Value Investing

Vladimir Dimitrov, CFA

I am a former strategy consultant with heavy exposure to business and intangible assets valuation. Throughout my career I have been focused on solving complex business problems through the lens of the overall business strategy and by incorporating a set of valuation and financial modelling techniques.

In my spare time I have been exploring the concept of value investing and in particular finding companies with sustainable competitive advantages that also trade below their intrinsic value. In addition to my bottom-up approach of individual equities I also take a more holistic view of the markets through factor investing techniques.

Disney 1Q2022: Knockin It Out of the Park

Disney: Streaming Trapped Between a Rock and Hard Place

Equity Bottom-Up

<ul>
<li>Disney is in negative territory since I first covered the company, while the market returned nearly 50% over the period.</li>
<li>Pandemic lockdowns are only part of the story, while consistently lower return on capital appears to be the chief culprit for this performance.</li>
<li>Even as margins are likely to improve, more content spend and higher competition suggest that it would likely not be enough to support valuation.</li>
</ul>


Disney is in negative territory since I first covered the company, while the market returned nearly 50% over the period.
Pandemic lockdowns are only part of the story, while consistently lower return on capital appears to be the chief culprit for this performance.
Even as margins are likely to improve, more content spend and higher competition suggest that it would likely not be enough to support valuation.


Disney: Facing The Reality Of Intensifying Competition

The Walt Disney Co

Disney: Facing The Reality Of Intensifying Competition