SBUX 估值过高，当前价格较公允价值估计高出约 30%。
逐段跳播
据《金融时报》报道，我们有关于 Starbucks 和 Chipotle 股票投资者的重大消息。Starbucks 正与顾问 Evercore ISI 合作，筹划可能收购 Chipotle。
We have huge news for Starbucks and Chipotle stock investors, according to the Financial Times. Starbucks is working with advisors Evercore ISI on a potential acquisition of Chipotle.
这是重大消息，如果你还不知道，Starbucks 现任 CEO Brian Nicol 此前曾担任 Chipotle 的 CEO，后来 Starbucks 以一份丰厚的报价吸引他加入，促使他前来担任领导者。而 Starbucks 的股价下跌了超过4%。
This is big news, and if you didn't know, Starbucks' current CEO , Brian Nicol, was the CEO of Chipotle before Starbucks lured him in with a huge offer that encouraged him to join as a leader. while Starbucks' stock fell by more than 4 %.
虽然我一直觉得 Starbucks 已经高估了一段时间，但在89美元的水平上，它似乎比我对它的合理估值63美元高出约30%。
While I felt that Starbucks had been overvalued for some time now, at $89 it seems to be about 30% more than my fair value estimate of $63.
今年 Starbucks 的股价表现不如 Chipotle。
Starbucks stock has not performed as well as Chipotle this year.
与 Starbucks 的关联将带来好处。我最初的反应是从后端，也就是运营端出发的，不太涉及面向消费者的一端。我看不出这两件事怎么能结合起来，在 Chipotle 卖咖啡，或者在 Starbucks 卖墨西哥卷饼。
我不知道这种整合怎么能成功。也许把一些 Starbucks 的咖啡品类引入 Chipotle 会更合理，比如说。但我在那里看不到任何明确的关联。
The association with Starbucks will lead to benefits. My initial reaction was on the back side, i.e., the operational side. Not so much on the consumer-facing side. I do n't see how these two things can be combined, selling coffee at Chipotle or selling burritos at Starbucks.
I don't know how this integration can succeed. Perhaps it would make more sense to bring some Starbucks coffee varieties to Chipotle, for example. But I don't see any clear links there.
我在餐厅运营和采购量上看到了明确的关联。确实，两家都需要采购纸袋、塑料杯、吸管、饮料，都需要与饮料公司建立关系，与投资者建立关系，还需要为这些地点的餐厅配备房地产开发团队。因此，从这个角度看，可以实现很多协同效应。
I see clear links in restaurant operations, and in the volume of purchases. True, both need to purchase paper bags, plastic cups, straws, drinks, and have relationships with beverage companies, relationships with investors, and real estate development teams for these restaurants in these locations.
Therefore, from this perspective, there are many synergies that can be achieved.
我不知道 Starbucks 的股票投资者会怎么看这件事。我认为这将取决于将要支付的价格。
I do n't know how Starbucks stock investors will feel about this. I think it will depend on the price that will be paid.
这个频道对 $SBUX 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 3 条判断，这里只列相邻的几条。