Financials The Walt Disney Company NEO Exchange

Equities

DIS

CA25472W1059

Broadcasting

End-of-day quote NEO Exchange Other stock markets 03:30:00 19/06/2024 am IST			5-day change	1st Jan Change
11.78 ^CAD	-0.76%		-0.34%	+10.92%

17/06	Top Midday Stories: Nvidia Gets SCOTUS Review of Crypto Sales Lawsuit; Apple Supplier Develops Material for Solid-State Batteries; OpenAI Reportedly Launches Medical AI Tool; Walt Disney's 'Inside Out 2' Sets Biggest Opening of 2024; IQVentures to Acquire Aaron's	MT
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Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	2,34,756	2,24,220	3,07,403	1,71,969	1,48,304	1,85,039	-	-
Enterprise Value (EV) ¹	2,76,324	2,64,934	3,45,850	2,08,723	1,80,553	2,22,277	2,18,805	2,15,358
P/E ratio	19.6 x	-78.5 x	155 x	54.8 x	62.8 x	33.6 x	20.5 x	17.7 x
Yield	1.35%	0.71%	-	-	-	0.76%	0.81%	0.83%
Capitalization / Revenue	3.37 x	3.43 x	4.56 x	2.08 x	1.67 x	2.02 x	1.93 x	1.84 x
EV / Revenue	3.97 x	4.05 x	5.13 x	2.52 x	2.03 x	2.43 x	2.28 x	2.14 x
EV / EBITDA	15.3 x	21 x	28.9 x	12.9 x	10.6 x	12.5 x	11 x	9.97 x
EV / FCF	249 x	73.7 x	174 x	197 x	36.9 x	27 x	24.9 x	21.5 x
FCF Yield	0.4%	1.36%	0.57%	0.51%	2.71%	3.7%	4.01%	4.65%
Price to Book	2.61 x	2.64 x	3.44 x	1.77 x	1.45 x	1.81 x	1.71 x	1.59 x
Nbr of stocks (in thousands)	18,01,379	18,07,063	18,17,127	18,23,058	18,29,779	18,23,043	-	-
Reference price ²	130.3	124.1	169.2	94.33	81.05	101.5	101.5	101.5
Announcement Date	07/11/19	12/11/20	10/11/21	08/11/22	08/11/23	-	-	-

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	91,551	96,113	1,00,708
EBITDA ¹	18,041	12,636	11,949	16,125	17,085	17,749	19,942	21,599
EBIT ¹	14,868	8,108	7,766	12,121	12,863	15,416	17,253	18,567
Operating Margin	21.37%	12.4%	11.52%	14.65%	14.47%	16.84%	17.95%	18.44%
Earnings before Tax (EBT) ¹	13,944	-1,743	2,561	5,285	4,769	9,031	13,018	14,953
Net income ¹	11,054	-2,864	1,995	3,145	2,354	5,492	8,948	10,249
Net margin	15.89%	-4.38%	2.96%	3.8%	2.65%	6%	9.31%	10.18%
EPS ²	6.640	-1.580	1.090	1.720	1.290	3.018	4.959	5.748
Free Cash Flow ¹	1,108	3,594	1,988	1,059	4,897	8,224	8,775	10,011
FCF margin	1.59%	5.5%	2.95%	1.28%	5.51%	8.98%	9.13%	9.94%
FCF Conversion (EBITDA)	6.14%	28.44%	16.64%	6.57%	28.66%	46.34%	44%	46.35%
FCF Conversion (Net income)	10.02%	-	99.65%	33.67%	208.03%	149.76%	98.07%	97.68%
Dividend per Share ²	1.760	0.8800	-	-	-	0.7672	0.8240	0.8436
Announcement Date	07/11/19	12/11/20	10/11/21	08/11/22	08/11/23	-	-	-

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	23,079	22,645	24,772	23,324	23,831
EBITDA ¹	4,299	4,714	4,532	2,580	4,069	4,316	4,608	4,092	4,811	4,696	4,468	4,464	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	3,872	3,781	4,371	4,352	4,538
Operating Margin	14.93%	19.22%	16.59%	7.93%	12.94%	15.06%	15.94%	14.01%	16.46%	17.41%	16.78%	16.7%	17.65%	18.66%	19.04%
Earnings before Tax (EBT) ¹	1,688	1,102	2,119	376	1,773	2,123	-134	1,007	2,871	657	2,785	2,669	3,118	3,094	3,421
Net income ¹	1,104	470	1,409	162	1,279	1,271	-460	264	1,911	-20	1,850	1,718	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%	7.59%	9.16%	9.38%	10.18%
EPS ²	0.6000	0.2600	0.7700	0.0900	0.7000	0.6900	-0.2500	0.1400	1.040	-0.0100	1.034	0.9398	1.244	1.198	1.332
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	0.4500	0.3978	0.2233	-
Announcement Date	09/02/22	11/05/22	10/08/22	08/11/22	08/02/23	10/05/23	09/08/23	08/11/23	07/02/24	07/05/24	-	-	-	-	-

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	37,238	33,766	30,320
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.304 x	3.222 x	3.218 x	2.279 x	1.888 x	2.098 x	1.693 x	1.404 x
Free Cash Flow ¹	1,108	3,594	1,988	1,059	4,897	8,224	8,775	10,011
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%	5.07%	5.84%	6.39%
Assets ¹	1,46,217	-1,52,259	95,611	98,902	60,514	1,08,289	1,53,131	1,60,430
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	5,857	6,570	6,594
Capex / Sales	7.01%	6.15%	5.31%	5.98%	5.59%	6.4%	6.84%	6.55%
Announcement Date	07/11/19	12/11/20	10/11/21	08/11/22	08/11/23	-	-	-

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

101.5 USD

Average target price

124.7 USD

Spread / Average Target

+22.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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