The Walt Disney Company (DIS)

Industry: Entertainment Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
DIS	1	The Walt Disney Co	94,425	16.50	16.50	12.53	9.61	23.15	13.45
NFLX	2	Netflix, Inc.	43,379	48.92	37.62	17.89	15.57	39.88	32.71
PARA	3	Paramount Global	28,756	-	-	12.36	15.83	13.46	19.18
UMG.AS	4	Universal Music Gr	27,800	12.12	12.12	8.47	8.47	13.28	21.84
FOXA	5	Fox Corporation	16,474	13.85	13.21	8.96	8.63	11.60	10.49
DTVL.L	6	Dish TV India Limi	14,417	-	-	19.46	21.28	-	-
VIV.PA	7	Vivendi SE	10,799	15.50	25.72	6.02	7.41	-	18.20
NWS	8	News Corporation	8,500	16.67	16.67	15.13	14.45	14.87	13.38
AESE	9	Allied Esports Ent	7,938	-	-	-	-	-	-
EDR	10	Endeavor Group Hol	7,202	-	-	43.11	50.33	-	-
WMG	11	Warner Music Group	6,707	28.59	28.59	17.09	17.09	30.53	25.17
NXST	12	Nexstar Media Grou	5,148	11.61	11.80	5.46	5.17	17.76	12.30
AMC	13	AMC Entertainment	4,867	-	-	28.40	28.40	37.11	-
ROKU	14	Roku, Inc.	4,543	-	-	56.43	56.43	358.82	-
TKO	15	TKO Group Holdings	4,339	71.97	71.97	15.43	15.43	24.92	20.17
FWONK	16	Formula One Group	4,033	127.40	127.40	36.96	36.96	49.95	80.94

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.50	16.67	15.28	15.50	17.76	19.18
Full Range Median Multiple	16.67	25.72	16.26	15.70	24.92	19.68
Industry Multiple	38.51	38.34	20.80	21.53	55.65	25.44
Market Implied Multiple	16.17	16.17	12.32	9.44	22.76	13.22
Company (DIS) Multiple	16.50	16.50	12.53	9.61	23.15	13.45
(*) Net Income / EBITDA / Revenue	12,404	12,404	19,234	25,089	10,412	17,916
Winsorized Enterprise Value	N/A	N/A	293,939	388,867	184,869	343,599
Full Range Median Enterprise Value	N/A	N/A	312,732	393,925	259,415	352,507
(-) Net Debt	36,331	36,331	36,331	36,331	36,331	36,331
Winsorized Equity Value	192,295	206,753	257,608	352,536	148,538	307,268
Full Range Median Equity Value	206,753	318,999	276,401	357,594	223,084	316,176
(/) Shares Outstanding	1,804	1,804	1,804	1,804	1,804	1,804
Winsorized Fair Value	$106.59	$114.61	$142.80	$195.42	$82.34	$170.33
Full Range Median Fair Value	$114.61	$176.83	$153.22	$198.22	$123.66	$175.26
Current Price	$111.20	$111.20	$111.20	$111.20	$111.20	$111.20
Upside / Downside	-4.14%	3.06%	28.42%	75.74%	-25.95%	53.17%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$74.62	$80.23	$99.96	$136.79	$57.64	$119.23
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy	BUY