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Disney's stock price grew 34% from around $109 levels in December 2018 to around $146 in December 2019, led by growth in revenue and expansion of P/E multiple, partly offset by decline in margins and higher share count. Note Disney's fiscal year ends in September.
Total Revenues Grew
P/E Multiple Expanded
No. of Shares Increased
Net Income Margin Declined
Walt Disney Revenues: How Does Disney Make Money?What's The Revenue Potential For Disney+?Walt Disney Valuation: Expensive or Cheap?Why Disney's Stock Climbed 40% In 3 Years?More Trefis Media Data
#1. Disney has added over $10 billion to its revenue base in FY 2019, led by growth across all its operating divisions. The biggest change in revenues was driven by sharp rise of $6 billion in the direct-to-consumer division, led by higher subscription revenues due to consolidation of Hulu's operations and Fox acquisition during the fiscal
Our Interactive Dashboard Analysis, How Does Disney Make Money?, Provides An In Depth View Of The Company's Revenues.
Total Revenue (A+B+C+D-E)
Media Networks Revenue (A)
Parks & Resorts Revenue (B)
Studio Entertainment Revenue (C)
Direct-to-Consumer Revenue (D)
Media Networks added close to $3 billion in revenues driven by higher affiliate fees due to higher contractual rates; higher advertising revenue and TV/SVOD revenues due to Fox acquisition benefits.Parks & Resorts added $1.5 billion in revenues due to higher average ticket prices for theme park admissions and for cruise line sailings, along with higher daily hotel room rates.
Studio entertainment added $1 billion in revenues due to higher theatrical distribution benefiting from Fox.Direct-to-consumer revenues increased >$6 billion due to higher advertising sales driven by consolidation of Hulu operations and at Disney's international channels, along with higher subscription fees due to Hulu and Fox's international program sales and higher fees for ESPN+
#2. Net income decreased by $1.5 billion in FY 2019 despite healthy growth in revenue, driven by sharp drop in net income margin from 21.2% in FY 2018 to 15.9% in FY 2019
Net Income (A x B)
Net Income Margin (A)
Total Revenue (B)
Disney's net income decreased from $12.6 billion in FY 2018 to $11.1 billion in FY 2019.This can be attributed to a sharp drop in net income margin, partly offset by higher revenues. Net income margin declined from 21.2% in FY 2018 to 15.9% in FY 2019. We discuss the factors that impacted the margin in the section below.
#3. Price To Earnings multiple for Disney expanded between December 2018 and December 2019, and it has been higher than that of its peers Comcast and AT&T.
You can view our interactive dashboard Walt Disney Valuation: Expensive or Cheap?
to understand Disney's valuation by Trefis
Disney P/E Multiple
Comcast P/E Multiple
AT&T P/E Multiple
Disney's P/E multiple expanded from 13.4x in Dec 2018 to 21.2x in Dec 2019. This compares with Comcast, which saw its P/E expand from 7.2x to 16.0x and for AT&T from 5.7x to 17.4x during the same period. Note these multiples are arrived by using the stock prices as on December 18, 2019, and corresponding earnings reported for the trailing 12 months period.
Walt Disney Valuation: Expensive or Cheap?Walt Disney Revenues: How Does Disney Make Money?What's The Revenue Potential For Disney+?Why Disney's Stock Climbed 40% In 3 Years?More Trefis Media Data