Investment Summary-An Analysis of the Food and Beverage Industry

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1、InvestmentSummaryAnAnalysisoftheFoodandBeverageIndustrybyAlexanderRaifeldMarkGurfinkelRajeevRaoHao(Sara)XiShivankerSaxenaValuationresultsCampbellCheesecakeMcCormickStarbucksSyscoSoupFactoryRiskCharacteristicsApproachBBBBBBeta0.940.630.850.660.58Jensen'sAlpha0.12%26.97%8.8%34.4%7.27%Rsquared4%13%2

2、%6%16%InvestmentPerformanceROE-COEN/A7.08%19.88%9.05%26.13%ROC-WACC10.43%12.21%7.20%2.82%15.76%EVA(Millions)106.574.46422.4143690CapitalStructureCurrentDebtratio23.97%13.17%10.08%11.5%6.6%OptimalDebtRatio40%10%30.00%20%40%ChangeinWACC-0.15%0%-0.45%-0.14%-0.47%Duration(Years)0.256.996.093.657.01Di

3、videndPolicyDividends(Millions)259076.700892.4FCFE(Millions)428.0-$37.0231.0128309.5ValuationsValue/share27.4520.0935.638.540.5Price/Share29.530.2534.448.734.7Chapter1CorporateGovernanceAnalysisThepurposeofthissectionistounderstandtherelationshipbetweenmanagersandstockholdersManagersandStockholde

4、rsChiefExecutiveOfficersCampbellCheesecakeCEOMcCormickStarbucksSyscoSoupFactoryDouglasRobertJ.RichardNameDavidOvertonJimDonaldConantLawlessSchniedersAge5359585155YearsattheCompany43028323YearsasCEO430(founder)80*2CEOCompensationSalaryrankwithin14>50168>50RestaurantIndustrySalary0.90.51.03.70.9Bon

5、us1.5-1.01.0Other1.8-2.77.5**2.0StockGains6.6-5.923.5**-TotalCompensation11.00.610.734.74.8StockOwnership(%of<15.4<1<1<1total)StockMarketValue$1.0133.932.8--TotalStockValue134.538.789.2**4.8(existing+gains)FiguresinMillions,exceptwherenoted*AppointedCEOinApr,2005,**BasedonpreviousCEO’scompensatio

6、n.Alltopexecutivesareofsimilaragerangingfrom51to59yearsold.Howeverthenumberofyearsspentattheirrespectiveorganizationsisverydifferentrangingfrom0yearsforStarbucks’CEOto30yearsforDavidOverton,whoisalsothefounderofCheesecakeFactoryrestaurantchain.DespitearelativelyshorttermfortwooftheCEOsonourlist,a

7、llfiveexecutivesshowstrongcommitmenttotheirrespectivecompanies;theyalsowereabletoestablishstrongrelationshipswiththeowners.AlthoughthesalariesoftheseCEOsareallabovetheindustryaverage,noneofthemisrankedwithinForbes“50Be