Disney

Navigate firm data through the following pages:

Analyst Listing       Primary Input Data
Derived Input Data       Valuation Model Outcomes

Analyst Listing

The following analysts provide coverage for the subject firm as of May 2016:

Broker Analyst Analyst Email
JBL Advisors Jeffrey B. Logsdon jeff@jbladvisors.com
Topeka Capital Markets David W. Miller dwm@topekacapitalmarkets.com
Drexel Hamilton Tony Wible twible@drexelhamilton.com
Evercore ISI Vijay Jayant vijay.jayant@evercoreisi.com
Pivotal Research Group Brian Wieser brian@pvtl.com
Guggenheim Securities Michael C. Morris michael.morris@guggenheimpartners.com
RBC Capital Markets Steven Cahall steven.cahall@rbccm.com
Atlantic Equities Hamiton Faber h.faber@altantic-equities.com
Cowen & Company Doug Creutz doug.creutz@cowen.com
Wells Fargo Securities Marci Ryvicker marci.ryvicker@wellsfargo.com
Piper Jaffray Stan Meyers stan.x.meyers@pjc.com
Stifel Nicolaus Benjamin E. Mogil bmogil@stifel.com
FBR Capital Markets & Co Barton Crockett bcrockett@fbr.com
Jefferies John Janedis jjanedis@jefferies.com
Needham Laura Martin lmartin@needhamco.com
BMO Capital Markets Daniel Salmon dan.salmon@bmo.com
Nomura Research Anthony DiClemente anthony.diclemente@nomura.com
Credit Suisse Omar Sheikh omar.sheikh@credit-suisse.com
Deutsche Bank Research Bryan Kraft bryan.kraft@db.com
Bernstein Research Todd Juenger todd.juenger@bernstein.com
Hilliard Lyons Jeffrey S. Thomison jthomison@hilliard.com
Rosenblatt Securities Martin Pyykkonen mpyykkonen@rbit.com

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Primary Input Data

 

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Derived Input Data

Derived Input

Label

2015  Value

2016  Value

Equational Form

Net Operating Profit Less Adjusted Taxes NOPLAT  8,787   9,042 NOPLAT\, =\, EBIT\, x\, (1 \,-\, Avg \,\,Tax\,\, Rate\,\, on\,\, EBIT)
Free Cash Flow FCF  6,743  7,704 FCF\,=NOPLAT\,+\,Non-Cash\,Expenses-\Delta NWC\,-\,NCS
Tax Shield TS  173  164 TS\,=\,Interest\,\,Paid\,\,x\,\, Avg \,\,Tax\,\,Rate\,\, on\,\, Pre-Tax\,\, Income
Invested Capital IC  71,325  72,259 IC\,=\,Fixed\,\,Operating\,\,Assets\,\,+\,\,Net\,\, Working\,\, Capital
Return on Invested Capital ROIC 12.32% 12.51% ROIC\,=\,\frac { NOPLAT }{ IC }
Net Investment NetInv  3,463  3,541 NetInv\,=\,{ {IC}_{1}}-{{IC}_{0}}+Depreciation
Investment Rate IR 39.41% 39.16% IR\,=\,\frac {NetInv}{NOPLAT}
Weighted Average Cost of Capital WACCMarket 19.36% 13.90% WACC\,=\,\frac { E }{ V } { R }_{ E }\,+\,\frac { P }{ V } { R }_{ P }\,+\,\frac { D }{ V } { R }_{ D }\left( 1- Avg\,\, Tax\,\,Rate\,\,on\,\,Pre-Tax\,\,Income \right)
 WACCBook  8.99% 8.55%
Enterprise value EVMarket  187,955  162,293  EV\,=\,Market\,\,Cap\,\,Equity\,+\,\,Long\,\,Term\,\,Debt\,-\,Cash
 EVBook  187,300  159,632
EV/EBIT Multiple \frac{EV_{Market}}{EBIT}  13.90  11.67 EV/EBIT\,=\,\frac { EV}{ EBIT}
Long-Run Growth g = IR x ROIC
  4.86%   4.90% Long-run growth rates of the income variable  are used in the Continuing Value portion of the valuation models.
 g = % \Delta GDP    2.50%   2.50%

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Valuation Model Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs and, depending on the equational form of any particular valuation model, may result in irrelevant or implausible results.  For example, in the event WACC < g, the value of this term, often found in the denominator of an equation’s continuation value term, will be expressly negative and may result in a negative overall valuation for the firm.  In the event of a WACC < g relation, the model form as applied to the subject firm offers an irrelevant outcome.

Valuation Model Type

Label

Equational form

Key Value Driver (NOPLAT) KVD (NOPLAT) { Value }_{ DCF/KVD }=\sum { \frac { NOPLAT_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { NOPLAT }_{ 1 }\left( 1-\frac { g }{ ROIC } \right) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Key Value Driver (FCF) KVD (FCF)
{ Value }_{ DCF/KVD }=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { NOPLAT }_{ 1 }\left( 1-\frac { g }{ ROIC } \right) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Free Cash Flow FCF  { Value }_{ DCF/FCF }=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { \frac { { FCF }_{ 1 }}{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Economic Profit ECON π  { Value }_{ { ECON\pi } }= I{ C }_{ 0 }+\sum { \frac { { IC }_{ t-1 }(ROI{ C }_{t}-WAC{C}_{t}) }{ { \left( 1+WACC \right) }^{ t } }+ \frac {\frac { I{C}_{0}\ x\ (ROI{C}_{1}\ -\ WAC{C}_{1}) }{ WACC-g } }{ { \left( 1+WACC \right) }^{ t } } }
 
Adjusted Present Value APV { Value }_{ APV }=\sum { \frac { FCF_{ t } }{ { \left( 1+{ k }_{ u } \right) }^{ t } } +\frac { \frac { { FCF }_{ 1 }}{ { k }_{ u }-g } }{ { \left( 1+{ k }_{ u } \right) }^{ t } } } +\sum { \frac { { TS }_{ t } }{ { \left( 1+{ k }_{ tax } \right) }^{ t } } +\frac { \frac { { TS }_{ 1 }}{ { k }_{ tax }-g } }{ { \left( 1+{ k }_{ tax } \right) }^{ t } } }
 
Forward Market Multiple FMM  { Value }_{ DCF/FMM}=\sum { \frac { FCF_{ t } }{ { \left( 1+WACC \right) }^{ t } } +\frac { { EBIT }_{ 1 }\,{x}\,{FMM}}{ { \left( 1+WACC \right) }^{ t } } }{\,\,\,; \,\,FMM\,=\,\frac{{EV}_{t=0}}{{EBIT}_{t=0}}}
 

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