EQUITY RESEARCH: THE WALT DISNEY COMPANY

This Equity Research Report was developed as a part of the Final Work Project for the Masters in Finance and has been prepared in line with the recommendations of the Chartered Financial Analyst (CFA) Institute. The Walt Disney Company was selected as the subject of this report not only due to its global relevance and diversified business segments but also because of a strong personal connection. Disney encompasses a remarkable legacy, spanning over a century of innovation, creativity, and global impact. With a long-lasting history in the Entertainment industry, Disney has built a portfolio of content and experiences that have accompanied multiple generations, shaping culture and redefining standards in media, storytelling, and leisure. Additionally, Disney represents a unique investment case. Its operations span across the world through multiple business segments, from streaming to theme parks, that, while distinct are deeply interconnected and often reshape the entertainment landscape. In recent years, Disney has undergone significant structural changes, such as the reorganization into three main businesses - Entertainment, Sports & Experiences, introduction of cost-cutting measures and the shift of streaming strategy from subscriber growth to profitability. To determine Disney’s intrinsic value, a Discounted Cash Flow (DCF) model was applied as the core methodology and a relative valuation based on peer multiples. The analysis resulted in a price target of $ 133.1, implying a 15.08% upside potential from the reference price of $ 115.66 on June 9, 2025, and supports a Buy recommendation.