Discounted Cash Flow (DCF) Analysis Unlevered

The Walt Disney Company (DIS)

$81.01

-0.24 (-0.30%)

All numbers are in Millions, Currency in USD

Stock DCF: 95.15 | 81.01 | undervalue

Operating Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	59,434	69,570	65,388	67,418	82,722	90,342.29	98,664.56	107,753.46	117,679.64	128,520.20
Revenue (%)
EBITDA	17,881	17,194	10,828	9,732	12,082	18,140.84	19,811.97	21,637.03	23,630.22	25,807.02
EBITDA (%)
EBIT	14,870	13,034	5,483	4,621	6,919	12,170.58	13,291.73	14,516.15	15,853.37	17,313.77
EBIT (%)
Depreciation	3,011	4,160	5,345	5,111	5,163	5,970.26	6,520.24	7,120.88	7,776.85	8,493.24
Depreciation (%)

Balance Sheet Data

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Total Cash	4,150	5,418	17,914	15,959	11,615	14,433.01	15,762.56	17,214.60	18,800.40	20,532.28
Total Cash (%)
Account Receivables	9,334	15,481	12,708	13,367	12,652	16,715.79	18,255.63	19,937.33	21,773.94	23,779.74
Account Receivables (%)
Inventories	1,392	1,649	1,583	1,331	1,742	2,026.09	2,212.73	2,416.57	2,639.18	2,882.30
Inventories (%)
Accounts Payable	6,503	13,778	12,663	16,357	16,205	16,977.81	18,541.79	20,249.85	22,115.25	24,152.49
Accounts Payable (%)
Capital Expenditure	-4,465	-4,876	-4,022	-3,578	-4,943	-5,773.76	-6,305.63	-6,886.50	-7,520.88	-8,213.70
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price	$ 81.01
Beta	1.285
Diluted Shares Outstanding	1,827
Cost of Debt
Tax Rate	40.49
After-tax Cost of Debt	1.72%
Risk-Free Rate
Market Risk Premium
Cost of Equity	10.605
Total Debt	48,369
Total Equity	148,005.27
Total Capital	196,374.27
Debt Weighting	24.63
Equity Weighting	75.37
Wacc

Build Up Free Cash

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	59,434	69,570	65,388	67,418	82,722	90,342.29	98,664.56	107,753.46	117,679.64	128,520.20
EBITDA	17,881	17,194	10,828	9,732	12,082	18,140.84	19,811.97	21,637.03	23,630.22	25,807.02
EBIT	14,870	13,034	5,483	4,621	6,919	12,170.58	13,291.73	14,516.15	15,853.37	17,313.77
Tax Rate	14.47%	20.73%	-40.10%	22.10%	40.49%	11.54%	11.54%	11.54%	11.54%	11.54%
EBIAT	12,718.60	10,332.60	7,681.86	3,599.72	4,117.36	10,766.51	11,758.31	12,841.48	14,024.42	15,316.34
Depreciation	3,011	4,160	5,345	5,111	5,163	5,970.26	6,520.24	7,120.88	7,776.85	8,493.24
Accounts Receivable	-	-6,147	2,773	-659	715	-4,063.79	-1,539.85	-1,681.70	-1,836.61	-2,005.80
Inventories	-	-257	66	252	-411	-284.09	-186.64	-203.84	-222.61	-243.12
Accounts Payable	-	7,275	-1,115	3,694	-152	772.81	1,563.98	1,708.06	1,865.40	2,037.24
Capital Expenditure	-4,465	-4,876	-4,022	-3,578	-4,943	-5,773.76	-6,305.63	-6,886.50	-7,520.88	-8,213.70
UFCF	11,264.60	10,487.60	10,728.86	8,419.73	4,489.36	7,387.94	11,810.41	12,898.37	14,086.56	15,384.21
WACC
PV UFCF						6,814.18	10,047.22	10,120.61	10,194.54	10,269
SUM PV UFCF										47,445.56

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.42
Free cash flow (t + 1)	15,691.89
Terminal Value	244,421.99
Present Value of Terminal Value	163,152.32

Intrinsic Value

Enterprise Value	210,597.88
Net Debt	36,754
Equity Value	173,843.88
Shares Outstanding	1,827
Equity Value Per Share	95.15