases treated as debt)	Price/share	Under or over valued
2	Aswath Damodaran	2/25/2014	$62.56	$44.23	$72.56	Over valued.
3	Anish Ramachandran	2/25/2014		$55.00	72.56	Over priced	USed your 10 FCFF method and kept operating margins the same as the base case
4	Raffaele De Gennaro	5/1/2015		$28.00	$50.26	Over valued.	Data updated to Q2 2015.
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