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In the past 52 weeks, shares of Walt Disney have traded between a low of $28.71 and a high of $38.00 and are now at $37.95, which is 32% above that low price. Walt Disney is currently above its 50-day moving average of $36.45 and above its 200-day moving average of $34.75.
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“The 2010 fiscal year was a financial and strategic success for The Walt Disney Company with performance driven by great content like Toy Story 3 and the way we benefited from that content across our many businesses,” said Disney president and CEO Bob Iger. “With the acquisition of Marvel, our brand and franchise portfolio is stronger than ever and we’re confident our global growth strategy positions the company well to thrive in the coming years.”
Restructure Distribution Deal
The Walt Disney Studios, Paramount Pictures and Marvel Studios recently announced an agreement under which Paramount will transfer its worldwide marketing and distribution rights to Disney for Marvel Studios’ The Avengers and Iron Man 3. Paramount will remain the worldwide distributor of the upcoming films, Thor and Captain America, as well as the previously released Iron Man and Iron Man 2.
Under terms of the new deal, Disney will pay Paramount $115 million for the transfer of the distribution rights to Iron Man 3 and The Avengers to be paid on the theatrical release dates.
These monies will serve as a minimum guarantee against the distribution fees. Paramount will release Marvel Entertainment’s Thor and Captain America worldwide beginning on May 6 and July 22 of 2011, respectively. The Avengers will be licensed to Epix under Paramount’s existing pay television arrangement.
More Ways to Make Disney Vacation Memories in 2011
To help make special memories last a lifetime, in 2011, Disney Parks is adding new theme park experiences in California and Florida, new vacation opportunities on the high seas with Disney Cruise Line, a new luxury resort on a breathtaking lagoon in Hawaii, and new ways to explore the world with Adventures by Disney.
Construction on a new Disneyland Resort is already underway in Shanghai.
Last week, Disney signed a deal with Shanghai Shendi Group to develop the park. Now the blog Disney and More has posted some of the first pictures of construction activity on the 1.5-square-mile plot where the theme park will be located on the east bank of the Huangpu.
The images show little more than cranes and construction trailers at the site, but they do indicate that the houses and buildings that once stood there have been demolished and cleared away.
The Chinese government relocated the residents this summer - a controversial practice that also happened to make way for Beijing Olympics venues and the World Expo.Shanghaiist.com says 2,000 households were "forcibly evicted" for the Disney project.
Shanghai Disneyland is expected to cost $3.5 billion to build. It's set to open in 2014. The theme park will be Disney's fourth outside of the United States, along with theme parks in Paris, Tokyo and Hong Kong.
Date: 22/12/2010
Symbol: DIS
Exchange: NYSE
Industry: Multimedia
Sector: Entertainment
Recommendation:Target Price: 60.00Current Price: 37.00
Summary
Strong Sales Growth
New markets
Expansion in China
Disney Parks is adding new theme park experiences in California and Florida, new vacation opportunities on the high seas with Disney Cruise Line, a new luxury resort on a breathtaking lagoon in Hawaii, and new ways to explore the world with Adventures by Disney.
Disney signed a deal with Shanghai Shendi Group to develop the park
Fundamental Data
Market Cap ($M): 70.69
Avg.Vol (10Day): 7,915,410
52 Week High/Low: 38.00-28.71
P/E ratio (TTM): 18.35
P/B ratio: 1.88
Dividend yield (%): 1.10
ROA (%): 6.35
ROE (%): 11.12
Profit Margin (%): 10.41
Operating Margin (%): 17.67
SUMMARY INTRA-DAY INTERACTIVE CHART
Change 0.270 (0.729%)
Bid N.A.
Ask N.A.
Open 37.170
High 37.420
Low 37.100
Volume N.A.
52-Week Range 38.00 - 28.71
1-Yr Return 16.795%
EarningsEARNINGS FUNDAMENTALS
Earnings Past 12 Months 2.070 Shares (Millions) 1,893.584
Quarter Est. EPS (12/10) 0.55 Market Cap (Millions) 70,687.480
Quarter Est. EPS (03/11) 0.55 Float (Millions) 1,753.957
Year Est. EPS (09/11) 2.43 Return on Equity 11.124
Price/Earnings (Trailing) 18.034 Short Interest 44,286,894.000
Relative P/E 1.148 Last Dividend Reported 0.400 Regular Cash
Earnings Growth Rate 17.200 Dividend Yield (ttm) 1.072
Estimated P/E 15.300 Relative Dividend Yield 0.567
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CONSENSUS ESTIMATES ANALYSIS
# of Estimates Mean High Low 1 Year Ago
SALES (in millions)
Quarter Ending Dec-10 20 10,553.60 11,315.30 10,350.00 10,050.80
Quarter Ending Mar-11 20 9,096.22 9,559.00 8,656.04 9,095.46
Year Ending Sep-10 25 38,301.20 39,113.70 37,684.80 --
Year Ending Sep-11 27 40,524.90 41,687.00 38,896.70 38,973.80
Year Ending Sep-12 23 42,833.40 44,205.00 41,777.80 41,778.90
EARNINGS (per share)
Quarter Ending Dec-10 22 0.55 0.58 0.50 0.49
Quarter Ending Mar-11 21 0.55 0.66 0.51 0.54
Year Ending Sep-10 28 2.09 2.15 2.02 --
Year Ending Sep-11 30 2.42 2.61 2.15 2.16
Year Ending Sep-12 25 2.76 2.98 2.49 2.54
LT Growth Rate (%) 13 11.17 19.00 5.00 8.46
Sales and Earnings Figures in U.S. Dollars (USD)
VALUATION RATIOS
Company Industry Sector S&P 500
P/E Ratio (TTM) 18.39 14.21 12.13 17.71
P/E High - Last 5 Yrs. 19.03 20.46 0.23 20.08
P/E Low - Last 5 Yrs. 14.37 4.44 0.06 4.99
Beta 1.10 1.32 0.96 1.28
Price to Sales (TTM) 1.86 1.43 1.81 2.13
Price to Book (MRQ) 1.89 1.71 0.93 2.88
Price to Tangible Book (MRQ) 19.83 8.04 1.13 7.88
Price to Cash Flow (TTM) 11.73 10.15 5.76 10.80
Price to Free Cash Flow (TTM) 15.82 17.04 7.50 49.07
% Owned Institutions -- -- -- --
DIVIDENDS
Company Industry Sector S&P 500
Dividend Yield 1.07 1.26 1.03 1.65
Dividend Yield - 5 Year Avg. 0.86 0.79 1.35 2.47
Dividend 5 Year Growth Rate -- 1.66 2.02 -6.45
Payout Ratio(TTM) 0.00 15.52 13.09 38.55
GROWTH RATES
Company Industry Sector S&P 500
Sales (MRQ) vs Qtr. 1 Yr. Ago -1.27 3.65 5.22 9.53
Sales (TTM) vs TTM 1 Yr. Ago 5.29 5.78 7.42 9.04
Sales - 5 Yr. Growth Rate 3.94 3.52 9.49 9.86
EPS (MRQ) vs Qtr. 1 Yr. Ago -9.40 26.32 242.79 6.75
EPS (TTM) vs TTM 1 Yr. Ago 15.10 -- -- --
EPS - 5 Yr. Growth Rate 11.37 4.96 1.89 6.98
Capital Spending - 5 Yr. Growth Rate 2.97 -2.17 5.04 4.89
FINANCIAL STRENGTH
Company Industry Sector S&P 500
Quick Ratio (MRQ) 0.98 1.35 0.60 0.67
Current Ratio (MRQ) 1.11 1.59 0.78 1.00
LT Debt to Equity (MRQ) 27.00 49.15 26.75 118.61
Total Debt to Equity (MRQ) 33.26 51.77 40.47 172.83
Interest Coverage (TTM) -- -1.93 0.29 18.91
PROFITABILITY RATIOS
Company Industry Sector S&P 500
Gross Margin (TTM) 17.67 34.51 12.35 32.72
Gross Margin - 5 Yr. Avg. 17.69 24.56 24.32 29.13
EBITD Margin (TTM) 21.83 -- -- --
EBITD - 5 Yr. Avg 21.78 11.09 10.40 18.52
Operating Margin (TTM) 17.41 15.47 -1.96 --
Operating Margin - 5 Yr. Avg. 18.06 7.97 5.44 16.23
Pre-Tax Margin (TTM) 17.41 13.59 -1.99 14.93
Pre-Tax Margin - 5 Yr. Avg. 18.06 8.60 5.30 15.83
Net Profit Margin (TTM) 11.33 9.66 -2.84 11.10
Net Profit Margin - 5 Yr. Avg. 11.58 5.91 3.56 11.62
Effective Tax Rate (TTM) 34.92 26.12 16.09 49.94
Effecitve Tax Rate - 5 Yr. Avg. 35.88 22.48 32.61 25.24
EFFICIENCY
Company Industry Sector S&P 500
Revenue/Employee (TTM) 255,456 1,151,912 22,553,588 675,859
Net Income/Employee (TTM) 28,946 -31,349 1,152,696 85,228
Receivable Turnover (TTM) 7.16 5.73 17.82 10.48
Inventory Turnover (TTM) 23.10 18.57 4.77 6.78
Asset Turnover (TTM) 0.58 0.57 0.40 0.56
MANAGEMENT EFFECTIVENESS
Company Industry Sector S&P 500
Return on Assets (TTM) 6.52 5.68 1.84 6.03
Return on Assets - 5 Yr. Avg. 6.82 3.15 3.53 5.78
Return on Investment (TTM) 7.92 6.93 2.77 7.74
Return on Investment - 5 Yr. Avg. 8.45 3.82 6.21 7.47
Return on Equity (TTM) 11.12 12.42 5.50 18.05
Return on Equity - 5 Yr. Avg. 12.26 6.01 9.10 9.20
PERFORMANCE FOR THE WALT DISNEY COMPANY
Period%
Actual% vs.
S&P 500Rank In
IndustryIndustry
Rank
4 Week 1.05 1.14 67 43
13 Week 8.42 -2.22 75 66
26 Week 11.58 -2.98 63 69
52 Week 23.94 11.31 71 70
YTD 16.56 6.13 75 56
Note:: Rank is a percentile that ranges from 0 to 99, with 99 = best.
GROWTH FOR THE WALT DISNEY COMPANY
1 Year 3 Years 5 Years
Sales % 5.29 2.34 3.94
EPS % 15.35 -3.22 11.37
Dividend % -100.00 -- --Note: Units in Millions of US Dollars
Contact Detail:
Chutinush Taksinapinunt
Corporate Account Executive
Heffernan Capital Management
Email: [email protected]
Chutinush Taksinapinunt holds a Bachelor of Business Administrators degree Majoring in Finance and Banking. Chutinush Taksinapinunt is an experienced market maker and Portfolio Manager, having worked with some of Thailand’s largest Securities Company and Financial Institutions.
Price Estimate by Shayne Heffernan PhD
Shayne Heffernan of Ebeling Heffernan holds a PhD in Economics serves as CEO of Heffernan Holdings Inc and Co Founder of Ebeling Heffernan www.ebeling-heffernan.com
BangkokSuite 53 Athenee Tower 63 Wireless Road, Lumpini, Pathumwan, Bangkok 10330 THAILANDTel: +66 2 126 8000 Fax: +66 2 126 8080New York347 5th Avenue, Suite 1402-508 Ny, NY 10016
Tel: +1 646-403-9881 Fax: +1 646-403-8014 Singapore3 Raffles Place #07-01 Bharat Building Singapore 048617 Tel: +65 6329 6408Fax: +65 6329 9699
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