Financials Walt Disney Company (The)

Equities

DIS

US2546871060

Broadcasting

Market Closed - Nyse Other stock markets 04:02:44 2024-05-10 pm EDT			5-day change	1st Jan Change
105.8 ^USD	-0.01%		-6.92%	+17.17%

May. 10	Sector Update: Financial Stocks Rise Friday Afternoon	MT
May. 10	Jones Lang LaSalle Arranges $735 Million Term Loan to Refinance Swan and Dolphin Resort	MT

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	234,756	224,220	307,403	171,969	148,304	192,860	-	-
Enterprise Value (EV) ¹	276,324	264,934	345,850	208,723	180,553	229,793	226,562	222,449
P/E ratio	19.6 x	-78.5 x	155 x	54.8 x	62.8 x	30.9 x	22.5 x	19.7 x
Yield	1.35%	0.71%	-	-	-	0.68%	0.78%	0.8%
Capitalization / Revenue	3.37 x	3.43 x	4.56 x	2.08 x	1.67 x	2.11 x	2 x	1.91 x
EV / Revenue	3.97 x	4.05 x	5.13 x	2.52 x	2.03 x	2.51 x	2.35 x	2.21 x
EV / EBITDA	15.3 x	21 x	28.9 x	12.9 x	10.6 x	13 x	11.4 x	10.3 x
EV / FCF	249 x	73.7 x	174 x	197 x	36.9 x	28.1 x	26.4 x	22.2 x
FCF Yield	0.4%	1.36%	0.57%	0.51%	2.71%	3.56%	3.78%	4.5%
Price to Book	2.61 x	2.64 x	3.44 x	1.77 x	1.45 x	1.88 x	1.78 x	1.65 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	105.8	105.8	105.8
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	91,620	96,261	100,733
EBITDA ¹	18,041	12,636	11,949	16,125	17,085	17,700	19,883	21,576
EBIT ¹	14,868	8,108	7,766	12,121	12,863	15,251	17,184	18,537
Operating Margin	21.37%	12.4%	11.52%	14.65%	14.47%	16.65%	17.85%	18.4%
Earnings before Tax (EBT) ¹	13,944	-1,743	2,561	5,285	4,769	9,448	12,906	14,859
Net income ¹	11,054	-2,864	1,995	3,145	2,354	5,863	8,815	10,178
Net margin	15.89%	-4.38%	2.96%	3.8%	2.65%	6.4%	9.16%	10.1%
EPS ²	6.640	-1.580	1.090	1.720	1.290	3.428	4.702	5.367
Free Cash Flow ¹	1,108	3,594	1,988	1,059	4,897	8,172	8,572	10,021
FCF margin	1.59%	5.5%	2.95%	1.28%	5.51%	8.92%	8.91%	9.95%
FCF Conversion (EBITDA)	6.14%	28.44%	16.64%	6.57%	28.66%	46.17%	43.11%	46.45%
FCF Conversion (Net income)	10.02%	-	99.65%	33.67%	208.03%	139.39%	97.25%	98.46%
Dividend per Share ²	1.760	0.8800	-	-	-	0.7172	0.8240	0.8436
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	23,134	22,646	24,817	23,435	23,983
EBITDA ¹	4,299	4,714	4,532	2,580	4,069	4,316	4,608	4,092	4,811	4,696	4,526	4,443	4,967	4,766	5,146
EBIT ¹	3,258	3,699	3,567	1,597	3,043	3,285	3,559	2,976	3,876	3,845	3,901	3,795	4,323	4,334	4,578
Operating Margin	14.93%	19.22%	16.59%	7.93%	12.94%	15.06%	15.94%	14.01%	16.46%	17.41%	16.86%	16.76%	17.42%	18.49%	19.09%
Earnings before Tax (EBT) ¹	1,688	1,102	2,119	376	1,773	2,123	-134	1,007	2,871	657	2,832	2,686	3,082	3,098	3,411
Net income ¹	1,104	470	1,409	162	1,279	1,271	-460	264	1,911	-	1,886	1,743	2,247	2,203	2,428
Net margin	5.06%	2.44%	6.55%	0.8%	5.44%	5.83%	-2.06%	1.24%	8.11%	-	8.15%	7.7%	9.05%	9.4%	10.12%
EPS ²	0.6000	0.2600	0.7700	0.0900	0.7000	0.6900	-0.2500	0.1400	1.040	-	1.072	0.9498	1.230	1.206	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	36,933	33,702	29,589
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.304 x	3.222 x	3.218 x	2.279 x	1.888 x	2.087 x	1.695 x	1.371 x
Free Cash Flow ¹	1,108	3,594	1,988	1,059	4,897	8,172	8,572	10,021
ROE (net income / shareholders' equity)	16.1%	4.31%	4.91%	7.05%	8.19%	8.09%	9.35%	10.1%
ROA (Net income/ Total Assets)	7.56%	1.88%	2.09%	3.18%	3.89%	5.07%	5.84%	6.39%
Assets ¹	146,217	-152,259	95,611	98,902	60,514	115,608	150,847	159,331
Book Value Per Share ²	49.90	46.90	49.20	53.30	55.70	56.30	59.60	64.00
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	5,867	6,523	6,719
Capex / Sales	7.01%	6.15%	5.31%	5.98%	5.59%	6.4%	6.78%	6.67%
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 Walt Disney Company (The)

Trading Rating

Investor Rating

ESG Refinitiv

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

105.8 USD

Average target price

124.7 USD

Spread / Average Target

+17.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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