Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>The main focus will remain on Direct-to-Consumer profitability, but areas such as the recently announced restructuring plan and pricing power in parks &amp; experiences also deserve attention.</li>
<li>The main focus is on the company's Direct- to- consumer profitability.</li>
<li>It has been three months since my latest update on <strong>The Walt Disney Company (<span class="ticker-hover-wrapper">NYSE:DIS</span>)</strong> when I highlighted a number of reasons why the company is finally in a good position to deliver on its bottom line figures.</li>
</ul>


The main focus will remain on Direct-to-Consumer profitability, but areas such as the recently announced restructuring plan and pricing power in parks &amp; experiences also deserve attention.
The main focus is on the company's Direct- to- consumer profitability.
It has been three months since my latest update on The Walt Disney Company (NYSE:DIS) when I highlighted a number of reasons why the company is finally in a good position to deliver on its bottom line figures.


Disney's Q3 2023 Earnings: A Pivotal Quarter To Appease Investors And Analysts

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Disney delivered a mixed set of results in its most recent result with revenues above Wall Street expectations but below-par earnings.</li><li>Disney's direct-to-consumer business witnessed impressive subscriber growth, with plans to integrate Hulu content into Disney+.</li><li>We give The Walt Disney Company a 'Hold' rating with a revised target price.</li></ul>

Disney delivered a mixed set of results in its most recent result with revenues above Wall Street expectations but below-par earnings.Disney's direct-to-consumer business witnessed impressive subscriber growth, with plans to integrate Hulu content into Disney+.We give The Walt Disney Company a 'Hold' rating with a revised target price.

The Walt Disney Company: Ongoing Transformation In D2C & Theme Parks Businesses – Key Drivers

<ul><li>Despite a challenging quarter, Walt Disney managed to deliver an all-around beat and expanded internationally.</li><li>The sequential improvement was driven by lower SG&A costs and higher revenue at DTC.</li><li>At Domestic Parks and Experiences, significant operating income and revenue growth in the quarter was achieved.</li></ul>

Despite a challenging quarter, Walt Disney managed to deliver an all-around beat and expanded internationally.The sequential improvement was driven by lower SG&A costs and higher revenue at DTC.At Domestic Parks and Experiences, significant operating income and revenue growth in the quarter was achieved.

The Walt Disney Company: First Ever Subscriber Decline Story For Disney+ & Other Drivers

<ul>
<li>Record high quarterly margins at Disney's parks and experiences would not be the silver bullet to high shareholder returns.</li>
<li>Higher future margins are already priced in and with that upside appears limited, even if management executes on its current strategy.</li>
<li>Disney's business model is shaken by yet another restructuring, according to the company.</li>
</ul>


Record high quarterly margins at Disney's parks and experiences would not be the silver bullet to high shareholder returns.
Higher future margins are already priced in and with that upside appears limited, even if management executes on its current strategy.
Disney's business model is shaken by yet another restructuring, according to the company.


Disney's Q1 2023 Results: 3 Charts To Tell The Story

TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

<ul>
<li>Netflix is now up 50% from its lows on hope that advertising and paid sharing drive a revenue reacceleration and multiple rerating. Part B has happened.</li>
<li>Advertising uptake will be slow. But consensus has 55M incremental ad-subs (20% of the total) and $8B in revenue assumed in 2025! </li>
<li>Netflix intends on keeping content spending flat for the next few years, raising the importance of its hit rate - which has not been Netflix's forte.</li>
</ul>


Netflix is now up 50% from its lows on hope that advertising and paid sharing drive a revenue reacceleration and multiple rerating. Part B has happened.
Advertising uptake will be slow. But consensus has 55M incremental ad-subs (20% of the total) and $8B in revenue assumed in 2025! 
Netflix intends on keeping content spending flat for the next few years, raising the importance of its hit rate - which has not been Netflix's forte.


United States

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

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The Walt Disney Co (DIS US)

Disney's Q3 2023 Earnings: A Pivotal Quarter To Appease Investors And Analysts

The main focus will remain on Direct-to-Consumer profitability, but areas such as the recently announced restructuring plan and pricing power in...

Vladimir Dimitrov, CFA

The Walt Disney Company: Ongoing Transformation In D2C & Theme Parks Businesses – Key Drivers

Disney delivered a mixed set of results in its most recent result with revenues above Wall Street expectations but below-par earnings. Disney's...

Baptista Research

The Walt Disney Company: First Ever Subscriber Decline Story For Disney+ & Other Drivers

Despite a challenging quarter, Walt Disney managed to deliver an all-around beat and expanded internationally. The sequential improvement was...

Baptista Research

Disney's Q1 2023 Results: 3 Charts To Tell The Story

Higher future margins are already priced in and with that upside appears limited, even if management executes on its current strategy.

Vladimir Dimitrov, CFA

Netflix 4Q22: Priced for Perfection

Netflix is up 50% from its lows based on investors pricing in a successful ad tier and a churnless paid sharing crackdown. Bulls point to $400, we...

Aaron Gabin

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