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CF - Valuation Method

The document presents an income statement for a company over several years, detailing revenues, operating expenses, and net income across various segments including Media Networks, Parks and Resorts, and Studio Entertainment. It includes both actual figures from 2001 to 2011 and forecasts up to 2015, highlighting trends in sales growth percentages and the distribution of revenues and expenses. The financial data indicates fluctuations in performance, with notable changes in operating income and net income over the years.

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Shubham Sharma
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19 views29 pages

CF - Valuation Method

The document presents an income statement for a company over several years, detailing revenues, operating expenses, and net income across various segments including Media Networks, Parks and Resorts, and Studio Entertainment. It includes both actual figures from 2001 to 2011 and forecasts up to 2015, highlighting trends in sales growth percentages and the distribution of revenues and expenses. The financial data indicates fluctuations in performance, with notable changes in operating income and net income over the years.

Uploaded by

Shubham Sharma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Exhibit 1 Income Statement (all figures in millions of US dollars)

2001 2002
Revenues
Media Networks 9,569 9.733
Parks and Resorts 7,004 6,465
Studio Entertainment 5,952 6,622
Consumer Products 2,647 2,509
Interactive Media 0 0
Total Revenues 25,172 25,329
Operating Expenses
Media Networks -7.811 -8,747
Parks and Resorts -5,418 -5,296
Studio Entertainment -5,692 -6,349
Consumer Products -2,246 -2,115
Interactive Media 0 0
Total Operating Expenses -21,167 -22,507
Operating Income (Loss)
Media Networks 1,758 986
Parks and Resorts 1,586 1,169
Studio Entertainment 260 273
Consumer Products 401 394
Interactive Media 0 0
Total Operating Income 4,005 2,822
Corporate-L eve/ Income (Expenses)
Corporate and unallocated shared expenses -873 -213
Restructuring and impairment charges -1454 0
Other income (expense) 22 34
Net interest expense -417 -453
Earnings Before Taxes 1,283 2,190

Income taxes -1,059 -853


Minority interests -104 -101
Net Income From Continuing Operations 120 1,236

Source: Own elaboration.


ACTUAL FORECAS
2003 2004 2005 2006 2007 2008 2009 2010 2011

10,941 11.778 12,637 14,186 14,913 15,857 16,209 17,162 18,449


6,412 7,750 9,023 9.925 10,626 11,504 10,667 10,761 11,568
7,312 8,637 7,499 7,529 7,491 7,348 6,136 6,701 7,237
2,396 2,587 2,215 2,107 1.99 2,415 2,425 2,678 2,946
0 0 0 0 490 719 712 761 913
27,061 30,752 31,374 33,747 35,510 37,843 36,149 38,063 41,113

-9,728 -9,204 -9,597 -10,705 -10,379 -10.876 -11,444 -12,030 -12,871


-5,455 -6.673 -7.845 -8.391 -8.916 -9,607 -9,249 -9,443 -9.947
-6,692 7,975 -7,292 -6,801 -6,296 -6,262 -5,961 -6,008 -6,562
-2,012 -2,040 -1.672 -1,500 -1,301 -1,637 -1,816 -2,001 -2,135
0 0 0 0 -781 -977 -1,007 -995 -1,096
-23,887 -25,892 -26.406 -27,397 -27,673 -29,359 -29,477 -30,477 -32,611

1,213 2,574 3,040 3.481 4.534 4,981 4,765 5,132 5,579


957 1,077 1,178 1.534 1,710 1,897 1,418 1,318 1,621
620 662 207 728 1,195 -1,086 175 693 675
384 547 543 607 689 778 609 677 811
0 0 0 0 -291 -258 -295 -234 -183
3,174 4,860 4968 6,350 7,837 8,484 6,672 7,586 8,503

-140 -440 493 -452 -545 -551 -398 -420 -502


0 -64 -32 0 -26 -39 -492 -270 0
-114 -16 -75 18 1052 32 342 140 192
-666 -601 -557 -592 -593 -524 -466 -409 -514
2,254 3,739 3811 5,324 7,725 7,402 5,658 6,627 7,679

-789 -1,197 -1,174 -1,837 -2,874 -2,673 -2,049 -2,314 -2.688


-127 -197 -177 -183 -177 -302 -302 -350 -350
1,338 2,345 2460 3,304 4,674 4,427 3,307 3,963 4,641
FORECAST
2012 2013 2014 2015

19,648 20,867 22,285 23,400


12,378 13,182 14,039 14,671
7,454 7,678 7,908 8,106
3,240 3,467 3,710 3,858
1,005 1,105 1,193 1,253
43,725 46,299 49,136 51,288

-13,707 -14,557 -15,547 -16,324


-10,644 -11,335 -12,072 -12,616
-6,759 -6,962 -7,171 -7,350
-2,348 -2,512 -2,688 -2,796
-1,105 -1,105 -1,134 -1,120
-34563 -36,472 -38,612 40,206

5,941 6,310 6,739 7,075


1,734 1,847 1,967 2,055
695 716 737 756
892 955 1,022 1,062
-100 0 60 133
9162 9,827 10,524 11,082

-534 -565 -600 -626


0 0 0 0
204 216 229 239
-546 -578 -614 -641
8286 8,900 9,540 10,055

-2,900 -3,115 -3,339 -3,519


-372 -394 -418 -436
5014 5,391 5,783 6,099
Sales Growth %
Actual
2001 2002 2003 2004 2005
Media Networks 1.70% 12.40% 7.70% 7.30%
Parks and Resorts -7.70% -0.80% 20.90% 16.40%
Studio Entertainment 11.30% 10.40% 18.10% -13.20%
Consumer Products -5.20% -4.50% 8.00% -4.90%
Interactive Media
Total Revenues 0.60% 6.80% 13.60% 2.00%
Actual Forecast
2006 2007 2008 2009 2010 2011 2012 2013
12.30% 5.10% 6.30% 2.20% 5.90% 7.50% 6.50% 6.20%
10.00% 7.10% 8.30% -7.30% 0.90% 7.50% 7.00% 6.50%
0.40% -0.50% -1.90% -16.50% 9.20% 8.00% 3.00% 3.00%
-5.60% 21.40% 0.40% 10.40% 10.00% 10.00% 7.00% 7.00%
46.70% -1.00% 6.90% 20.00% 10.00% 10.00%
7.60% 5.20% 6.60% -4.50% 5.30% 8.00% 6.40% 5.90%
Forecast
2014 2015
6.80% 5.00%
6.50% 4.50%
3.00% 2.50%
7.00% 4.00%
10.00% 5.00%
6.10% 4.40%
2001 2002 2003
Revenues
Media Networks 38% 38% 40%
Parks & Resorts 28% 26% 24%
Studio Entertainment 24% 26% 27%
Consumer Products 11% 10% 9%
Interactive Media 0% 0% 0%
Total Revenues 100.0% 100.0% 100.0%
Operating Expenses
Media Networks -82% -90% -89%
Parks & Resorts -77% -82% -85%
Studio Entertainment -96% -96% -92%
Consumer Products -85% -84% -84%
Interactive Media
Total Operating Expenses -84.1% -88.9% -88.3%
Operating Income (Loss)
Media Networks 23% 10% 11%
Parks and Resorts 29% 18% 15%
Studio Entertainment 5% 4% 8%
Consumer Products 18% 16% 16%
Interactive Media
Total Operating Income 15.9% 11.1% 11.7%
Corporate-Level Income (Expenses)
Corporate and unallocated shared exp.** -3% -1% -1%
Restructuring and impairment charges** -6% 0% 0%
Other income (expense)** 0% 0% 0%
Net interest expense** -2% -2% -2%
Earnings Before Taxes 5.1% 8.6% 8.3%

Income taxes -4% -3% -3%


(% of EBT)**** 83% 39% 35%
Minority interests** 0% 0% 0%
Net Income From Continuing Operations 0.5% 4.9% 4.9%
Actual F
2004 2005 2006 2007 2008 2009 2010 2011

38% 40% 42% 42% 42% 45% 45% 45%


25% 29% 29% 30% 30% 30% 28% 28%
28% 24% 22% 21% 19% 17% 18% 18%
8% 7% 6% 6% 6% 7% 7% 7%
0% 0% 0% 0% 2% 2% 2% 2%
100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

-78% -76% -75% -70% -69% -71% -70% -70%


-86% -87% -85% -84% -84% -87% -88% -86%
-92% -97% -90% -84% -85% -97% -90% -91%
-79% -75% -71% -65% -68% -75% -75% -72%
-159% -136% -141% -131% -120%
-84.2% -84.2% -81.2% -77.9% -77.6% -81.5% -80.1% -79.3%

22% 24% 25% 30% 31% 29% 30% 30%


14% 13% 15% 16% 16% 13% 12% 14%
8% 3% 10% 16% 15% 3% 10% 9%
21% 25% 29% 35% 32% 25% 25% 28%
-59% -36% -41% -31% -20%
15.8% 15.8% 18.8% 22.1% 22.4% 18.5% 19.9% 20.7%

-1% -2% -1% -2% -1% -1% -1% -1%


0% 0% 0% 0% 0% -1% -1% -1%
0% 0% 0% 3% 0% 1% 0% 0%
-2% -2% -2% -2% -1% -1% -1% -1%
12.2% 12.1% 15.8% 21.8% 19.6% 15.7% 17.4% 18.7%

-4% -4% -5% -8% -7% -6% -6% -7%


32% 31% 35% 37% 36% 36% 35% 35%
-1% -1% -1% 0% -1% -1% -1% -1%
7.6% 7.8% 9.8% 13.2% 11.7% 9.1% 10.4% 11.3%
Forecast
2012 2013 2014 2015 3-Yr Avg Std. Dev

45% 45% 45% 46% 44% 2%


28% 28% 29% 29% 29% 1%
17% 17% 16% 16% 18% 1%
7% 7% 8% 8% 7% 0%
2% 2% 2% 2% 2% 0%
100.0% 100.0% 100.0% 100.0% 100.0% 0%

-70% -70% -70% -70% -70% 1%


-86% -86% -86% -86% -86% 2%
-91% -91% -91% -91% -91% 6%
-72% -72% -72% -72% -72% 4%
-110% -100% -95% -89% -136% 5%
-79.0% -78.8% -78.6% -78.4% -79.7% 2.0%

30% 30% 30% 30% 30% 1%


14% 14% 14% 14% 14% 2%
9% 9% 9% 9% 9% 6%
28% 28% 28% 28% 28% 4%
-10% 0% 5% 11% -36% 5%
21.0% 21.2% 21.4% 21.6% 20.3% 2.0%

-1% -1% -1% -1% -1% 0%


-1% -1% -1% -1% -1% 1%
0% 0% 0% 0% 0% 0%
-1% -1% -1% -1% -1% 0%
19.0% 19.2% 19.4% 19.6% 17.5% 2.0%

-7% -7% -7% -7% -6% 1%


35% 35% 35% 35% 36% 1%
-1% -1% -1% -1% -1% 0%
11.5% 11.6% 11.8% 11.9% 10.4% 1.3%
2001 2002 2003 2004
Revenues
Media Network 38.00% 38.00% 40.00% 38.00%
Parks & Resorts 28.00% 26.00% 24.00% 25.00%
Studio Enteertainment 24.00% 26.00% 27.00% 28.00%
Consumer Product 11.00% 10.00% 9.00% 8.00%
Interactive Media 0.00% 0.00% 0.00% 0.00%

Total Revenues 100.00% 100.00% 100.00% 100.00%

Operating Expenses
Media Network -82.00% -90.00% -89.00% -78.00%
Parks & Resorts -77.00% -82.00% -85.00% -86.00%
Studio Enteertainment -96.00% -96.00% -92.00% -92.00%
Consumer Product -85.00% -84.00% -84.00% -79.00%
Interactive Media

Total Operating Expenses -84.10% -88.90% -88.30% -84.20%

Operating Income(loss)
Media Network 23.00% 10.00% 11.00% 22.00%
Parks & Resorts 29.00% 18.00% 15.00% 14.00%
Studio Enteertainment 5.00% 4.00% 8.00% 8.00%
Consumer Product 18.00% 16.00% 16.00% 21.00%

Total Operating Income 15.90% 11.10% 11.70% 15.80%

Corporate level income(Expenses)


Corporate & unallocated shared expense -3.00% -1.00% -1.00% -1.00%
Restructuring and impairment charges -6.00% 0.00% 0.00% 0.00%
Other income (expense) 0.00% 0.00% 0.00% 0.00%
Net interest expense -2.00% -2.00% -2.00% -2.00%
Earning befor taxes 5.10% 8.60% 8.30% 12.20%

Income taxes -4.00% -3.00% -3.00% -4.00%


% OF EBT 83.00% 39.00% 35.00% 32.00%
Minority interests 0.00% 0.00% 0.00% -1.00%
Net income from continuing operations 0.50% 4.90% 4.90% 7.60%

Depriciation & Amortization


Media Network 10% 2% 2% 1%
Parks & Resorts 9% 10% 11% 10%
Studio Enteertainment 1% 1% 1% 0%
Consumer Product 3% 82% 3% 2%
Interactive Media
Corporate 0% 0% 0% 1%
Total Depriciation & Amortization 7.00% 4.00% 3.90% 3.90%
Capital Expenditure
Media Network -2% -2% -2% -2%
Parks & Resorts -18% -10% -9% -13%
Studio Enteertainment -1% -1% -1% 0%
Consumer Product -3% -2% -2% -1%
Interactive Media
Corporate -1% -1% -1% 0%
Total Capital Expenditure -7.10% -4.30% -3.90% -4.60%
2005 2006 2007 2008 2009 2010 2011 2012

40.00% 42.00% 42.00% 42.00% 45.00% 45.00% 45.00% 45.00%


29.00% 29.00% 20.00% 30.00% 30.00% 28.00% 28.00% 28.00%
24.00% 22.00% 21.00% 19.00% 17.00% 18.00% 18.00% 17.00%
7.00% 6.00% 6.00% 6.00% 7.00% 7.00% 7.00% 7.00%
0.00% 0.00% 1.00% 2.00% 2.00% 2.00% 2.00% 2.00%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

-76.00% -75.00% -70.00% -69.00% -71.00% -70.00% -70.00% -70.00%


-87.00% -85.00% -84.00% -84.00% -87.00% -88.00% -86.00% -86.00%
-97.00% -90.00% -84.00% -85.00% -97.00% -90.00% -91.00% -91.00%
-75.00% -71.00% -65.00% -68.00% -75.00% -75.00% -72.00% -72.00%
-159.00% -136.00% -141.00% -131.00% -120.00% -110.00%

-84.20% -81.20% -77.90% -77.60% -81.50% -80.10% -79.30% -79.00%

24.00% 25.00% 30.00% 31.00% 29.00% 30.00% 30.00% 30.00%


13.00% 15.00% 16.00% 16.00% 13.00% 12.00% 14.00% 14.00%
3.00% 10.00% 16.00% 15.00% 3.00% 10.00% 9.00% 9.00%
25.00% 29.00% 35.00% 32.00% 25.00% 25.00% 28.00% 28.00%
-59.00% -36.00% -41.00% -31.00% -20.00% -10.00%
15.80% 18.80% 22.10% 22.40% 18.50% 19.90% 20.70% 21.00%

-2.00% -1.00% -2.00% -1.00% -1.00% -1.00% -1.00% -1.00%


0.00% 0.00% 0.00% 0.00% -1.00% -1.00% -1.00% -1.00%
0.00% 0.00% 3.00% 0.00% 1.00% 0.00% 0.00% 0.00%
-2.00% -2.00% -2.00% -1.00% -1.00% -1.00% -1.00% -1.00%
12.10% 15.80% 21.80% 19.60% 15.70% 17.40% 18.70% 19.00%

-4.00% -5.00% -8.00% -7.00% -6.00% -6.00% -7.00% -7.00%


34.00% 35.00% 37.00% 36.00% 36.00% 35.00% 35.00% 35.00%
-1.00% -1.00% 0.00% -1.00% -1.00% -1.00% -1.00% -1.00%
7.80% 9.80% 13.20% 11.70% 9.10% 11.30% 11.30% 11.50%

1% 1% 1% 1% 1% 1% 2% 2%
11% 11% 10% 10% 11% 11% 10% 10%
0% 0% 0% 1% 1% 1% 2% 2%
1% 1% 1% 1% 2% 3% 2% 2%
4% 7% 7% 6% 3% 3%
0% 0% 0% 0% 0% 0% 0% 0%
4.20% 4.20% 4.10% 4.20% 4.50% 4.50% 44% 44%
-2% -2% -2% -2% -2% -1% -2% -2%
-16% -9% -10% -8% -11% -14% -11% -11%
0% -2% -2% -2% -2% -2% -2% -2%
0% -1% -2% -2% -2% -4% -3% -3%
-8% -6% -3% -2% -4% -4%
0% 0% 0% 0% 0% 0% 0% 0%
-5.80% -3.80% -4.40% -4.20% -4.80% -5.50% -4.80% -4.80%
2013 2014 2015 3-yrAvg Std.Cev CALC

45.00% 45.00% 46.00% 44.00% 2.00% 2.97%


28.00% 29.00% 29.00% 29.00% 1.00% 2.67%
17.00% 16.00% 16.00% 18.00% 1.00% 4.20%
7.00% 8.00% 8.00% 7.00% 0.00% 1.45%
2.00% 2.00% 2.00% 2.00% 0.00% 0.99%

100.00% 100.00% 100.00% 100.00% 0.00% 0.00%

-70.00% -70.00% -70.00% -70.00% 1.00% 7.10%


-86.00% -86.00% -86.00% -86.00% 2.00%
-91.00% -91.00% -91.00% -91.00% 6.00%
-72.00% -72.00% -72.00% -72.00% 4.00%
-100.00% -95.00% -89.00% -136.00% 5.00%

-78.80% -78.60% -78.40% -79.70% 2.00%

30.00% 30.00% 30.00% 30.00% 1.00%


14.00% 14.00% 14.00% 14.00% 2.00%
9.00% 9.00% 9.00% 9.00% 6.00%
28.00% 28.00% 28.00% 28.00% 4.00%
0.00% 5.00% 11.00% -36.00% 5.00%
21.20% 21.40% 21.60% 20.30% 2.00%

-1.00% -1.00% -1.00% -1.00% 0.00%


-1.00% -1.00% -1.00% -1.00% 1.00%
0.00% 0.00% 0.00% 0.00% 0.00%
-1.00% -1.00% -1.00% -1.00% 0.00%
19.20% 19.40% 19.60% 17.50% 2.00%

-7.00% -7.00% -7.00% -7.00% 1.00%


35.00% 35.00% 35.00% 35.00% 1.00%
-1.00% -1.00% -1.00% -1.00% 0.00%
11.50% 11.80% 11.90% 10.40% 1.30%

2% 2% 2% 1% 0%
10% 10% 10% 10% 0%
2% 2% 2% 1% 0%
2% 2% 2% 2% 1%
3% 3% 3% 6% 41%
0% 0% 0% 0% 0%
44% 4.40% 44% 44% 0.20%
-2% -2% -2% -2% 0%
-11% -11% -11% -11% 3%
-2% -2% -2% -2% 0%
-3% -3% -3% -3% 1%
-4% -4% -4% -4% -2%
0% 0% 0% 0% 0%
-4.80% -4.80% -4.80% -4.90% 0.70%
Exhibit 4
Items for Cash Flow Adjustments (all figures in millions of US dollars)
ACTUAL
2001 2002 2003 2004 2005 2006
Depreciation & Amortization
Media Networks 924 180 169 172 175 179
Parks and Resorts 619 648 681 805 963 1,059
Studio Entertainment 50 46 39 22 26 30
Consumer Products 91 58 63 44 25 23
Interactive Media 0 0 0 0 0 0
Corporate 70 89 107 155 132 126
Total Depreciation & Amortization 1,754 1,021 1,059 1,198 1,321 1,417

Capital Expenditures
Media Networks -207 -151 -203 -221 -218 -220
Parks and Resorts -1,278 -636 -577 -1,008 -1,437 -915
Studio Entertainment -36 -37 -49 -39 -37 -41
Consumer Products -70 -58 -44 -14 -10 -16
Interactive Media 0 0 0 0 0 0
Corporate -204 -204 -176 -145 -111 -100
Total Capital Expenditures -1,795 -1,086 -1,049 -1,427 -1,813 -1,292

Needed Funds for Operations


Working capital requirements 796 454 519 361 264 -377
Change in Working Capital Requirements -342 65 -158 -97 -641

As a Percentage
Working capital requirements / Sales 3.2% 3.1% 1.9% 1.2% 0.8% -1.1%
Depreciation / Capital expenditures 98% 94% 101% 84% 73% 110%
ACTUAL FORECAST
2007 2008 2009 2010 2011 2012 2013 2014 2015

168 188 206 222 295 315 334 357 375


1,094 1,145 1,148 1,139 1,180 1,262 1,344 1,432 1,496
31 50 60 89 120 124 127 131 134
16 29 39 78 69 75 81 86 90
18 47 50 43 30 33 36 39 41
132 123 128 142 101 107 114 121 126
1,459 1,582 1,631 1,713 1,795 1,916 2,036 2,166 2,262

-233 -338 -294 -224 -323 -344 -365 -390 -410


-1,072 -933 -1,182 -1,533 -1,289 -1,380 -1,469 -1,565 -1,635
-85 -126 -135 -102 -131 -135 -139 -143 -147
-30 -51 -46 -97 -75 -82 -88 -94 -98
-38 -40 -21 -17 -33 -36 -40 -43 -45
-108 -90 -75 -137 -110 -117 -124 -132 -138
-1,566 -1,578 -1,753 -2,110 -1,961 -2,094 -2,226 -2,367 -2,472

-467 603 744 853 808 859 909 965 1,007


-90 1,070 141 109 -45 51 51 56 42

3-yr Avg Std.Dev


-1.3% 1.6% 2.1% 2.2% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 0.3%
93% 100% 93% 81% 91% 91% 91% 91% 91% 91.5% 9.6%
Exhibit 5: Discount Rate

Parameter Value
Risk-Free Rate 3.50%
Market Risk Premium 5.50%
Beta 1.12
Cost of Equity for Disney 9.70%
Cost of Debt (Pre-Tax) 4%
Target Debt Ratio 30%
WACC 8.00%

Exhibit 6: Terminal Value

Parameter Value
Cash Flow 2015 (Ex Terminal
6,699
Value)
Assumed Growth Rate 1.50%
WACC 8.00%
Terminal Value in 2015 105,229
Present Value of Terminal Value 71,743
Terminal Value as % of Enterprise
75%
Value
Year EBIT Taxes (35%)

2001 1,700 - 595


2002 2,643 - 925
2003 2,920 - 1,022
2004 4,340 - 1,519
2005 4,368 - 1,529
2006 5,916 - 2,071
2007 8,318 - 2,911
2008 7,926 - 2,774
2009 6,124 - 2,143
2010 7,036 - 2,463
2011 8,193 - 2,867
2012 8,833 - 3,091
2013 9,478 - 3,317
2014 10,154 - 3,554
2015 10,695 - 3,743
Depreciation & Capital Expenditures Change in Working Capital
Amortization

1,754 - 1,795 25
1,021 - 1,086 342
1,059 - 1,049 - 65
1,198 - 1,427 158
1,321 - 1,813 97
1,417 - 1,292 641
1,459 - 1,566 90
1,582 - 1,578 - 1,070
1,631 - 1,753 - 141
1,713 - 2,110 - 109
1,795 - 1,961 45
1,916 - 2,094 - 51
2,036 - 2,226 - 51
2,166 - 2,367 - 56
2,262 - 2,472 - 42
Terminal Value Net Cash Flow Present Value of Cash
Flow

1,089
1,995
1,843
2,750
2,444
4,611
5,390
4,086
3,718
4,067
5,204 4,820
5,512 4,729
5,921 4,705
6,343 4,669
105,229 111,928 76,310
EV Value of Disney Net Debt Equity Value of Disney

95,233 - 28,570 66,663


No. of Shares Estimated Share Price Implied EV/EBITDA
Multiple

9.2
8.6
8.0
7.5
1,894 35 7.1
Implied P/E Multiple

14.4
13.3
12.4
11.5
10.9
Metric Time Warner News Corp Viacom Avg Disney Denominator
P/E ratio 14.45 13.52 16.32 14.76 2.09
Price/Book ratio 1.19 1.68 2.94 1.94 20.98
Price/Sales ratio 1.5 1.39 2.13 1.67 20.1
Price/FCF ratio 15.17 16.09 16.22 15.83 2.15
EV/EBITDA ratio 8.1 9.07 9.75 8.97 4.91
Estimated Disney Share Price
30.85
40.63
33.63
33.99
28.97
PERPETUITY GROWTH
0.0% 0.5% 1.0% 1.5% 2.0% 2.5%
5% $48.24 $52.77 $58.42 $65.70 $75.40 $88.98
6% $40.01 $42.98 $46.55 $50.90 $56.35 $63.36
7% $34.14 $36.21 $38.63 $41.50 $44.93 $49.13
WACC

8% $29.88 $31.42 $33.17 $35.20 $37.56 $40.36


9% $26.32 $27.47 $28.76 $30.22 $31.89 $33.82
10% $23.59 $24.48 $25.47 $26.57 $27.82 $29.23
11% $21.36 $22.06 $22.84 $23.70 $24.65 $25.72
12% $19.50 $20.07 $20.69 $21.37 $22.12 $22.95
3.0%
$109.35
$72.70
$54.37
$43.72
$36.06
$30.84
$26.92
$23.87

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