- Disney+ [including Hulu and ESPN+] ends the fiscal year in September with 120 million total subscribers, second behind Netflix.
- Wide moat of synergistic profits in Disney's business segments by using Intellectual Property [IP] of creative characters.
- The company owns rights to the Marvel and Star Wars franchises - two of the most profitable in the world.
- Disney+ is expanding internationally, with 56% of the service revenue coming from abroad.
- EPS should double by FY22, with easy earnings comparison and we are also expecting earnings surprise because of Disney+ and early amusement park re-openings.
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Disney’s 4 Businesses Segments
- Media Networks [43% of total revenues]: This business segment included ABC which is the 3rd largest broadcast network in the US. ABC has popular channels like ESPN, Disney, FX, FXX and National Geographic. Revenues and operating income have been growing low-single-digits at ~3% in the last 5 years and this is offset by strong pricing power. Competition from OTT services is making this segment weak.
- Parks, Experiences and Products [25% of total revenues]: This is a great business with strong pricing power. Disney's theme parks and resorts are almost impossible to replicate. Strong pricing power. Revenues have been growing high-single-digits and operating income has been growing low double digits. The moat continues to become stronger with growing Disney's library of characters.
- Studio Entertainment [15% of total revenues]: Disney has the most profitable movie franchise in the industry. Since 2012, 11 of the 16 highest-grossing movies in the world have been Disney productions. The company owns the Marvel and the Star Wars franchise which are the most and the second most profitable movie franchise in the world. Revenues and earnings have been growing double digits on average with some volatility on an yearly basis. Great business and it also provides a lot of monetization potential at other business segments like TV, parks and OTT streaming
- Direct-to-consumer & International (26% of total revenues): Includes international television network and channels and OTT streaming service Disney+, ESPN+, Hotstar and Hulu.
Furthermore, it is market leader across multiple media categories and customer groups:
- The company owns rights to the Marvel and Star Wars franchises
- ESPN is the #1 sports network
- National Geographic, highest followed account on Instagram
- Pixar Animation and Lucasfilms have produced movies such as Frozen, Toy Story, The Incredibles, Monsters Inc. etc.
- Hulu and Twentieth Century Fox have allowed Disney to provide content for adults.
Ako gi poglednes podatocite za dobivkite pred koronata, vo noramlni uslovi DIS imal EPS od okolu 7-8 USD, ako se vrati na toa po zavrsuvanjeto na krizata (a verojatno ke se vrati za pola godina do godina) + ako na toa gi dodades zgolemenite dobivki od Disney+ i shirenjeto vo stranstvo verojatno bi imal EPS 10.
So toa ima PE od 18, PS (ako se vratat prihodite od parkovite) od 4,5
Sporedeno so NFLX so PE od 93 i PS od 10, DIS e eftin. Sepak, prasanjeto "...dali i koga ke zavrsi pandemijata..." ja pravi za mene rizicna.