With all the attention on DIS’s DTCI segment the last several mos., we thought it time to switch gears to the Parks – esp. after spending nearly 12 consecutive hours with DIS mgmt. and ~50 of our closest buy-side and sell-side friends as we toured Star Wars: Galaxy’s Edge at the Disneyland Resort in Anaheim, May 21-22. By the way, this Land doesn’t officially open to the public until 5/31.
Search Coverage List, Models & Reports
Search Results1-10 out of 38
The hottest names this week were CMLS (1,093bps better than the S&P), MDP (453bps), CABO (448bps), BBGI (292bps), and CHTR (231bps).
This morning (5/14), DIS and CMCSA issued a joint release announcing an agreement on Hulu’s “Future Governance and Ownership.” DIS CEO Bob Iger spoke at an investor conference at 10am, and CMCSA CFO Mike Cavanagh followed at 10:40am. We provide some highlights below.
The hottest names this week were SBGI (3,969bps better than the S&P), CCO (829bps), OUT (691bps), TGNA (660bps), and FOXA (501bps).
This was a bit of a weird print because there is a lot that we learned, but when we took a step back there is still a lot that we don’t know.
In this note, we digest/dissect/analyze all of the information provided during DIS’s DTC Analyst Day (Burbank, 4/11). While we provide a lot of info on the various DTCI products (Disney+, ESPN+, Hulu, Hotstar), the crux of this piece provides a detailed analysis as to how we come to value DTCI at $64/sh. We also provide our thoughts on the core biz, which we value at $116/sh. We reiterate our Outperform & raise our PT to $180 from $147.
The hottest names this week were ATUS (527bps better than the S&P), BBGI (458bps), CABO (337bps), WWE (322bps), and CHTR (123bps).
The hottest names this week were DIS (441bps better than the S&P), DISCA (199bps), CHTR (195bps), ETM (188bps), and CMCSA (157bps).
From a high level, we think the focus this print will be on affiliate fee growth . And honestly, we’re not so sure why the market is so skittish – we KNOW AT&T numbers (tomorrow!) are going to be bad – Consensus is expecting a total sub loss of 413k. BUT when you look at the Pay-TV sector in totality, we at least are looking at a -0.5% sub loss, which isn’t all that different from recent trends. We are forecasting affiliate fee growth of +1% on average, with AMCX and PF DIS +5%; DISCA, Old DIS and New FOXA +3%, VIAB -2% and NBCU -9% (Olympics). In general, we think the softness this week in the Diversified Entertainment stocks (-2% vs. the S&P 500, +1%) is totally overdone.
- 1 of 4
- next →