瑞银(UBS)在其星巴克报告中采用了基于企业价值倍数的估值方法，以EV/EBITDA为核心。具体而言，瑞银将星巴克12个月目标价$95对应约18倍的未来12 个月EV/EBITDA估值。这一倍数大体反映星巴克历史交易区间和品牌溢价：星巴克作为全球领先咖啡连锁，过去通常享有中高段的估值倍数(例如高于一般 餐饮业平均)，但考虑当前销售额与利润下行压力，18x属于相对谨慎合理的水平。 | CLEARNERS IN THERE DESCRIPTS OF ADSEL CREAT CREAT MARRING ANDINATIAN ASSISTANTE SPECIAL | | | | | | | Finnings | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | T | | Highlights (US$m) | 09/22 | 09/23 | 09/24 | 09/25E | 09/26E | 09/27E | 09/28 | | Revenues | 32,250 | 35,976 | 36,176 | 36,989 | 39,298 ...