Walt Disney Company

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
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%
Margin from Operations M 25.12% 25.32% M\,\,=\,\,\frac{EBIT}{SALES}
Depreciation/Amortization Rate D 14.91% 15.78% D\,\,=\,\,\frac{D+A}{EBITDA}

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Valuation Multiple Outcomes

The outcomes presented in this study are the result of original input data, derived data, and synthesized inputs.

Equational Form

Observed Value

Single-stage

multiple g solution

Two-stage valuation

model g solution
12/31/2015 12/31/2016 12/31/2015 12/31/2016 12/31/2015 12/31/2016

EV/SALES 

\frac {EV}{Sales} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(M)

  3.49  2.95  23.66%  15.01%  21.28%  14.50%

EV/EBITDA

\frac {EV}{EBITDA} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)\,(1\,-\,D)

 11.83 9.83 23.66% 15.01% 21.28% 14.50%

EV/NOPLAT

\frac {EV}{NOPLAT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}

 21.39 17.95 23.66% 15.01% 21.28% 14.50%

EV/FCFOPS

\frac {EV}{FCF_{OPS}} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

 27.87 21.07 23.66% 15.01% 21.28% 14.50%

EV/EBIT

\frac {EV}{EBIT} \,= \,\frac{ROIC\,  -\,  g}{ROIC\,(WACC\,-\,g)}\,(1\,-\,T)

 13.90 11.67 23.66% 15.01% 21.28% 14.50%

EV/IC

\frac {EV}{IC} \,= \,\frac{ROIC\,  -\,  g}{WACC\,-\,g}

 2.64 2.25 23.66% 15.01% 21.28% 14.50%

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