Since co-writing “Disney 2.0: Iger to Reclaim the Magic?
” in December 2022, $DIS
stock has not moved at all, which frustrates any shareholder. After the initial excitement surrounding Iger’s return faded, markets have focused more on the faults of its DTC pivot—cash burn
, subscriber loss, dilution, competition, Hulu overhang—than the strength of its Parks, franchise
value, consumer business, and its still-powerful ESPN network.
I did a sum-of-the-parts valuation and concluded that the share price then--and by extension, now--was supported by its domestic parks, film studios, television networks, and consumer products. Streaming appeared to be ignored by the markets and remains the case today.
Click on the link
below for my thoughts on a potential sale of ABC network and a buyout of Hulu.