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General information
The Walt Disney Company is a entertainment company with operations in media networks, park experiences & consumer products, studio entertainment and Direct-to-Consumer networks and channels. The Company serves customers worldwide.
  • Bad financial results growth rate -50.5% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (0.5%)
  • Dividend yield for the last twelve months 0.7%
  • Free cash flow yield 4.8% (LTM)
  • Share price is 37.8% higher than minimum and 21.9% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (21.7x vs 18.8x)
  • Fundamental value created in LTM (estimate) -130.4%
Key Financials
Ticker: DIS
Share price, USD: 118.47
Common stocks: 1 802 398 289

Dividend Yield:  0.7%
FCF Yield LTM: 4.8%
EV / LTM EBITDA: 21.7x
Last revenue growth (y/y):  -41.8%
Last growth of EBITDA (y/y):  -59.2%
Historical revenue growth:  9.4%
Historical growth of EBITDA:  -8.4%
Target EV / EBITDA (hist 75% percentile): 18.8x
Fundamental value created in LTM: -100.0%
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 213 530
Net Debt ($m): 58 957
EV (Enterprise Value): 272 487
EBITDA LTM ($m): 12 533
EV / LTM EBITDA: 21.7x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

Free Cash Flow ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends

Share price

Payment USD per share

Multiple and potential

EV / LTM EBITDA and 75% percentile

Potential dynamics

Value Creation

Fundamental Value Creation is calculated as ratio of value created in the last period to current market cap of the company.

The fundamental value can be created in two ways:
• cash generation in form of dividend payments or debt reduction or share buybacks
growth of the company enterprise value through improving financial results

The growth of enterprise value in the last period is estimated as product of:
• annualized increase of EBITDA in the last reporting period year over year
• relevant EV/EBITDA multiple (average between actual EV/EBITDA for the company and average general level of 10.0x is applied)

Parameter
#
Formula
Value
    
    
            EBITDA (pre LTM Q)
(1)
4 064
            EBITDA (last Q)
(2)
1 658
            EBITDA LTM
(3)
12 533
    
    
        EBITDA LTM / last Q
(4)
(3) / (2)
7.559
    Gain of EBITDA (mln $)
(5)
( (2)-(1) ) * (4)
-18 187
    
    
            EV
(6)
272 487
        Mult
(7)
(6) / (3)
21.7x
        Mult common
(8)
const
10.0x
    Mult avg
(9)
avgerage
15.9x
    
    
    Equity+
(10)
(5) * (9)
-288 645
    FCF LTM
(11)
10 224
    
    
Value+
(12)
(10) + (11)
-278 421
Cap
(13)
213 530
    
    
Fundamental value creation
(14)
(12) / (13)
-100.0%

Potential

EBITDA LTM       12 533
 
EBITDA E       9 714
Mult aim       18.8x
 
EV E       182 181
NetDebt corr       55 568
 
Cap E       126 613
Cap       213 530
Growth potential            -40.7%