DIS
Walt Disney Company
TMT, Consumer
01/22/2016
Presented
| Date | 01/20/2016 |
| Price | $92.54 |
| Market Cap | $156.76B |
| Ent Value | $191.68B |
| P/E Ratio | 18.89x |
| Book Value | $27.83 |
| Div Yield | 1.53% |
| Shares O/S | 1,694.00M |
| Ave Daily Vol | 10,391,479 |
| Short Int | 3.29% |
Current
| Price | $94.22 |
| Market Cap | $170.88B |
| The Walt Disney Co. together with its subsidiaries and affiliates is a diversified international family entertainment and media enterprise. It operates through five business segments: Media Networks, Parks & Resorts, Studio Entertainment, Consumer Products and Interactive Media. The Media Networks segment is comprised of a domestic broadcast television network, television production and distribution operations, domestic television stations, international and domestic cable networks, domestic broadcast radio networks and stations, and publishing and digital operations. This segment operates through consolidated subsidiaries, the ESPN, Disney Channels Worldwide, ABC Family, SOAPnet and UTV/Bindass networks. This segment also operates ABC Television Network and television stations, as well as the ESPN Radio Network, Radio Disney Network and owns and operates radio stations. Additionally, it operates ABC, ESPN, ABC Family and SOAPnet-branded internet businesses. The Parks & Resorts segment owns and operates the Walt Disney World Resort in Florida and the Disneyland Resort in California. Its Walt Disney World Resort includes four theme parks-the Magic Kingdom, Epcot, Disney's Hollywood Studios and Disney's Animal Kingdom; resort hotels, retail, dining, and entertainment complex, a sports complex, conference centers, campgrounds, water parks, and other recreational facilities. The segment's Disneyland Resort includes two theme parks-Disneyland and Disney California Adventure; resort hotels, and a retail, dining and entertainment complex. This segment's Walt Disney Imagineering unit designs and develops theme park concepts and attractions, as well as resort properties. The Studio Entertainment segment produces and acquires live-action and animated motion pictures for worldwide distribution to the theatrical, home entertainment, and television markets. This segment distributes these products through its own distribution and marketing companies in the United States and through independent companies and joint ventures in foreign markets primarily under the Walt Disney Pictures, Touchstone Pictures, Pixar, Marvel, and Disneynature banners. The Consumer Products segment licenses trade names, characters and visual and literary properties to various manufacturers, retailers, show promoters, and publishers throughout the world. This segment also engages in retail and online distribution of products through The Disney Store and DisneyStore.com. It also publishes entertainment and educational books and magazines and comic books for children and families and operates English language learning centers in China. The Interactive Media segment creates and delivers branded entertainment and lifestyle content across interactive media platforms. Its primary operating businesses are Games which produces and distributes console, online and mobile games; and Online, which develops branded online services in the United States and internationally. The Walt Disney was founded by Walter Elias Disney on October 16, 1923 and is headquartered in Burbank, CA. |
Publicly traded companies mentioned herein: Walt Disney Co (DIS) and Time Warner (TWX).
Highlights
The presenter believes shares of Disney could be positioned to trade into the low $80s and $70s over the coming year, and potentially into the mid $60s thereafter. About half of Disney’s EBIT and roughly two-thirds of its cash flow comes from the company’s media networks business, the vast majority of which derives from cable networks ESPN and Disney Channel (with the balance attributable to broadcast network ABC). For his part, the presenter believes the media networks business could be in secular decline. Further, another 25% or so of total EBIT derives from Disney’s theme parks - a business the presenter believes is close to peak. The remaining 25% of company EBIT is roughly evenly derived from Disney’s theatrical/ studios and consumer products businesses - both of which could be near peak as well.
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