Financials The Walt Disney Company Santiago S.E.

Equities

DISCL

US2546871060

Broadcasting

End-of-day quote Santiago S.E. Other stock markets 06:00:00 2024-06-24 pm EDT			5-day change	1st Jan Change
92,400 ^CLP	0.00%		0.00%	+13.37%

01:15pm	Walt Disney, Netflix, Others Reach Tentative Three-Year Pay, AI Use Deal With Hollywood Workers Union	MT
09:08am	Hollywood workers union reaches pay, AI-use deal with top studios	RE

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	234,756	224,220	307,403	171,969	148,304	186,315	-	-
Enterprise Value (EV) ¹	276,324	264,934	345,850	208,723	180,553	223,581	220,177	216,652
P/E ratio	19.6 x	-78.5 x	155 x	54.8 x	62.8 x	33.8 x	20.7 x	17.8 x
Yield	1.35%	0.71%	-	-	-	0.75%	0.81%	0.84%
Capitalization / Revenue	3.37 x	3.43 x	4.56 x	2.08 x	1.67 x	2.04 x	1.94 x	1.84 x
EV / Revenue	3.97 x	4.05 x	5.13 x	2.52 x	2.03 x	2.44 x	2.29 x	2.15 x
EV / EBITDA	15.3 x	21 x	28.9 x	12.9 x	10.6 x	12.6 x	11.1 x	10 x
EV / FCF	249 x	73.7 x	174 x	197 x	36.9 x	27 x	25.7 x	22.5 x
FCF Yield	0.4%	1.36%	0.57%	0.51%	2.71%	3.7%	3.89%	4.45%
Price to Book	2.61 x	2.64 x	3.44 x	1.77 x	1.45 x	1.82 x	1.72 x	1.6 x
Nbr of stocks (in thousands)	1,801,379	1,807,063	1,817,127	1,823,058	1,829,779	1,823,043	-	-
Reference price ²	130.3	124.1	169.2	94.33	81.05	102.2	102.2	102.2
Announcement Date	11/7/19	11/12/20	11/10/21	11/8/22	11/8/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	69,570	65,388	67,418	82,722	88,898	91,547	96,191	100,988
EBITDA ¹	18,041	12,636	11,949	16,125	17,085	17,747	19,911	21,597
EBIT ¹	14,868	8,108	7,766	12,121	12,863	15,341	17,242	18,385
Operating Margin	21.37%	12.4%	11.52%	14.65%	14.47%	16.76%	17.92%	18.21%
Earnings before Tax (EBT) ¹	13,944	-1,743	2,561	5,285	4,769	9,033	12,991	14,940
Net income ¹	11,054	-2,864	1,995	3,145	2,354	5,502	8,957	10,335
Net margin	15.89%	-4.38%	2.96%	3.8%	2.65%	6.01%	9.31%	10.23%
EPS ²	6.640	-1.580	1.090	1.720	1.290	3.024	4.935	5.756
Free Cash Flow ¹	1,108	3,594	1,988	1,059	4,897	8,266	8,574	9,634
FCF margin	1.59%	5.5%	2.95%	1.28%	5.51%	9.03%	8.91%	9.54%
FCF Conversion (EBITDA)	6.14%	28.44%	16.64%	6.57%	28.66%	46.58%	43.06%	44.61%
FCF Conversion (Net income)	10.02%	-	99.65%	33.67%	208.03%	150.25%	95.72%	93.21%
Dividend per Share ²	1.760	0.8800	-	-	-	0.7655	0.8320	0.8617
Announcement Date	11/7/19	11/12/20	11/10/21	11/8/22	11/8/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	21,819	19,249	21,504	20,150	23,512	21,815	22,330	21,241	23,549	22,083	23,083	22,646	24,807	23,440	23,954
EBITDA ¹	4,299	4,714	4,532	2,580	4,069	4,316	4,608	4,092	4,811	4,696	4,459	4,465	5,000	4,632	5,228
EBIT ¹	3,258	3,699	3,567	1,597	3,043	3,285	3,559	2,976	3,876	3,845	3,854	3,754	4,386	4,209	4,538
Operating Margin	14.93%	19.22%	16.59%	7.93%	12.94%	15.06%	15.94%	14.01%	16.46%	17.41%	16.7%	16.58%	17.68%	17.96%	18.95%
Earnings before Tax (EBT) ¹	1,688	1,102	2,119	376	1,773	2,123	-134	1,007	2,871	657	2,789	2,668	3,118	3,094	3,421
Net income ¹	1,104	470	1,409	162	1,279	1,271	-460	264	1,911	-20	1,852	1,730	2,270	2,187	2,427
Net margin	5.06%	2.44%	6.55%	0.8%	5.44%	5.83%	-2.06%	1.24%	8.11%	-0.09%	8.02%	7.64%	9.15%	9.33%	10.13%
EPS ²	0.6000	0.2600	0.7700	0.0900	0.7000	0.6900	-0.2500	0.1400	1.040	-0.0100	1.034	0.9466	1.244	1.198	1.332
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.4500	0.3978	0.2233	-
Announcement Date	2/9/22	5/11/22	8/10/22	11/8/22	2/8/23	5/10/23	8/9/23	11/8/23	2/7/24	5/7/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	41,568	40,714	38,447	36,754	32,249	37,266	33,862	30,337
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.304 x	3.222 x	3.218 x	2.279 x	1.888 x	2.1 x	1.701 x	1.405 x
Free Cash Flow ¹	1,108	3,594	1,988	1,059	4,897	8,266	8,574	9,634
ROE (net income / shareholders' equity)	16.1%	4.31%	4.91%	7.05%	8.19%	8.04%	9.49%	10.2%
ROA (Net income/ Total Assets)	7.56%	1.88%	2.09%	3.18%	3.89%	4.61%	5.68%	6.31%
Assets ¹	146,217	-152,259	95,611	98,902	60,514	119,245	157,717	163,781
Book Value Per Share ²	49.90	46.90	49.20	53.30	55.70	56.00	59.30	63.80
Cash Flow per Share ²	3.590	4.210	3.060	3.290	5.390	6.110	6.740	9.570
Capex ¹	4,876	4,022	3,578	4,943	4,969	5,851	6,539	6,586
Capex / Sales	7.01%	6.15%	5.31%	5.98%	5.59%	6.39%	6.8%	6.52%
Announcement Date	11/7/19	11/12/20	11/10/21	11/8/22	11/8/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for The Walt Disney Company

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

102.2 USD

Average target price

124.6 USD

Spread / Average Target

+21.91%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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