Disney Full Investment Pitch & Subscription

Disney Full Investment Pitch & Subscription


Quarterly Review and Investment Case Update

Dated 11.11.2018

37 pages + Subscription Coverage

Subscription lasts until the the stock hits our price objective ($200), or investment case is proven wrong, or we are prohibited to do so by a future contract.

  1. DIS should produce a high-teens annual return over the next three years as Wall Street gains confidence in Disney’s transition from a wholesale business to a DTC content business. That annual return is dependent upon a large amount of valuation expansion as DIS becomes a sum-of-the-parts story vs. a P/E stock.

  2. No more negative revisions: The primary overhang on the stock is uncertainty over what the DTC transition is going to cost and whether EPS revisions will move into a negative cycle again. Our work shows that consensus all-in EPS estimates look appropriately based for the F’18-F’21 period.

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