Slide 1 / 10
Slide 1 / 10 • price + proof
Great company, fair price?
BUY
$102.72
Fair-ishNot Strong Buy
VerdictBuyQuality setup at a fair price
TensionIP vs executionGreat assets, still proof-sensitive
Slide 2 / 10 • watch these
Three numbers decide Disney
1Adjusted EPS+8% YoY
2Free cash flow$4.94B
3Parks attendance-1% domestic
Fair valueBuy zoneThesis breaker
Slide 3 / 10 • archetype
Business snapshot
EntertainmentIP engineFilm • TV • streaming
ExperiencesParks + cruisesCash engine
SportsESPN pivotRights cost risk
ArchetypeIconic media and Experiences blue-chip turnaroundQuality + execution test
Slide 4 / 10 • mixed quarter
Fiscal Q2 verdict
Mixed quarterCash flow strongParks + Sports need proof
Revenue$25.2B+7%
Adjusted EPS$1.57+8%
Free cash flow$4.94B+1%
Parks attendance-1%Domestic
Slide 5 / 10 • score
FinanceToGo scorecard
6.7
Cash flow
8
Profitability
7
Growth
6
Valuation
6
Risk
5
Slide 6 / 10 • market check
Price chart
Research takeawayFair zoneNear lower fair value
Fair value$100–$125Base range
Stronger setup<$95Better margin of safety
Slide 7 / 10 • price discipline
Valuation scenarios
Bear case$85–$100Parks soft • Sports costs
Base case$100–$125Fair-to-attractive now
Bull case$125–$145EPS + buybacks compound
BUYCurrent: $102.72Strong Buy: better below $95
Slide 8 / 10 • upside path
Bull case
IP flywheelFilms → parksRare fan engine
StreamingImprovingProfit path
Buybacks$8B+FY2026 target
What bears missPer-share upsideIf cash flow compounds
Slide 9 / 10 • risk check
Bear case / thesis breaker
Sports rights inflation
Linear TV decline
Parks cyclicality
Streaming competition
Capital spending
Valuation if guidance slips
What bulls missMany moving partsAll need improvement
Thesis breakerEPS + FCF fadeWhile parks and ESPN weaken
Slide 10 / 10 • final call
Final FinanceToGo verdict
BUY
Fair price
Not Strong BuyProof still mattersWatch parks + ESPN
Upgrade pathEPS + FCF + parksAll moving together
Downgrade pathDemand + Sports pressureProof breaks
LessonBrand ≠ automatic bargainPrice still decides
Educational only — not financial advice.