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Income - Adjusted

Walt Disney Co/The (DIS US) - Adjusted
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
12 Months Ending 10/03/2009 10/02/2010 10/01/2011 09/29/2012 09/28/2013 09/27/2014 10/03/2015 10/01/2016 09/30/2017 09/29/2018 06/29/2019 09/30/2019 09/30/2020
Revenue SALES_REV_TURN 36,149.0 38,063.0 40,893.0 42,278.0 45,041.0 48,813.0 52,465.0 55,632.0 55,137.0 59,434.0 64,777.0 69,657.6 81,698.7
+ Sales & Services Revenue IS_SALES_AND_SERVICES_REVENUES 36,149.0 38,063.0 40,893.0 42,278.0 45,041.0 48,813.0 52,465.0 55,632.0 55,137.0 59,434.0 64,777.0
- Cost of Revenue IS_COGS_TO_FE_AND_PP_AND_G 30,452.0 31,337.0 33,112.0 23,468.0 25,034.0 26,420.0 28,364.0 29,993.0 30,306.0 32,726.0 38,304.0
+ Cost of Goods & Services IS_COG_AND_SERVICES_SOLD 30,452.0 31,337.0 33,112.0 23,468.0 25,034.0 26,420.0 28,364.0 29,993.0 30,306.0 32,726.0 38,304.0
Gross Profit GROSS_PROFIT 5,697.0 6,726.0 7,781.0 18,810.0 20,007.0 22,393.0 24,101.0 25,639.0 24,831.0 26,708.0 26,473.0 35,734.3 46,404.9
+ Other Operating Income IS_OTHER_OPER_INC 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Operating Expenses IS_OPERATING_EXPN 0.0 0.0 0.0 9,947.0 10,557.0 10,847.0 10,877.0 11,281.0 10,958.0 11,871.0 13,821.0
+ Selling, General & Admin IS_SG&A_EXPENSE — — — 7,960.0 8,365.0 8,565.0 8,523.0 8,754.0 8,176.0 8,860.0 10,163.0
+ Selling & Marketing IS_SELLING_EXPENSES — — — — — — — — — —
+ Research & Development IS_OPEX_R&D 0.0 0.0 — — 0.0 0.0 0.0 0.0 0.0 0.0
+ Depreciation & Amortization IS_DEPRECIATION_AND_AMORTIZATION — — — 1,987.0 2,192.0 2,288.0 2,354.0 2,527.0 2,782.0 3,011.0 3,658.0
+ Other Operating Expense IS_OTHER_OPERATING_EXPENSES 0.0 0.0 0.0 0.0 0.0 -6.0 0.0 0.0 0.0 0.0 0.0
Operating Income (Loss) IS_OPER_INC 5,697.0 6,726.0 7,781.0 8,863.0 9,450.0 11,546.0 13,224.0 14,358.0 13,873.0 14,837.0 12,652.0 13,735.9 15,290.9
- Non-Operating (Income) Loss IS_NONOP_INCOME_LOSS -111.0 -31.0 -242.0 -258.0 -722.0 -877.0 -729.0 -463.0 65.0 466.0 1,030.0
+ Interest Expense, Net IS_NET_INTEREST_EXPENSE 466.0 409.0 343.0 369.0 235.0 -23.0 117.0 260.0 385.0 574.0 776.0
+ Interest Expense IS_INT_EXPENSE 588.0 456.0 435.0 472.0 349.0 294.0 265.0 354.0 507.0 682.0 1,022.0
- Interest Income IS_INT_INC 122.0 47.0 92.0 103.0 114.0 317.0 148.0 94.0 122.0 108.0 246.0
+ Foreign Exch (Gain) Loss IS_FOREIGN_EXCH_LOSS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
+ (Income) Loss from Affiliates INCOME_LOSS_FROM_AFFILIATES -577.0 -440.0 -585.0 -627.0 -688.0 -854.0 -814.0 -926.0 -320.0 102.0 461.0
+ Other Non-Op (Income) Loss IS_OTHER_NON_OPERATING_INC_LOSS 0.0 0.0 0.0 0.0 -269.0 0.0 -32.0 203.0 0.0 -210.0 -207.0
Pretax Income (Loss), Adjusted PRETAX_INC 5,808.0 6,757.0 8,023.0 9,121.0 10,172.0 12,423.0 13,953.0 14,821.0 13,808.0 14,371.0 11,622.0 12,996.1 12,440.1
- Abnormal Losses (Gains) IS_ABNORMAL_ITEM 150.0 130.0 -20.0 -139.0 552.0 177.0 85.0 -47.0 20.0 -358.0 -4,266.0
+ Merger/Acquisition Expense IS_MERGER_ACQUISITION_EXPENSE — — — — — — 122.0 -332.0 -255.0 —
+ Disposal of Assets IS_GAIN_LOSS_DISPOSAL_ASSETS — — — — — -77.0 — — — -563.0
+ Early Extinguishment of Debt IS_G_L_ON_EXT_DBT_OR_SETTLE_DBT — — — 24.0 — — — — — —
+ Asset Write-Down IS_IMPAIRMENT_ASSETS 279.0 132.0 — — — — — — — —
+ Gain/Loss on Sale/Acquisition of Business IS_SALE_OF_BUSINESS -228.0 -22.0 -75.0 -184.0 -252.0 — — — — —
+ Legal Settlement IS_LEGAL_LITIGATION_SETTLEMENT — — — -79.0 321.0 -29.0 — — 177.0 —
+ Restructuring IS_RESTRUCTURING_EXPENSES 213.0 138.0 — 100.0 214.0 140.0 53.0 — — —
+ Sale of Investments IS_GAIN_LOSS_ON_INVESTMENTS -114.0 -118.0 — — — — — — — —
+ Other Abnormal Items IS_OTHER_ONE_TIME_ITEMS — — 55.0 — 269.0 143.0 -90.0 285.0 98.0 33.0 -3,787.0
Pretax Income (Loss), GAAP PRETAX_INC 5,658.0 6,627.0 8,043.0 9,260.0 9,620.0 12,246.0 13,868.0 14,868.0 13,788.0 14,729.0 15,888.0 12,996.1 12,440.1
- Income Tax Expense (Benefit) IS_INC_TAX_EXP 2,049.0 2,314.0 2,785.0 3,087.0 2,984.0 4,242.0 5,016.0 5,078.0 4,422.0 1,663.0 3,470.0
+ Current Income Tax IS_CURRENT_INCOME_TAX_BENEFIT 1,785.0 2,198.0 2,644.0 2,624.0 2,926.0 3,738.0 5,040.0 3,833.0 4,078.0 3,244.0
+ Deferred Income Tax IS_DEFERRED_INCOME_TAX_BENEFIT 264.0 116.0 141.0 463.0 58.0 504.0 -24.0 1,245.0 344.0 -1,581.0
+ Tax Allowance/Credit IS_TAX_VALN_ALLOWNCE_CREDITS 0.0 0.0 — 0.0 — — — — — —
Income (Loss) from Cont Ops IS_INC_BEF_XO_ITEM 3,609.0 4,313.0 5,258.0 6,173.0 6,636.0 8,004.0 8,852.0 9,790.0 9,366.0 13,066.0 12,418.0 11,197.0 9,352.2
- Net Extraordinary Losses (Gains) XO_GL_NET_OF_TAX 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -380.0
+ Discontinued Operations IS_DISCONTINUED_OPERATIONS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -380.0
+ XO & Accounting Changes IS_EXTRAORD_ITEMS_&_ACCTG_CHNG 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Income (Loss) Incl. MI NI_INCLUDING_MINORITY_INT_RATIO 3,609.0 4,313.0 5,258.0 6,173.0 6,636.0 8,004.0 8,852.0 9,790.0 9,366.0 13,066.0 12,798.0
- Minority Interest MIN_NONCONTROL_INTEREST_CREDITS 302.0 350.0 451.0 491.0 500.0 503.0 470.0 399.0 386.0 468.0 476.0
Net Income, GAAP NET_INCOME 3,307.0 3,963.0 4,807.0 5,682.0 6,136.0 7,501.0 8,382.0 9,391.0 8,980.0 12,598.0 12,322.0 11,197.0 9,352.2
- Preferred Dividends IS_TOT_CASH_PFD_DVD 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
- Other Adjustments OTHER_ADJUSTMENTS 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net Income Avail to Common, GAAP EARN_FOR_COMMON 3,307.0 3,963.0 4,807.0 5,682.0 6,136.0 7,501.0 8,382.0 9,391.0 8,980.0 12,598.0 12,322.0 11,197.0 9,352.2
Net Income Avail to Common, Adj EARN_FOR_COMMON 3,404.5 4,047.5 4,847.0 5,599.0 6,287.8 7,616.0 8,834.8 9,376.0 8,997.0 10,641.0 8,582.0 9,958.4 9,352.2
Net Abnormal Losses (Gains) IS_NET_ABNORMAL_ITEMS 97.5 84.5 40.0 -83.0 151.8 115.0 452.8 -15.0 17.0 -1,957.0 -3,360.0
Net Extraordinary Losses (Gains) XO_GL_NET_OF_TAX 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -380.0
Basic Weighted Avg Shares IS_AVG_NUM_SH_FOR_EPS 1,856.0 1,915.0 1,878.0 1,794.0 1,792.0 1,740.0 1,694.0 1,629.0 1,568.0 1,499.0 1,802.0
Basic EPS, GAAP IS_EPS 1.78 2.07 2.56 3.17 3.42 4.31 4.95 5.76 5.73 8.40 7.97 6.36 5.66
Basic EPS from Cont Ops IS_EARN_BEF_XO_ITEMS_PER_SH 1.78 2.07 2.56 3.17 3.42 4.31 4.95 5.76 5.73 8.40 7.78 6.36 5.66
Basic EPS from Cont Ops, Adjusted IS_BASIC_EPS_CONT_OPS 1.83 2.11 2.58 3.12 3.51 4.38 5.22 5.76 5.74 7.10 5.55 5.70 5.68
Diluted Weighted Avg Shares IS_SH_FOR_DILUTED_EPS 1,875.0 1,948.0 1,909.0 1,818.0 1,813.0 1,759.0 1,709.0 1,639.0 1,578.0 1,507.0 1,814.0
Diluted EPS, GAAP IS_DILUTED_EPS 1.76 2.03 2.52 3.13 3.38 4.26 4.90 5.73 5.69 8.36 7.93 6.36 5.66
Diluted EPS from Cont Ops IS_DIL_EPS_BEF_XO 1.76 2.03 2.52 3.13 3.38 4.26 4.90 5.73 5.69 8.36 7.73 6.36 5.66
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS_CONT_OPS 1.81 2.07 2.54 3.08 3.46 4.33 5.17 5.72 5.70 7.06 5.52 5.70 5.68
Reference Items
Accounting Standard ACCOUNTING_STANDARD US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
EBITDA EBITDA 7,328.0 8,439.0 9,622.0 10,850.0 11,642.0 13,834.0 15,578.0 16,885.0 16,655.0 17,848.0 16,310.0 16,991.3 18,958.5
EBITDA Margin (T12M) EBITDA_MARGIN 20.27 22.17 23.53 25.66 25.85 28.34 29.69 30.35 30.21 30.03 25.18 24.39 23.21
EBITA EBITA 5,748.0 6,837.0 7,963.0 9,066.0 9,685.0 11,770.0 13,446.0 14,565.0 14,069.0 15,090.0 13,487.0
EBIT EBIT 5,697.0 6,726.0 7,781.0 8,863.0 9,450.0 11,546.0 13,224.0 14,358.0 13,873.0 14,837.0 12,652.0 13,735.9 15,290.9
Gross Margin GROSS_MARGIN 15.76 17.67 19.03 44.49 44.42 45.88 45.94 46.09 45.04 44.94 40.87 51.30 56.80
Operating Margin OPER_MARGIN 15.76 17.67 19.03 20.96 20.98 23.65 25.21 25.81 25.16 24.96 19.53 19.72 18.72
Profit Margin PROF_MARGIN 9.42 10.63 11.85 13.24 13.96 15.60 16.84 16.85 16.32 17.90 13.25 14.30 11.45
Current Profit CUR_PROFIT_JAPAN — — — — — — — — — — 13,611.8 13,681.5
Sales per Employee ACTUAL_SALES_PER_EMPL 251,034.72 255,456.38 — 254,686.75 257,377.14 271,183.33 283,594.59 285,292.31 277,070.35 295,691.54
Dividends per Share EQY_DPS 0.35 0.35 0.40 0.60 0.75 0.86 1.81 1.42 1.56 1.68 1.76 1.77 1.88
Total Cash Common Dividends IS_TOT_CASH_COM_DVD 649.6 670.3 751.2 1,076.4 1,344.0 1,496.4 3,066.1 2,313.2 2,446.1 2,518.3 2,897.0
Capitalized Interest Expense IS_CAP_INT_EXP 57.0 82.0 91.0 92.0 77.0 73.0 110.0 139.0 87.0 125.0
Depreciation Expense IS_DEPR_EXP 1,580.0 1,602.0 1,659.0 1,784.0 1,957.0 2,064.0 2,132.0 2,320.0 2,586.0 2,758.0 2,823.0
Rental Expense BS_CURR_RENTAL_EXPENSE 615.0 649.0 820.0 863.0 875.0 883.0 859.0 847.0 900.0 900.0
Source: Bloomberg Right click to show data transparency (not supported for all values)

DIS Target Price

Walt Disney Co/The (DIS US) - Adjusted
In Millions of USD except Per Share FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M FY 2019 Est FY 2020 Est
12 Months Ending 10/03/2009 10/02/2010 10/01/2011 09/29/2012 09/28/2013 09/27/2014 10/03/2015 10/01/2016 09/30/2017 09/29/2018 06/29/2019 09/30/2019 09/30/2020
Revenue SALES_REV_TURN 36149 38063 40893 42278 45041 48813 52465 55632 55137 59434 64777 69657.571 81698.7
+ Sales & Services Revenue IS_SALES_AND_SERVICES_REVENUES 36149 38063 40893 42278 45041 48813 52465 55632 55137 59434 64777
- Cost of Revenue IS_COGS_TO_FE_AND_PP_AND_G 30452 31337 33112 23468 25034 26420 28364 29993 30306 32726 38304
+ Cost of Goods & Services IS_COG_AND_SERVICES_SOLD 30452 31337 33112 23468 25034 26420 28364 29993 30306 32726 38304
Gross Profit GROSS_PROFIT 5697 6726 7781 18810 20007 22393 24101 25639 24831 26708 26473 35734.333923 46404.8616
+ Other Operating Income IS_OTHER_OPER_INC 0 0 0 0 0 0 0 0 0 0 0
- Operating Expenses IS_OPERATING_EXPN 0 0 0 9947 10557 10847 10877 11281 10958 11871 13821
+ Selling, General & Admin IS_SG&A_EXPENSE — — — 7960 8365 8565 8523 8754 8176 8860 10163
+ Selling & Marketing IS_SELLING_EXPENSES — — — — — — — — — —
+ Research & Development IS_OPEX_R&D 0 0 — — — 0 0 0 0 0
+ Depreciation & Amortization IS_DEPRECIATION_AND_AMORTIZATION — — — 1987 2192 2288 2354 2527 2782 3011 3658
+ Other Operating Expense IS_OTHER_OPERATING_EXPENSES 0 0 0 0 0 -6 0 0 0 0 0
Operating Income (Loss) IS_OPER_INC 5697 6726 7781 8863 9450 11546 13224 14358 13873 14837 12652 13735.909 15290.889
- Non-Operating (Income) Loss IS_NONOP_INCOME_LOSS -111 -31 -242 -258 -508 -877 -729 -463 65 676 1030
+ Interest Expense, Net IS_NET_INTEREST_EXPENSE 466 409 343 369 235 -23 117 260 385 574 776
+ Interest Expense IS_INT_EXPENSE 588 456 435 472 349 294 265 354 507 682 1022
- Interest Income IS_INT_INC 122 47 92 103 114 317 148 94 122 108 246
+ Foreign Exch (Gain) Loss IS_FOREIGN_EXCH_LOSS 0 0 0 0 0 0 0 0 0 0
+ (Income) Loss from Affiliates INCOME_LOSS_FROM_AFFILIATES -577 -440 -585 -627 -743 -854 -814 -926 -320 102 461
+ Other Non-Op (Income) Loss IS_OTHER_NON_OPERATING_INC_LOSS 0 0 0 0 0 0 -32 203 0 0 -207
Pretax Income (Loss), Adjusted PRETAX_INC 5808 6757 8023 9121 9958 12423 13953 14821 13808 14161 11622 12996.143 12440.111
- Abnormal Losses (Gains) IS_ABNORMAL_ITEM 150 130 -20 -139 338 177 85 -47 20 -568 -4266
+ Merger/Acquisition Expense IS_MERGER_ACQUISITION_EXPENSE — — — — — — 122 -332 -255 —
+ Disposal of Assets IS_GAIN_LOSS_DISPOSAL_ASSETS — — — — — -77 — — — -601
+ Early Extinguishment of Debt IS_G_L_ON_EXT_DBT_OR_SETTLE_DBT — — — 24 — — — — — —
+ Asset Write-Down IS_IMPAIRMENT_ASSETS 279 132 — — — — — — — —
+ Gain/Loss on Sale/Acquisition of Business IS_SALE_OF_BUSINESS -228 -22 -75 -184 -252 — — — — —
+ Legal Settlement IS_LEGAL_LITIGATION_SETTLEMENT — — — -79 321 -29 — — 177 —
+ Restructuring IS_RESTRUCTURING_EXPENSES 213 138 — 100 214 140 53 — — —
+ Sale of Investments IS_GAIN_LOSS_ON_INVESTMENTS -114 -118 — — — — — — — —
+ Other Abnormal Items IS_OTHER_ONE_TIME_ITEMS — — 55 — 55 143 -90 285 98 33 -3787
Pretax Income (Loss), GAAP PRETAX_INC 5658 6627 8043 9260 9620 12246 13868 14868 13788 14729 15888 12996.143 12440.111
- Income Tax Expense (Benefit) IS_INC_TAX_EXP 2049 2314 2785 3087 2984 4242 5016 5078 4422 1663 3470
+ Current Income Tax IS_CURRENT_INCOME_TAX_BENEFIT 1785 2198 2644 2624 2926 3738 5040 3833 4078 3244
+ Deferred Income Tax IS_DEFERRED_INCOME_TAX_BENEFIT 264 116 141 463 58 504 -24 1245 344 -1581
+ Tax Allowance/Credit IS_TAX_VALN_ALLOWNCE_CREDITS 0 0 — 0 0 — — — — —
Income (Loss) from Cont Ops IS_INC_BEF_XO_ITEM 3609 4313 5258 6173 6636 8004 8852 9790 9366 13066 12418 11197 9352.15
- Net Extraordinary Losses (Gains) XO_GL_NET_OF_TAX 0 0 0 0 0 0 0 0 0 0 -380
+ Discontinued Operations IS_DISCONTINUED_OPERATIONS 0 0 0 0 0 0 0 0 0 0 -380
+ XO & Accounting Changes IS_EXTRAORD_ITEMS_&_ACCTG_CHNG 0 0 0 0 0 0 0 0 0 0 0
Income (Loss) Incl. MI NI_INCLUDING_MINORITY_INT_RATIO 3609 4313 5258 6173 6636 8004 8852 9790 9366 13066 12798
- Minority Interest MIN_NONCONTROL_INTEREST_CREDITS 302 350 451 491 500 503 470 399 386 468 476
Net Income, GAAP NET_INCOME 3307 3963 4807 5682 6136 7501 8382 9391 8980 12598 12322 11197 9352.15
- Preferred Dividends IS_TOT_CASH_PFD_DVD 0 0 0 0 0 0 0 0 0 0 0
- Other Adjustments OTHER_ADJUSTMENTS 0 0 0 0 0 0 0 0 0 0 0
Net Income Avail to Common, GAAP EARN_FOR_COMMON 3307 3963 4807 5682 6136 7501 8382 9391 8980 12598 12322 11197 9352.15
Net Income Avail to Common, Adj EARN_FOR_COMMON 3404.5 4047.5 4847 5599 6145.6 7616 8834.8 9376 8997 10480 8582 9958.438 9352.15
Net Abnormal Losses (Gains) IS_NET_ABNORMAL_ITEMS 97.5 84.5 40 -83 9.6 115 452.8 -15 17 -2118 -3360
Net Extraordinary Losses (Gains) XO_GL_NET_OF_TAX 0 0 0 0 0 0 0 0 0 0 -380
Basic Weighted Avg Shares IS_AVG_NUM_SH_FOR_EPS 1856 1915 1878 1794 1792 1740 1694 1629 1568 1499 1802
Basic EPS, GAAP IS_EPS 1.78 2.07 2.56 3.17 3.42 4.31 4.95 5.76 5.73 8.4 7.97 6.364 5.658
Basic EPS from Cont Ops IS_EARN_BEF_XO_ITEMS_PER_SH 1.78 2.07 2.56 3.17 3.42 4.31 4.95 5.76 5.73 8.4 7.777447 6.364 5.658
Basic EPS from Cont Ops, Adjusted IS_BASIC_EPS_CONT_OPS 1.8343 2.1136 2.5809 3.121 3.4295 4.377 5.2153 5.7557 5.7379 6.9913 5.551123 5.699 5.677
Diluted Weighted Avg Shares IS_SH_FOR_DILUTED_EPS 1875 1948 1909 1818 1813 1759 1709 1639 1578 1507 1814
Diluted EPS, GAAP IS_DILUTED_EPS 1.76 2.03 2.52 3.13 3.38 4.26 4.9 5.73 5.69 8.36 7.93 6.364 5.658
Diluted EPS from Cont Ops IS_DIL_EPS_BEF_XO 1.76 2.03 2.52 3.13 3.38 4.26 4.9 5.73 5.69 8.36 7.73194 6.364 5.658
Diluted EPS from Cont Ops, Adjusted IS_DIL_EPS_CONT_OPS 1.812 2.0734 2.541 3.0843 3.3853 4.3254 5.165 5.7208 5.7008 6.9546 5.515377 5.699 5.677
Reference Items
Accounting Standard ACCOUNTING_STANDARD US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
EBITDA EBITDA 7328 8439 9622 10850 11642 13834 15578 16885 16655 17848 16310 16991.273 18958.455
EBITDA Margin (T12M) EBITDA_MARGIN 20.2717 22.1711 23.5297 25.6635 25.8476 28.3408 29.6922 30.3512 30.2066 30.0299 25.1786899671 24.3925717708 23.2053325206
EBITA EBITA 5748 6837 7963 9066 9685 11770 13446 14565 14069 15090 13487
EBIT EBIT 5697 6726 7781 8863 9450 11546 13224 14358 13873 14837 12652 13735.909 15290.889
Gross Margin GROSS_MARGIN 15.7598 17.6707 19.0277 44.4912 44.4195 45.8751 45.9373 46.0868 45.0351 44.9372 40.8679006437 51.3 56.8
Operating Margin OPER_MARGIN 15.7598 17.6707 19.0277 20.9636 20.9809 23.6535 25.2054 25.8089 25.161 24.9638 19.5316238788 19.7191903232 18.7161962185
Profit Margin PROF_MARGIN 9.418 10.6337 11.8529 13.2433 13.6445 15.6024 16.8394 16.8536 16.3175 17.633 13.2485295707 14.2962751314 11.4471221696
Current Profit CUR_PROFIT_JAPAN — — — — — — — — — — 13611.758 13681.456
Sales per Employee ACTUAL_SALES_PER_EMPL 251034.7222 255456.3758 — 254686.747 257377.1429 271183.3333 283594.5946 285292.3077 277070.3518 295691.5423
Dividends per Share EQY_DPS 0.35 0.35 0.4 0.6 0.75 0.86 1.81 1.42 1.56 1.68 1.76 1.768 1.878
Total Cash Common Dividends IS_TOT_CASH_COM_DVD 649.6 670.25 751.2 1076.4 1344 1496.4 3066.14 2313.18 2446.08 2518.32 2896.96
Capitalized Interest Expense IS_CAP_INT_EXP 57 82 91 92 77 73 110 139 87 125
Depreciation Expense IS_DEPR_EXP 1580 1602 1659 1784 1957 2064 2132 2320 2586 2758 2823
Rental Expense BS_CURR_RENTAL_EXPENSE — 649 820 — 875 883 859 847 868 930
Source: Bloomberg Right click to show data transparency (not supported for all values)
Payout Ratio 19.32% 16.88% 15.74% 19.45% 22.15% 19.88% 35.04% 24.82% 27.36% 24.16%
Payout ratio average 22.83%
EPS growth 14.43% 22.55% 21.38% 9.76% 27.77% 19.41% 10.76% -0.35% 21.99%
EPS growth average 16.41%
Reasonable? -->Qualitative analysis
Long-term value in Disney’s distinct brands and assets with high barriers to entry in multiple aspects of the business (the company has a significant competitive advantage with a level of scale that is unparalleled).
Management has made the bold decision to reorient its television programming and distribution strategy around direct-to-consumer (DTC) streaming service (leading brands: Disney+, ESPN+, and Hulu). Key rival: Netflix!
In FQ4 2019, The Lion King was released to strong results and has earned over $1.6b worldwide, while Toy Story 4 continued to play solidly. Disney also has two potentially big movie releases on tap: "Frozen 2" in November 2019, and "Star Wars: The Rise of Skywalker" in December 2019.
Downside risks include: faster than expected deterioration in pay TV KPIs, worse TV advertising trends, macroeconomic uncertainty and its impact on the Parks business (e.g. Hong Kong Disneyland).
Revenue growth 0.0529475228 0.074350419 0.0338688773 0.0653531387 0.0837459204 0.074816135 0.0603640522 -0.0088977567 0.0779331483
Revenue growth average 5.72%
34.83%
Lowest (30/09/2011) Highest (12/07/2019)
P/E 12.01 17.95 26.27
See function HE
2019.00 2020.00 2021.00 2022.00 2023.00 2024.00 2025.00 2026.00 2027.00 2028.00
EPS Projection 8.10 9.42 10.97 12.77 14.87 17.31 20.15 23.46 27.30 31.79
Dividend Projection 1.85 2.15 2.51 2.92 3.39 3.95 4.60 5.36 6.23 7.26
Pessimistic (10Y) Median (10Y) Highest (10Y)
Future Stock Price 381.75 570.56 835.02
Future Stock Price w/ Dividends 421.97 610.78 875.23
Current Stock Price (02/12/2019) 150.62 150.62 150.62
Expected Total Return 180.15% 305.51% 481.09%
Expected Return p.a. 10.85% 15.03% 19.24%
Target Price in 1 year (12 months) 166.96 173.25 179.60
Using the Bloomberg est Target price of SPX Index 8.65% 8.65% 8.65% 1-year mean return S&P500
0.845 0.845 0.845 beta
1.74% 1.74% 1.74% US 10-year yield
7.58% 7.58% 7.5752983717740400% 1-year expected return
3.28% 7.45% 11.67% alpha
Buy Buy Buy