Fitch: Starbucks' 5-Yr Growth Plan Could Yield $7B Plus Total FCF

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CHICAGO--(BUSINESS WIRE)--According to Fitch Ratings, Starbucks Corporation's (Starbucks: Fitch IDRs 'A-/F2') five-year plan to accelerate profitable growth is more than achievable. Based on Fitch's preliminary estimates, which conservatively assume annual capex of roughly 7% of revenue and the maintenance of Starbucks' 35%-45% dividend payout target, cumulative free cash flow (FCF) could exceed $7 billion over the next five years. On Dec. 4, Starbucks detailed a well-articulated plan to increa

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