Description
For this part of the assignment, your group will integrate all four written component assignments into one 2,250-word comprehensive analysis that details the nine-step assessment process from start to finish.
Additionally, include an explanation of how ethical implications factored into your assessment of the company’s financial future. How does the company uphold its responsibility to carry out work for the common good and to meet society’s needs by making sound financial decisions?The Walt
Disney
Company
J’waun Dooley, Beena Shaji, and Marisa Tull
Grand Canyon University
FIN 504 – Finance Principles
Dr. Derek Moore
February 8, 2023
Access to Target Sources of External Finance
Generation
of Shares
Raise Debt
Generation
of Shares
Raise
Raise additional capital via existing and new shares
Access
Access common shares externally
Utilize
Utilize rights issue where only existing
shareholders can buy new shares (Brigham &
Houston, 2021)
Issue
Issue preferred shares to raise capital and create a
particular group of shareholders
Give
Issue new shares quickly via Board of Directors
The ability to raise debt quickly due to a stable
financial position and brand value.
Raise Debt
2022 Debt-to-Equity
Ratio was 1:2 which is
stable (Disney, 2021)
Two equity units
for each unit of
debt in the
capital structure.
Entity has a strong
brand reputation and is
well-known globally
Money sourced
from lender is
easier
Current Debt and Equity Levels
Figure 1: A comparison of current debt and equity levels shows that the company still has additional borrowing capacity (Disney, 2021).
Future Financial Sourcing Needs
• Sourcing needs are stable
• Continue to:
• Promote streaming platforms
and content
• Support parks and resorts
annually
• Earning revenue is $19.24 billion
dollars (Disney, 2021)
• Driven by all of the various
products such as media,
entertainment, parks, and more.
MOVIES &
PARK
REVENUE
SALES
Figure 2: shows the sales revenue from parks and movies by year. (Disney, 2021)
References
See, for example, Mintzberg Henry, “Of Strategies, Deliberate and Emergent,” Strategic Management Journal, 6
(1985): 257–272; Pettigrew Andrew M., “Strategy Formulation as a Political Process,” International Studies of
Management and Organization, 7 (1977): 78–87; Quinn J.B., Strategies for Change: Logical Incrementalism
(Homewood, IL: Irwin, 1980).
Rumelt R.P., “Towards a Strategic Theory of the Firm,” in Lamb R.B., ed., Competitive Strategic Management
(Englewood Cliffs, NJ: Prentice Hall, 1984); Lippman S.A., Rumelt R.P., “Uncertain Imitability: An Analysis of
Interfirm Differences in Efficiency under Competition,” Bell Journal of Economics, 23 (1982): 418–438; Reed
Richard, DeFillippi
R.J., “Causal Ambiguity, Barriers to Imitation, and Sustainable Competitive Advantage,” Academy of Management Review,
15 (January 1990): 88–102.
Carillo, Carlos, Jeremy Crumley, Kendree Thieringer, and Jeffrey S. Harrison. The Walt Disney Company: A Corporate
Strategy Analysis. Case Study. University of Richmond: Robins School of Business, 2012.
Brigham, E. F., & Houston, J. F. (2021). Fundamentals of financial management: Concise. Cengage Learning.
Disney. (2021). Annual Report. https://www.sec.gov/Archives/edgar/data/1744489/000174448921000220/dis
20211002.htm#i38ede6ac0fed40ab821ebfc9f1f7e403_142
1
The Walt Disney Company – Case Study Component Four
Jwaun Dooley, Beena Shaji, and Marisa Tull
Colangelo College of Business, Grand Canyon University
FIN-504: Finance Principles
Dr. Derek Moore
February 15, 2023
2
The Walt Disney Company – Case Study Component Four
Viability of the 3-5-Year Plan
Financial experts predict that The Walt Disney Company will generate $101 billion
yearly in the next three to five years. For the fiscal year 2021, the firm earned $67.418 billion in
sales, an increase of 3.1% over the prior fiscal year (The Walt Disney Company, 2022).
Financial projections are based on Disney’s ability to implement its business plan and, hence,
achieve the forecasted level of revenue. In response to the COVID-19 pandemic, The Walt
Disney Company (2022) put a hold on several projects to better secure their financial future.
However, as pandemic constraints have eased, the company has begun to emphasize its prepandemic operating model.
Further, the company has announced that between 2022 and 2025, it will add three
additional cruise ships to its fleet. While Rossolillo (2020) found that Disney’s direct-toconsumer business has helped the firm recover from the losses it incurred in its parks,
experiences, and products sector due to the pandemic, it has also helped the company move
forward. Considering the current market trend and Disney’s plan for capital investments, the
corporation seems to be in a great position to achieve its financial forecast. The current outlook
for the whole market allows for achieving strategic, competitive, and financial goals.
Adversity Testing Hypotheses
The Walt Disney Company predicted a profitable $100 billion revenue over the next
three to five years as part of its long-term plan (The Walt Disney Company, 2022). Numerous
hypothetical stress tests that account for the degree of competition in the market are necessary
for assessing the strength of a financial plan in the face of potential future obstacles. Competition
from other primary streaming services like Netflix may deter potential and current subscribers
3
from signing up for Disney’s digital streaming platforms. The presence of other entertainment
parks like Universal Studios, which has locations in both California and Florida, may reduce
attendance at Disney Parks. With over 196 million subscribers in January of 2022, Disney+ is
quickly approaching. Over 220 million people subscribe to Netflix throughout the globe.
Disney+, however, is quickly gaining ground and may soon overtake Netflix. Over two million
Netflix subscribers have left the service since December 2021, and that number is only projected
to grow. This means Disney they are well on its way to becoming the biggest subscribed
streaming platform in the world.
Current Financing Plan
The Walt Disney Company (TWDC) has a current financing plan that includes both debt
and equity financing as well as a diversity of other financial instruments. They have been able to
acquire access to a number of different credit facilities and multiple lines of credit in addition to
the issuing of corporate bonds and other debt securities. TWDC has utilized various equity
financings methods such as preferred stock, issuing common stock, and other forms of equity.
Additionally, they have been able to lock in additional capital via mortgage-backed securities,
asset-backed securities, and other forms of debt.
TWDC recently reported its first-quarter earnings for its fiscal year 2023, which ended
December 31, 2022 (see Table 1). Overall, TWDC’s first quarter was strong, as shown in Figure
1, with revenue growing 8% and the diluted earnings per share (EPS) from continuing operations
increasing as compared to the prior-year quarter (The Walt Disney Company [TWDC], 2023a).
Chief Executive Officer (CEO), Bob Iger, stated that TWDC is “embarking on a significant
transformation,” which will amplify its brand and creativity as well as restructure and reshape
the organization around creativity while decreasing expenses (TWDC, 2023a). One area that
4
seems to be a priority for the CEO is the company’s streaming services due to its poor
performance. Bob further explained that this strategy would help to sustain and continue growth
and profitability while also navigating future challenges of global economic challenges (TWDC,
2023a). The layoffs were also discussed during the earnings report, with Iger stating that staff
reductions of approximately 7,000 are coming. Given the hiring freeze that has been in place
since last year, this is not a huge surprise, but it indicates improved performance since last year
as the number of affected is relatively low. From a shareholders’ perspective, the return of Bob
Iger as CEO at the end of 2022 is a welcomed sight. The company delivered a substantial longterm shareholder value under his previous tenure, including a total shareholder return of 554%
from 09/30/2005 to 02/25/2020, compared to 244% for the S&P 500. (The Walt Disney
Company [TWDC], 2023b). Given this and Iger’s current plan for the company’s future, the
Board of Directors supports Iger’s strategic oversight.
Table 1
First Quarter Earnings for The Walt Disney Company Fiscal Year 202
Revenues
Income from continuing operations before income taxes
Total segment operating income
Net income from continuing operations
Diluted EPS from continuing operations
Diluted EPS excluding certain items
Cash used in continuing operations
Free cash flow
Figure 1
Quarter Ended
12/31/2022 1/31/2023
$23,512
$21,819
$1,773
$1,688
$3,043
$3,258
$1,279
$1,152
$1
$1
$1
$1
-$974
-$209
-$2,155
-$1,190
Change
8%
5%
-7%
11%
11%
-7%
>100%
81%
5
Comparison of Diluted EPS and Free Cash Flow of First Quarter Earnings from Fiscal Year
2022 and Fiscal Year 2023 for The Walt Disney Company
6
References
Dellatto, M. (2022). Netflix loses subscribers as Disney+ catches up: Here’s how the primary
streaming services are faring this year. Forbes.
https://www.forbes.com/sites/marisadellatto/2022/08/09/netflix-loses-subscribers-asdisney-catches-up-heres-how-the-major-streaming-services-are-faring-so-far-this-year/
Rossolillo, N. (2020). Where will Disney stock be in 5 years? The Motley Fool.
https://www.fool.com/investing/2022/12/21/where-will-disney-stock-be-in-5-years/
The Walt Disney Company. (2022). Form 10-K.
https://otp.tools.investis.com/clients/us/the_walt_disney_company/SEC/secshow.aspx?FilingId=16233275&Cik=0001744489&Type=PDF&hasPdf=1
The Walt Disney Company. (2023a). The Walt Disney Company reports first quarter earnings
for fiscal 2023. https://thewaltdisneycompany.com/the-walt-disney-company-reportsfirst-quarter-earnings-for-fiscal-2023/
The Walt Disney Company. (2023b). The Walt Disney Company underscores board strength and
focus on value creation, sends letter to shareholders.
https://thewaltdisneycompany.com/the-walt-disney-company-underscores-boardstrength-and-focus-on-value-creation-sends-letter-to-shareholders/
THE WALT
DISNEY
COMPANY
BEENA SHANJI
MARISA TULL
JWAUN DOOLEY
For the fiscal year 2021, the firm earned $67.418 billion
in sales, an increase of 3.1% over the prior fiscal year
(The Walt Disney Company, 2022).
VIABILITY
OF THE 3-5YEAR PLAN
In response to the COVID-19 pandemic, The Walt Disney
Company (2022) put a hold on several projects to better
secure their financial future. However, as pandemic
constraints have eased, the company has begun to
emphasize its pre-pandemic operating model.
Considering the current market trend and Disney’s plan
for capital investments, the corporation seems to be in a
great position to achieve its financial forecast. The
current outlook for the whole market allows for
achieving strategic, competitive, and financial goals.
VIABILITY OF THE 3-5-YEAR PLAN
Further, the company has
announced that between 2022 and
2025, it will add three additional
cruise ships to its fleet.
While Rossolillo (2020) found that
Disney’s direct-to-consumer
business has helped the firm recover
from the losses it incurred in its
parks, experiences, and products
sector due to the pandemic, it has
also helped the company move
forward.
ADVERSITY TESTING
HYPOTHESES
•
The Walt Disney Company predicted a
profitable $100 billion revenue over the next
three to five years as part of its long-term
plan (The Walt Disney Company, 2022).
•
Competition from other primary streaming
services like Netflix may deter potential and
current subscribers from signing up for
Disney’s digital streaming platforms.
•
With over 196 million subscribers in January
of 2022, Disney+ is quickly approaching.
Over 220 million people subscribe to Netflix
throughout the globe. Disney+, however, is
quickly gaining ground and may soon
overtake Netflix.
ADVERSITY TESTING
HYPOTHESES
• Over two million Netflix subscribers
have left the service since
December 2021, and that number is
only projected to grow.
• The presence of other entertainment
parks like Universal Studios, which
has locations in both California and
Florida, may reduce attendance at
Disney Parks.
• This means Disney they are well on
its way to becoming the biggest
subscribed streaming platform in
the world.
THE WALT DISNEY
COMPANY –
CURRENT
FINANCING PLAN
• The Walt Disney Company (TWDC)
has a current financing plan that
includes both debt and equity
financing as well as a diversity of
other financial instruments.
• TWDC recently reported its firstquarter earnings for its fiscal year
2023, which ended December 31,
2022 (see Table 1).
• One area that seems to be a
priority for the CEO is the
company’s streaming services due
to its poor performance.
Quarter Ended
12/31/2022
1/31/2023
Change
Revenues
$23,512
$21,819
8%
Income from continuing operations before
income taxes
$1,773
$1,688
5%
Total segment operating income
$3,043
$3,258
-7%
Net income from continuing operations
$1,279
$1,152
11%
Diluted EPS from continuing operations
$1
$1
11%
Diluted EPS excluding certain items
$1
$1
-7%
Cash used in continuing operations
-$974
-$209
>100%
Free cash flow
-$2,155
-$1,190
81%
THE WALT DISNEY
COMPANY – CURRENT
FINANCING PLAN
•
Overall, TWDC’s first quarter was
strong, as shown in Figure 1, with
revenue growing 8% and the diluted
earnings per share (EPS) from
continuing operations increasing as
compared to the prior-year quarter
(The Walt Disney Company [TWDC],
2023a).
•
Given the hiring freeze that has been in
place since last year, this is not a huge
surprise, but it indicates improved
performance since last year as the
number of affected is relatively low.
•
Bob further explained that this strategy
would help to sustain and continue
growth and profitability while also
navigating future challenges of global
economic challenges (TWDC, 2023a).
REFERENCES
• Dellatto, Marisa. (2022). Netflix loses subscribers as Disney+ catches
up: Here’s how the primary streaming services are faring this year.
Forbes.com
• The Walt Disney Company. (2022). Form 10-k.
Thewaltdisneycopmany.com Rossolillo, N. (2020). Where will Disney
be in 5 years? The Motley Fool.
• The Walt Disney Company. (2023a). The Walt Disney Company
reports first quarter earnings for fiscal 2023.
https://thewaltdisneycompany.com/the-walt-disney-companyreports-first-quarter-earnings-for-fiscal-2023/
• The Walt Disney Company. (2023b). The Walt Disney Company
underscores board strength and focus on value creation, sends letter
to shareholders. https://thewaltdisneycompany.com/the-walt-disneycompany-underscores-board-strength-and-focus-on-value-creationsends-letter-to-shareholders/
•
The Walt
Disney
Company
JWAUN DOOLEY
BEENA SHAJI
MARISA TULL
Outline
•Disney pursues the goal of expansion to new markets by
constantly looking at and expanding its reach across the global
market
•Notably, with these financial details from 2022, it is deducible
that the company had a strong year with exemplary performance
in its various segments and vast growth in subscriptions,
especially in direct-to-consumer services
Analysis of Fundamentals:
Goals and Strategy
The organization’s primary goal is to create high-quality
content focused on providing excellent and customeroriented content to its audiences worldwide.
This goal entails creating innovative, engaging, memorable films, TV
shows, and other forms of entertainment.
Besides, the company commits to using technology to drive
innovation and enhance customer experience by using data analytics
to improve customer preferences, virtual and augmented reality, and
other emerging technologies to create immersive and appealing
content (The Walt Disney Company, 2018).
Disney Goal
Additionally, leveraging technological innovations is another perfect
goal for Disney to achieve its business objectives.
Studies acknowledge that organizations leverage technologies to
optimize their operations and efficiency by streamlining their activities,
similar to the commitment by Disney (Olokundun et al., 2022).
As a result, the organization commits to establishing a culture of
creativity and innovation by allowing the employees to think creatively,
take risks, and promote new ideas to steer the company forward.
Expansion To
Disney
Market
Disney pursues the goal of expansion to new markets by
constantly looking at and expanding its reach across the
global market.
The company acknowledges its moves for global
expansion as strategic positioning for the future by
establishing more effective frameworks for serving
customers across the globe (The Walt Disney Company,
2018).
Therefore, with the vast leverage on technology,
commitment to expanding in the global markets and
providing high-quality content, fostering innovation,
and building partnerships in service delivery, Disney
adopts the differentiation strategy for high-level
competitiveness and offers products to different
segments.
Disney Competitors
Differentiation entails providing customers with
unique products other than the provisions by
the competitors, which Disney leverages for
customer satisfaction and positive experience
(Keiningham et al., 2019).
For example, the company is continuously
launching new theme parks and creating
content for emerging platforms like streaming
services and new franchises.
Disney Outlook
The Walt Disney Company (TWDC) reported
earnings for its fourth quarter and fiscal year
that ended October 1, 2022. The revenue
noted for the fourth quarter grew by 9% and
for the fiscal year grew by 23%.
The Direct-to-Consumer (DTC) segment has
experienced losses, but these losses are
expected to lessen moving forward with the
Disney+ plus platform achieving profitability
in the fiscal year 2024 barring any major shifts
in the economic climate (The Walt Disney
Company, 2022).
TWDC has also reported that future revenue
will come from the benefits of price increases
and the Disney+ ad-supported tier which will
increase profits from the streaming service
and generate shareholder value in the future
(The Walt Disney Company, 2022).
Disney Outlook
At the end of November 2022, an announcement
was made that the current Chief Executive Officer
(CEO), Bob Chapek, would be replaced by the
previous CEO, Bob Iger. Under Chapek’s guide,
TWDC faced many challenges and trials.
During Iger’s previous four-decade tenure at Disney,
he was able to expand the business in many ways
including the acquisitions of film studio giants such as
Pixar and Marvel (Wulandari, 2022).
Overall, the revenue outlook for TWDC is
conservative given the current economic
environment and post-pandemic state, however, the
optimism is high given Iger’s return with some analysts
forecasting the stock price to increase anywhere
from 4.34% to 143.82% higher (Wall Street Zen, n.d.).
References
Keiningham, T., Aksoy, L., Bruce, H. L., Cadet, F., Clennell,
N., Hodgkinson, I. R., & Kearney, T. (2019). Customer
experience-driven business model innovation. Journal of
Business Research, 116, 431–440.
https://doi.org/10.1016/j.jbusres.2019.08.003
Olokundun, M., Ogbari, M. E., Falola, H., & Ibidunni, A. S.
(2022). Leveraging 5G network for digital innovation in
small and medium enterprises: a conceptual review. Journal
of Innovation and Entrepreneurship, 11(1).
https://doi.org/10.1186/s13731-021-00181-5
The Walt Disney Company. (2018, March 14). The Walt
Disney Company Announces Strategic Reorganization. The
Walt Disney Company.
https://thewaltdisneycompany.com/walt-disney-companyannounces-strategic-reorganization/
The Walt Disney Company. (2022, November 8). The Walt
Disney Company Reports Fourth Quarter and Full Year
Earnings for Fiscal 2022. The Walt Disney Company.
https://thewaltdisneycompany.com/the-walt-disney-companyreports-fourth-quarter-and-full-year-earnings-for-fiscal-2022/
References
Wall Street Zen. (n.d.). Walt Disney Co stock
forecast, predictions, & price target.
https://www.wallstreetzen.com/stocks/us/nyse/dis/st
ock-forecast
Wulandari, F. (2022). Disney stock forecast: Will the
stock find its magic again? Capital.
https://capital.com/walt-disney-dis-stock-forecast
The Walt Disney Company. (2022). The Walt Disney
Company reports fourth quarter and full year
earnings for fiscal 2022.
https://thewaltdisneycompany.com/the-walt-disneycompany-reports-fourth-quarter-and-full-yearearnings-for-fiscal-2022/
1
Analysis of a Company: The Walt Disney Company
Jwaun Dooley, Beena Shaji, and Marisa Tull
Colangelo College of Business, Grand Canyon University
FIN-504: Finance Principles
Derek Moore
January 11, 2023
2
Analysis of a Company: The Walt Disney Company
Step 1: Analysis of Fundamentals: Goals and Strategy
The Walt Disney Company, or Disney, has an array of goals and strategies crucial for the
company to achieve its business objectives. The organization’s primary goal is to create highquality content focused on providing excellent and customer-oriented content to its audiences
worldwide. This goal entails creating innovative, engaging, memorable films, TV shows, and
other forms of entertainment. Additionally, leveraging technological innovations is another
perfect goal for Disney to achieve its business objectives. Besides, the company commits to
using technology to drive innovation and enhance customer experience by using data analytics to
improve customer preferences, virtual and augmented reality, and other emerging technologies to
create immersive and appealing content (The Walt Disney Company, 2018). Studies
acknowledge that organizations leverage technologies to optimize their operations and efficiency
by streamlining their activities, similar to the commitment by Disney (Olokundun et al., 2022).
Disney pursues the goal of expansion to new markets by constantly looking at and
expanding its reach across the global market. For example, the company is continuously
launching new theme parks and creating content for emerging platforms like streaming services
and new franchises. The company acknowledges its moves for global expansion as strategic
positioning for the future by establishing more effective frameworks for serving customers
across the globe (The Walt Disney Company, 2018). As a result, the organization commits to
establishing a culture of creativity and innovation by allowing the employees to think creatively,
take risks, and promote new ideas to steer the company forward. Therefore, with the vast
leverage on technology, commitment to expanding in the global markets and providing highquality content, fostering innovation, and building partnerships in service delivery, Disney
3
adopts the differentiation strategy for high-level competitiveness and offers products to different
segments. Differentiation entails providing customers with unique products other than the
provisions by the competitors, which Disney leverages for customer satisfaction and positive
experience (Keiningham et al., 2019).
Step 2: Analysis of Fundamentals: Revenue Outlook
The Walt Disney Company (TWDC) reported earnings for its fourth quarter and fiscal
year that ended October 1, 2022. The revenue noted for the fourth quarter grew by 9% and for
the fiscal year grew by 23%. Additionally, TWDC’s diluted earnings per share (EPS) for the
fiscal year increased to $3.53 from $2.29 the prior year. The Direct-to-Consumer (DTC) segment
has experienced losses, but these losses are expected to lessen moving forward with the Disney+
plus platform achieving profitability in the fiscal year 2024 barring any major shifts in the
economic climate (The Walt Disney Company, 2022). TWDC has also reported that future
revenue will come from the benefits of price increases and the Disney+ ad-supported tier which
will increase profits from the streaming service and generate shareholder value in the future (The
Walt Disney Company, 2022). At the end of November 2022, an announcement was made that
the current Chief Executive Officer (CEO), Bob Chapek, would be replaced by the previous
CEO, Bob Iger. Under Chapek’s guide, TWDC faced many challenges and trials. The Board of
Directors’ decision to replace Chapek with Iger put the company back in alignment for a
strategic direction and renewed growth (Wulandari, 2022). During Iger’s previous four-decade
tenure at Disney, he was able to expand the business in many ways including the acquisitions of
film studio giants such as Pixar and Marvel (Wulandari, 2022). Overall, the revenue outlook for
TWDC is conservative given the current economic environment and post-pandemic state;
4
however, the optimism is high given Iger’s return, with some analysts forecasting the stock price
to increase anywhere from 4.34% to 143.82% higher (Wall Street Zen, n.d.).
5
References
Keiningham, T., Aksoy, L., Bruce, H. L., Cadet, F., Clennell, N., Hodgkinson, I. R., & Kearney,
T. (2019). Customer experience-driven business model innovation. Journal of Business
Research, 116, 431–440. https://doi.org/10.1016/j.jbusres.2019.08.003
Olokundun, M., Ogbari, M. E., Falola, H., & Ibidunni, A. S. (2022). Leveraging 5G network for
digital innovation in small and medium enterprises: a conceptual review. Journal of
Innovation and Entrepreneurship, 11(1). https://doi.org/10.1186/s13731-021-00181-5
The Walt Disney Company. (2022). The Walt Disney Company reports fourth quarter and full
year earnings for fiscal 2022. https://thewaltdisneycompany.com/the-walt-disneycompany-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2022/
The Walt Disney Company. (2018, March 14). The Walt Disney Company Announces Strategic
Reorganization. The Walt Disney Company. https://thewaltdisneycompany.com/waltdisney-company-announces-strategic-reorganization/
Wall Street Zen. (n.d.). Walt Disney Co stock forecast, predictions, & price target.
https://www.wallstreetzen.com/stocks/us/nyse/dis/stock-forecast
Wulandari, F. (2022). Disney stock forecast: Will the stock find its magic again? Capital.
https://capital.com/walt-disney-dis-stock-forecast
1
CLC – Case Study Component 2
Beena Shaji, Marisa Tull, J’waun Dooley
Grand Canyon University
FIN 504-Finance Principles
Dr Derek Moore
January 25, 2023
2
CLC – Case Study Component 2
Step Three: Investments to Support the Business Unit Strategy or Strategies
While we know that the company is still growing in an enormous rate, we have to look at
the strategies that are being used for the platform. Almost everyone has been to the parks before
and after the pandemic; but now we have a lot more interesting things that happened at Disney.
We now have Disney plus, and more investors to the company to help everything continue to
grow. Disney plus had mentioned from quarterly earnings. Disney’s CEO Bob Chapek
mentioned billions of dollars of investment content to have this streaming service during the
pandemic. By offering even better value by building premium content in large volumes, Disney
may be able to reprice Disney+, which is now available at $8 for monthly subscriptions and $80
for annual subscriptions in the U.S. The main thing that Disney Plus added was a lot of different
variety of shows and movies. You can even see the new Marvel movies that comes in theaters a
couple months in advance or even when it is in theaters. One movie is Black Widow and it made
great views to the Cinemax and Disney and the same time.
Figure 1: Trends in revenues and profits show the performance from different movies that are on
Disney Plus and future
3
Facts are that Disney is still growing, even if its movies they made or even with their
streaming program that can show the movies or even the other platform they are with. The have
Hulu and ESPN plus. These two platforms are now with a Disney plus and still growing until this
day because the growth of the network and the expanding of the company. Disney strategies are
mainly trying to expand the streaming program so that not only kids but also grown-ups can
enjoy it by watching the old Disney shows to watching sports on ESPN plus.
Step Four: Future Profitability and Competitive Position
Generally, revenues and profits are on an upward trend and are likely to keep growing as
the economy stabilizes. As the economy recovers from the recession caused by the pandemic, the
company’s overall performance is expected to improve. In the last financial quarter of 2022, total
revenues made by the company grew by 9%, indicating an increase in demand for its streaming
content and visitors to its essential theme parks. Suppose the company can successfully venture
into new markets using its streaming service. In that case, it will be able to grow its long-term
revenues and profitability and be in a better competitive position.
4
Revenues and Profits
90
80
70
60
50
40
30
20
10
0
-10
2019
2020
Revenue
2021
Profits
2022
Figure 1: Trends in revenues and profits show the performance of the company has been on an
upward trend in the recent past and is likely to be sustained in the future
The fact that the company has multiple revenue streams is also a critical competitive
advantage that will enable its operations to grow in the long term. For most film studios,
distribution has moved to streaming platforms, which the company has successfully adapted to
by establishing its streaming services. Several strategic acquisitions in the recent past have also
enabled the company to reduce the competition it faces and grow its revenue base. The multiple
revenue streams are critical sources of sustainable competitive advantage that will allow the
company to protect its profitability for the long term.
5
References
Kline, D. (2022). Disney CEO makes it clear a big price increase is coming (here’s when).
TheStreet. https://www.thestreet.com/investing/disney-ceo-bob-chapek-hints-at-a- majorprice- increase?puc=yahoo&cm_ven=YAHOO
Martinez-Sanchez, M. E., Nicolas-San, R., & Díaz, J. B. (2021). Analysis of the social media
strategy of audio-visual OTTs in Spain: The case study of Netflix, HBO, and
Amazon Prime during the implementation of Disney+. Technology Forecasting and
Social Change, 173, 121178.
The Walt Disney Company. (2022). The Walt Disney Company at the Morgan Stanley
technology, media and telecom conference. https://thewaltdisneycompany.com/thewalt-disney-company-at-the-morgan-stanley-technology-media-and-telecomconference-2/
Zern, A. (2022). The theme park throwdown: The successes and failures of IP-related
attractions and expansions in Disney theme parks and strategies for the future. Senior
Honors Theses, 1213. https://digitalcommons.liberty.edu/honors/1213
6
The Walt
Disney
Company
J’waun Dooley, Beena Shaji,
and Marisa Tull
Grand Canyon University
FIN 504 – Finance Principles
Dr. Derek Moore
January 25, 2023
This Photo by Unknown Author is licensed under CC BY-SA
Investments
to Support
the Business
Unit
Strategies Disney Plus
Offers an increased
value with large
volumes of
premium content
Multiple
subscription plans
options
Variety of shows
and movies
Influence of the
COVID-19 Pandemic
• Parks and Resorts business unit was hit
hard by the COVID-19 pandemic
• Financial investment into Disney Plus
allowed the company to recoup losses with
interest in the platform skyrocketing during
the pandemic
• Two strategies drove the interest:
• Offering content for all ages and
interest
• Streaming content that would typically
show in theaters first concurrently
with theater releases
Revenue Trend of Disney Plus Movies
Phase-out of pandemic and the
precautions that are in place
Future
Profitability
and
Competitive
Performance
Visitors returning to the parks
and resorts
Increase in demand of streaming
services
Strategic Moves
• Acquisitions of other major
entities, such as Marvel,
Pixar, and more, have
reduced competition and
increased Disney’s revenue
base
• Establish multiple revenue
streams to protect long-term
profitability
• Recent reorganization of
executive leadership will
help create a foundation to
support the company’s
projected upward trend
Revenues and Profits
90
80
70
Revenue and
Profit Trends
60
50
40
30
20
10
0
2019
2020
2021
-10
Revenue
Profits
2022
References
Kline, D. (2022). Disney CEO makes it clear a big price increase is coming (here’s when). TheStreet.
https://www.thestreet.com/investing/disney-ceo-bob-chapek-hints-at-a-major-priceincrease?puc=yahoo&cm_ven=YAHOO
Martinez-Sanchez, M. E., Nicolas-San, R., & Díaz, J. B. (2021). Analysis of the social media strategy of
audio-visual OTTs in Spain: The case study of Netflix, HBO, and Amazon Prime during the
implementation of Disney+. Technology Forecasting and Social Change, 173, 121178.
The Walt Disney Company. (2022). The Walt Disney Company at the Morgan Stanley technology, media
and telecom conference. https://thewaltdisneycompany.com/the-walt-disney-company-at-the-morganstanley-technology-media-and-telecom-conference-2/
Zern, A. (2022). The theme park throwdown: The successes and failures of IP-related attractions and
expansions in Disney theme parks and strategies for the future. Senior Honors Theses, 1213.
https://digitalcommons.liberty.edu/honors/1213
1
Case Study Component 3
Beena Shaji, Marisa Tull, J’waun Dooley
Grand Canyon University
FIN 504-Finance Principles
Dr Derek Moore
January 25, 2023
2
CLC – Component 3
Step Five: Future External Financing Needs
The future external financing needs for Disney is a quite simple thing to do for company.
Disney have made many of television shows and movies that are well known in the world today.
They also have taught the youth a lot about different things in the world. The best situation for
Disney is to keep promoting the streaming productions and to keep the parks up to dates on
seasonal dates. I believe in all four seasons Disney have always been promoting during the
seasons like the Spring and Winter. Disney earning revenue is $19.24 billion dollars, this is also
a distribution of the media, entertainment, parks, experiences, and product that Disney is selling
to the public. Analysts review the capital structure of a firm to gain insights about management’s
strategic relationship with and reliance on outside capital.
DISNEY SALES IN MOVIES AND PARKS REVENUE
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Sale/Revenue
Gross Income
2022
2021
2020
Figure 1 shows the Sales Revenue from parks and movies in the past years
Disney is a well-followed firm. Zacks reports at least 24 sell-side analysts who have
made buy, sell, or hold recommendations on the firm, providing estimates of earnings per share
3
and future growth. While the firm provides substantial amounts of information about itself in
the form of earnings reports, there is a substantial amount of information that is available about
the firm from external sources. Both facts would lead us to expect less bias in the information
that is available about the firm. The CEOS LPV biomass protocol will include a thorough
discussion outlining the types of errors that should be considered (many of which are discussed
above) and present three basic methods of error propagation.
Access to Target Sources of External Finance
Generally, the company can easily use existing and new shares to raise additional capital.
Common shares, as a critical external source of finance that the company intends to use, can be
easily accessed by the company in various ways. As the company is already listed, new shares
can be quickly issued by the board of directors without the need for approval by all shareholders
at an annual general meeting. Only major shareholders need to be consulted. Alternatively, a
rights issue can instead be used, where only existing shareholders will be allowed to buy new
shares (Brigham & Houston, 2021). Preferred shares can also be issued if the company intends to
raise capital and create a particular group of shareholders.
4
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
2021
2020
Equity
Debt
Figure 1: A comparison of current debt and equity levels shows that the company still has
additional borrowing capacity.
The company can quickly raise debt due to its stable financial position and brand value.
The company’s debt-to-equity ratio is 2022 was 1:2, meaning there were two equity units for
each unit of debt in the capital structure. This generally indicates a stable financial position that
can be used to source additional debt capital. The company also has a strong brand reputation
and is a well-known global corporation, which makes it easier to source money from leading
financial institutions.
5
References
See, for example, Mintzberg Henry, “Of Strategies, Deliberate and Emergent,” Strategic
Management Journal, 6 (1985): 257–272; Pettigrew Andrew M., “Strategy Formulation
as a Political Process,” International Studies of Management and Organization, 7 (1977):
78–87; Quinn J.B., Strategies for Change: Logical Incrementalism (Homewood, IL:
Irwin, 1980).
Rumelt R.P., “Towards a Strategic Theory of the Firm,” in Lamb R.B., ed., Competitive
Strategic Management (Englewood Cliffs, NJ: Prentice Hall, 1984); Lippman S.A.,
Rumelt R.P., “Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency
under Competition,” Bell Journal of Economics, 23 (1982): 418–438; Reed Richard,
DeFillippi
R.J., “Causal Ambiguity, Barriers to Imitation, and Sustainable Competitive
Advantage,” Academy of Management Review, 15 (January 1990): 88–102.
Carillo, Carlos, Jeremy Crumley, Kendree Thieringer, and Jeffrey S. Harrison. The Walt Disney
Company: A Corporate Strategy Analysis. Case Study. University of Richmond: Robins
School of Business, 2012.
Brigham, E. F., & Houston, J. F. (2021). Fundamentals of financial management: Concise.
Cengage Learning.
Disney. (2021). Annual Report.
https://www.sec.gov/Archives/edgar/data/1744489/000174448921000220/dis20211002.htm#i38ede6ac0fed40ab821ebfc9f1f7e403_142
Purchase answer to see full
attachment
![Description
For this part of the assignment, your group will integrate all four written component assignments into one 2,250-word comprehensive analysis that details the nine-step assessment process from start to finish.
Additionally, include an explanation of how ethical implications factored into your assessment of the company’s financial future. How does the company uphold its responsibility to carry out work for the common good and to meet society’s needs by making sound financial decisions?The Walt
Disney
Company
J’waun Dooley, Beena Shaji, and Marisa Tull
Grand Canyon University
FIN 504 – Finance Principles
Dr. Derek Moore
February 8, 2023
Access to Target Sources of External Finance
Generation
of Shares
Raise Debt
Generation
of Shares
Raise
Raise additional capital via existing and new shares
Access
Access common shares externally
Utilize
Utilize rights issue where only existing
shareholders can buy new shares (Brigham &
Houston, 2021)
Issue
Issue preferred shares to raise capital and create a
particular group of shareholders
Give
Issue new shares quickly via Board of Directors
The ability to raise debt quickly due to a stable
financial position and brand value.
Raise Debt
2022 Debt-to-Equity
Ratio was 1:2 which is
stable (Disney, 2021)
Two equity units
for each unit of
debt in the
capital structure.
Entity has a strong
brand reputation and is
well-known globally
Money sourced
from lender is
easier
Current Debt and Equity Levels
Figure 1: A comparison of current debt and equity levels shows that the company still has additional borrowing capacity (Disney, 2021).
Future Financial Sourcing Needs
• Sourcing needs are stable
• Continue to:
• Promote streaming platforms
and content
• Support parks and resorts
annually
• Earning revenue is $19.24 billion
dollars (Disney, 2021)
• Driven by all of the various
products such as media,
entertainment, parks, and more.
MOVIES &
PARK
REVENUE
SALES
Figure 2: shows the sales revenue from parks and movies by year. (Disney, 2021)
References
See, for example, Mintzberg Henry, “Of Strategies, Deliberate and Emergent,” Strategic Management Journal, 6
(1985): 257–272; Pettigrew Andrew M., “Strategy Formulation as a Political Process,” International Studies of
Management and Organization, 7 (1977): 78–87; Quinn J.B., Strategies for Change: Logical Incrementalism
(Homewood, IL: Irwin, 1980).
Rumelt R.P., “Towards a Strategic Theory of the Firm,” in Lamb R.B., ed., Competitive Strategic Management
(Englewood Cliffs, NJ: Prentice Hall, 1984); Lippman S.A., Rumelt R.P., “Uncertain Imitability: An Analysis of
Interfirm Differences in Efficiency under Competition,” Bell Journal of Economics, 23 (1982): 418–438; Reed
Richard, DeFillippi
R.J., “Causal Ambiguity, Barriers to Imitation, and Sustainable Competitive Advantage,” Academy of Management Review,
15 (January 1990): 88–102.
Carillo, Carlos, Jeremy Crumley, Kendree Thieringer, and Jeffrey S. Harrison. The Walt Disney Company: A Corporate
Strategy Analysis. Case Study. University of Richmond: Robins School of Business, 2012.
Brigham, E. F., & Houston, J. F. (2021). Fundamentals of financial management: Concise. Cengage Learning.
Disney. (2021). Annual Report. https://www.sec.gov/Archives/edgar/data/1744489/000174448921000220/dis
20211002.htm#i38ede6ac0fed40ab821ebfc9f1f7e403_142
1
The Walt Disney Company – Case Study Component Four
Jwaun Dooley, Beena Shaji, and Marisa Tull
Colangelo College of Business, Grand Canyon University
FIN-504: Finance Principles
Dr. Derek Moore
February 15, 2023
2
The Walt Disney Company – Case Study Component Four
Viability of the 3-5-Year Plan
Financial experts predict that The Walt Disney Company will generate $101 billion
yearly in the next three to five years. For the fiscal year 2021, the firm earned $67.418 billion in
sales, an increase of 3.1% over the prior fiscal year (The Walt Disney Company, 2022).
Financial projections are based on Disney’s ability to implement its business plan and, hence,
achieve the forecasted level of revenue. In response to the COVID-19 pandemic, The Walt
Disney Company (2022) put a hold on several projects to better secure their financial future.
However, as pandemic constraints have eased, the company has begun to emphasize its prepandemic operating model.
Further, the company has announced that between 2022 and 2025, it will add three
additional cruise ships to its fleet. While Rossolillo (2020) found that Disney’s direct-toconsumer business has helped the firm recover from the losses it incurred in its parks,
experiences, and products sector due to the pandemic, it has also helped the company move
forward. Considering the current market trend and Disney’s plan for capital investments, the
corporation seems to be in a great position to achieve its financial forecast. The current outlook
for the whole market allows for achieving strategic, competitive, and financial goals.
Adversity Testing Hypotheses
The Walt Disney Company predicted a profitable $100 billion revenue over the next
three to five years as part of its long-term plan (The Walt Disney Company, 2022). Numerous
hypothetical stress tests that account for the degree of competition in the market are necessary
for assessing the strength of a financial plan in the face of potential future obstacles. Competition
from other primary streaming services like Netflix may deter potential and current subscribers
3
from signing up for Disney’s digital streaming platforms. The presence of other entertainment
parks like Universal Studios, which has locations in both California and Florida, may reduce
attendance at Disney Parks. With over 196 million subscribers in January of 2022, Disney+ is
quickly approaching. Over 220 million people subscribe to Netflix throughout the globe.
Disney+, however, is quickly gaining ground and may soon overtake Netflix. Over two million
Netflix subscribers have left the service since December 2021, and that number is only projected
to grow. This means Disney they are well on its way to becoming the biggest subscribed
streaming platform in the world.
Current Financing Plan
The Walt Disney Company (TWDC) has a current financing plan that includes both debt
and equity financing as well as a diversity of other financial instruments. They have been able to
acquire access to a number of different credit facilities and multiple lines of credit in addition to
the issuing of corporate bonds and other debt securities. TWDC has utilized various equity
financings methods such as preferred stock, issuing common stock, and other forms of equity.
Additionally, they have been able to lock in additional capital via mortgage-backed securities,
asset-backed securities, and other forms of debt.
TWDC recently reported its first-quarter earnings for its fiscal year 2023, which ended
December 31, 2022 (see Table 1). Overall, TWDC’s first quarter was strong, as shown in Figure
1, with revenue growing 8% and the diluted earnings per share (EPS) from continuing operations
increasing as compared to the prior-year quarter (The Walt Disney Company [TWDC], 2023a).
Chief Executive Officer (CEO), Bob Iger, stated that TWDC is “embarking on a significant
transformation,” which will amplify its brand and creativity as well as restructure and reshape
the organization around creativity while decreasing expenses (TWDC, 2023a). One area that
4
seems to be a priority for the CEO is the company’s streaming services due to its poor
performance. Bob further explained that this strategy would help to sustain and continue growth
and profitability while also navigating future challenges of global economic challenges (TWDC,
2023a). The layoffs were also discussed during the earnings report, with Iger stating that staff
reductions of approximately 7,000 are coming. Given the hiring freeze that has been in place
since last year, this is not a huge surprise, but it indicates improved performance since last year
as the number of affected is relatively low. From a shareholders’ perspective, the return of Bob
Iger as CEO at the end of 2022 is a welcomed sight. The company delivered a substantial longterm shareholder value under his previous tenure, including a total shareholder return of 554%
from 09/30/2005 to 02/25/2020, compared to 244% for the S&P 500. (The Walt Disney
Company [TWDC], 2023b). Given this and Iger’s current plan for the company’s future, the
Board of Directors supports Iger’s strategic oversight.
Table 1
First Quarter Earnings for The Walt Disney Company Fiscal Year 202
Revenues
Income from continuing operations before income taxes
Total segment operating income
Net income from continuing operations
Diluted EPS from continuing operations
Diluted EPS excluding certain items
Cash used in continuing operations
Free cash flow
Figure 1
Quarter Ended
12/31/2022 1/31/2023
$23,512
$21,819
$1,773
$1,688
$3,043
$3,258
$1,279
$1,152
$1
$1
$1
$1
-$974
-$209
-$2,155
-$1,190
Change
8%
5%
-7%
11%
11%
-7%
>100%
81%
5
Comparison of Diluted EPS and Free Cash Flow of First Quarter Earnings from Fiscal Year
2022 and Fiscal Year 2023 for The Walt Disney Company
6
References
Dellatto, M. (2022). Netflix loses subscribers as Disney+ catches up: Here’s how the primary
streaming services are faring this year. Forbes.
https://www.forbes.com/sites/marisadellatto/2022/08/09/netflix-loses-subscribers-asdisney-catches-up-heres-how-the-major-streaming-services-are-faring-so-far-this-year/
Rossolillo, N. (2020). Where will Disney stock be in 5 years? The Motley Fool.
https://www.fool.com/investing/2022/12/21/where-will-disney-stock-be-in-5-years/
The Walt Disney Company. (2022). Form 10-K.
https://otp.tools.investis.com/clients/us/the_walt_disney_company/SEC/secshow.aspx?FilingId=16233275&Cik=0001744489&Type=PDF&hasPdf=1
The Walt Disney Company. (2023a). The Walt Disney Company reports first quarter earnings
for fiscal 2023. https://thewaltdisneycompany.com/the-walt-disney-company-reportsfirst-quarter-earnings-for-fiscal-2023/
The Walt Disney Company. (2023b). The Walt Disney Company underscores board strength and
focus on value creation, sends letter to shareholders.
https://thewaltdisneycompany.com/the-walt-disney-company-underscores-boardstrength-and-focus-on-value-creation-sends-letter-to-shareholders/
THE WALT
DISNEY
COMPANY
BEENA SHANJI
MARISA TULL
JWAUN DOOLEY
For the fiscal year 2021, the firm earned $67.418 billion
in sales, an increase of 3.1% over the prior fiscal year
(The Walt Disney Company, 2022).
VIABILITY
OF THE 3-5YEAR PLAN
In response to the COVID-19 pandemic, The Walt Disney
Company (2022) put a hold on several projects to better
secure their financial future. However, as pandemic
constraints have eased, the company has begun to
emphasize its pre-pandemic operating model.
Considering the current market trend and Disney’s plan
for capital investments, the corporation seems to be in a
great position to achieve its financial forecast. The
current outlook for the whole market allows for
achieving strategic, competitive, and financial goals.
VIABILITY OF THE 3-5-YEAR PLAN
Further, the company has
announced that between 2022 and
2025, it will add three additional
cruise ships to its fleet.
While Rossolillo (2020) found that
Disney’s direct-to-consumer
business has helped the firm recover
from the losses it incurred in its
parks, experiences, and products
sector due to the pandemic, it has
also helped the company move
forward.
ADVERSITY TESTING
HYPOTHESES
•
The Walt Disney Company predicted a
profitable $100 billion revenue over the next
three to five years as part of its long-term
plan (The Walt Disney Company, 2022).
•
Competition from other primary streaming
services like Netflix may deter potential and
current subscribers from signing up for
Disney’s digital streaming platforms.
•
With over 196 million subscribers in January
of 2022, Disney+ is quickly approaching.
Over 220 million people subscribe to Netflix
throughout the globe. Disney+, however, is
quickly gaining ground and may soon
overtake Netflix.
ADVERSITY TESTING
HYPOTHESES
• Over two million Netflix subscribers
have left the service since
December 2021, and that number is
only projected to grow.
• The presence of other entertainment
parks like Universal Studios, which
has locations in both California and
Florida, may reduce attendance at
Disney Parks.
• This means Disney they are well on
its way to becoming the biggest
subscribed streaming platform in
the world.
THE WALT DISNEY
COMPANY –
CURRENT
FINANCING PLAN
• The Walt Disney Company (TWDC)
has a current financing plan that
includes both debt and equity
financing as well as a diversity of
other financial instruments.
• TWDC recently reported its firstquarter earnings for its fiscal year
2023, which ended December 31,
2022 (see Table 1).
• One area that seems to be a
priority for the CEO is the
company’s streaming services due
to its poor performance.
Quarter Ended
12/31/2022
1/31/2023
Change
Revenues
$23,512
$21,819
8%
Income from continuing operations before
income taxes
$1,773
$1,688
5%
Total segment operating income
$3,043
$3,258
-7%
Net income from continuing operations
$1,279
$1,152
11%
Diluted EPS from continuing operations
$1
$1
11%
Diluted EPS excluding certain items
$1
$1
-7%
Cash used in continuing operations
-$974
-$209
>100%
Free cash flow
-$2,155
-$1,190
81%
THE WALT DISNEY
COMPANY – CURRENT
FINANCING PLAN
•
Overall, TWDC’s first quarter was
strong, as shown in Figure 1, with
revenue growing 8% and the diluted
earnings per share (EPS) from
continuing operations increasing as
compared to the prior-year quarter
(The Walt Disney Company [TWDC],
2023a).
•
Given the hiring freeze that has been in
place since last year, this is not a huge
surprise, but it indicates improved
performance since last year as the
number of affected is relatively low.
•
Bob further explained that this strategy
would help to sustain and continue
growth and profitability while also
navigating future challenges of global
economic challenges (TWDC, 2023a).
REFERENCES
• Dellatto, Marisa. (2022). Netflix loses subscribers as Disney+ catches
up: Here’s how the primary streaming services are faring this year.
Forbes.com
• The Walt Disney Company. (2022). Form 10-k.
Thewaltdisneycopmany.com Rossolillo, N. (2020). Where will Disney
be in 5 years? The Motley Fool.
• The Walt Disney Company. (2023a). The Walt Disney Company
reports first quarter earnings for fiscal 2023.
https://thewaltdisneycompany.com/the-walt-disney-companyreports-first-quarter-earnings-for-fiscal-2023/
• The Walt Disney Company. (2023b). The Walt Disney Company
underscores board strength and focus on value creation, sends letter
to shareholders. https://thewaltdisneycompany.com/the-walt-disneycompany-underscores-board-strength-and-focus-on-value-creationsends-letter-to-shareholders/
•
The Walt
Disney
Company
JWAUN DOOLEY
BEENA SHAJI
MARISA TULL
Outline
•Disney pursues the goal of expansion to new markets by
constantly looking at and expanding its reach across the global
market
•Notably, with these financial details from 2022, it is deducible
that the company had a strong year with exemplary performance
in its various segments and vast growth in subscriptions,
especially in direct-to-consumer services
Analysis of Fundamentals:
Goals and Strategy
The organization’s primary goal is to create high-quality
content focused on providing excellent and customeroriented content to its audiences worldwide.
This goal entails creating innovative, engaging, memorable films, TV
shows, and other forms of entertainment.
Besides, the company commits to using technology to drive
innovation and enhance customer experience by using data analytics
to improve customer preferences, virtual and augmented reality, and
other emerging technologies to create immersive and appealing
content (The Walt Disney Company, 2018).
Disney Goal
Additionally, leveraging technological innovations is another perfect
goal for Disney to achieve its business objectives.
Studies acknowledge that organizations leverage technologies to
optimize their operations and efficiency by streamlining their activities,
similar to the commitment by Disney (Olokundun et al., 2022).
As a result, the organization commits to establishing a culture of
creativity and innovation by allowing the employees to think creatively,
take risks, and promote new ideas to steer the company forward.
Expansion To
Disney
Market
Disney pursues the goal of expansion to new markets by
constantly looking at and expanding its reach across the
global market.
The company acknowledges its moves for global
expansion as strategic positioning for the future by
establishing more effective frameworks for serving
customers across the globe (The Walt Disney Company,
2018).
Therefore, with the vast leverage on technology,
commitment to expanding in the global markets and
providing high-quality content, fostering innovation,
and building partnerships in service delivery, Disney
adopts the differentiation strategy for high-level
competitiveness and offers products to different
segments.
Disney Competitors
Differentiation entails providing customers with
unique products other than the provisions by
the competitors, which Disney leverages for
customer satisfaction and positive experience
(Keiningham et al., 2019).
For example, the company is continuously
launching new theme parks and creating
content for emerging platforms like streaming
services and new franchises.
Disney Outlook
The Walt Disney Company (TWDC) reported
earnings for its fourth quarter and fiscal year
that ended October 1, 2022. The revenue
noted for the fourth quarter grew by 9% and
for the fiscal year grew by 23%.
The Direct-to-Consumer (DTC) segment has
experienced losses, but these losses are
expected to lessen moving forward with the
Disney+ plus platform achieving profitability
in the fiscal year 2024 barring any major shifts
in the economic climate (The Walt Disney
Company, 2022).
TWDC has also reported that future revenue
will come from the benefits of price increases
and the Disney+ ad-supported tier which will
increase profits from the streaming service
and generate shareholder value in the future
(The Walt Disney Company, 2022).
Disney Outlook
At the end of November 2022, an announcement
was made that the current Chief Executive Officer
(CEO), Bob Chapek, would be replaced by the
previous CEO, Bob Iger. Under Chapek’s guide,
TWDC faced many challenges and trials.
During Iger’s previous four-decade tenure at Disney,
he was able to expand the business in many ways
including the acquisitions of film studio giants such as
Pixar and Marvel (Wulandari, 2022).
Overall, the revenue outlook for TWDC is
conservative given the current economic
environment and post-pandemic state, however, the
optimism is high given Iger’s return with some analysts
forecasting the stock price to increase anywhere
from 4.34% to 143.82% higher (Wall Street Zen, n.d.).
References
Keiningham, T., Aksoy, L., Bruce, H. L., Cadet, F., Clennell,
N., Hodgkinson, I. R., & Kearney, T. (2019). Customer
experience-driven business model innovation. Journal of
Business Research, 116, 431–440.
https://doi.org/10.1016/j.jbusres.2019.08.003
Olokundun, M., Ogbari, M. E., Falola, H., & Ibidunni, A. S.
(2022). Leveraging 5G network for digital innovation in
small and medium enterprises: a conceptual review. Journal
of Innovation and Entrepreneurship, 11(1).
https://doi.org/10.1186/s13731-021-00181-5
The Walt Disney Company. (2018, March 14). The Walt
Disney Company Announces Strategic Reorganization. The
Walt Disney Company.
https://thewaltdisneycompany.com/walt-disney-companyannounces-strategic-reorganization/
The Walt Disney Company. (2022, November 8). The Walt
Disney Company Reports Fourth Quarter and Full Year
Earnings for Fiscal 2022. The Walt Disney Company.
https://thewaltdisneycompany.com/the-walt-disney-companyreports-fourth-quarter-and-full-year-earnings-for-fiscal-2022/
References
Wall Street Zen. (n.d.). Walt Disney Co stock
forecast, predictions, & price target.
https://www.wallstreetzen.com/stocks/us/nyse/dis/st
ock-forecast
Wulandari, F. (2022). Disney stock forecast: Will the
stock find its magic again? Capital.
https://capital.com/walt-disney-dis-stock-forecast
The Walt Disney Company. (2022). The Walt Disney
Company reports fourth quarter and full year
earnings for fiscal 2022.
https://thewaltdisneycompany.com/the-walt-disneycompany-reports-fourth-quarter-and-full-yearearnings-for-fiscal-2022/
1
Analysis of a Company: The Walt Disney Company
Jwaun Dooley, Beena Shaji, and Marisa Tull
Colangelo College of Business, Grand Canyon University
FIN-504: Finance Principles
Derek Moore
January 11, 2023
2
Analysis of a Company: The Walt Disney Company
Step 1: Analysis of Fundamentals: Goals and Strategy
The Walt Disney Company, or Disney, has an array of goals and strategies crucial for the
company to achieve its business objectives. The organization’s primary goal is to create highquality content focused on providing excellent and customer-oriented content to its audiences
worldwide. This goal entails creating innovative, engaging, memorable films, TV shows, and
other forms of entertainment. Additionally, leveraging technological innovations is another
perfect goal for Disney to achieve its business objectives. Besides, the company commits to
using technology to drive innovation and enhance customer experience by using data analytics to
improve customer preferences, virtual and augmented reality, and other emerging technologies to
create immersive and appealing content (The Walt Disney Company, 2018). Studies
acknowledge that organizations leverage technologies to optimize their operations and efficiency
by streamlining their activities, similar to the commitment by Disney (Olokundun et al., 2022).
Disney pursues the goal of expansion to new markets by constantly looking at and
expanding its reach across the global market. For example, the company is continuously
launching new theme parks and creating content for emerging platforms like streaming services
and new franchises. The company acknowledges its moves for global expansion as strategic
positioning for the future by establishing more effective frameworks for serving customers
across the globe (The Walt Disney Company, 2018). As a result, the organization commits to
establishing a culture of creativity and innovation by allowing the employees to think creatively,
take risks, and promote new ideas to steer the company forward. Therefore, with the vast
leverage on technology, commitment to expanding in the global markets and providing highquality content, fostering innovation, and building partnerships in service delivery, Disney
3
adopts the differentiation strategy for high-level competitiveness and offers products to different
segments. Differentiation entails providing customers with unique products other than the
provisions by the competitors, which Disney leverages for customer satisfaction and positive
experience (Keiningham et al., 2019).
Step 2: Analysis of Fundamentals: Revenue Outlook
The Walt Disney Company (TWDC) reported earnings for its fourth quarter and fiscal
year that ended October 1, 2022. The revenue noted for the fourth quarter grew by 9% and for
the fiscal year grew by 23%. Additionally, TWDC’s diluted earnings per share (EPS) for the
fiscal year increased to $3.53 from $2.29 the prior year. The Direct-to-Consumer (DTC) segment
has experienced losses, but these losses are expected to lessen moving forward with the Disney+
plus platform achieving profitability in the fiscal year 2024 barring any major shifts in the
economic climate (The Walt Disney Company, 2022). TWDC has also reported that future
revenue will come from the benefits of price increases and the Disney+ ad-supported tier which
will increase profits from the streaming service and generate shareholder value in the future (The
Walt Disney Company, 2022). At the end of November 2022, an announcement was made that
the current Chief Executive Officer (CEO), Bob Chapek, would be replaced by the previous
CEO, Bob Iger. Under Chapek’s guide, TWDC faced many challenges and trials. The Board of
Directors’ decision to replace Chapek with Iger put the company back in alignment for a
strategic direction and renewed growth (Wulandari, 2022). During Iger’s previous four-decade
tenure at Disney, he was able to expand the business in many ways including the acquisitions of
film studio giants such as Pixar and Marvel (Wulandari, 2022). Overall, the revenue outlook for
TWDC is conservative given the current economic environment and post-pandemic state;
4
however, the optimism is high given Iger’s return, with some analysts forecasting the stock price
to increase anywhere from 4.34% to 143.82% higher (Wall Street Zen, n.d.).
5
References
Keiningham, T., Aksoy, L., Bruce, H. L., Cadet, F., Clennell, N., Hodgkinson, I. R., & Kearney,
T. (2019). Customer experience-driven business model innovation. Journal of Business
Research, 116, 431–440. https://doi.org/10.1016/j.jbusres.2019.08.003
Olokundun, M., Ogbari, M. E., Falola, H., & Ibidunni, A. S. (2022). Leveraging 5G network for
digital innovation in small and medium enterprises: a conceptual review. Journal of
Innovation and Entrepreneurship, 11(1). https://doi.org/10.1186/s13731-021-00181-5
The Walt Disney Company. (2022). The Walt Disney Company reports fourth quarter and full
year earnings for fiscal 2022. https://thewaltdisneycompany.com/the-walt-disneycompany-reports-fourth-quarter-and-full-year-earnings-for-fiscal-2022/
The Walt Disney Company. (2018, March 14). The Walt Disney Company Announces Strategic
Reorganization. The Walt Disney Company. https://thewaltdisneycompany.com/waltdisney-company-announces-strategic-reorganization/
Wall Street Zen. (n.d.). Walt Disney Co stock forecast, predictions, & price target.
https://www.wallstreetzen.com/stocks/us/nyse/dis/stock-forecast
Wulandari, F. (2022). Disney stock forecast: Will the stock find its magic again? Capital.
https://capital.com/walt-disney-dis-stock-forecast
1
CLC – Case Study Component 2
Beena Shaji, Marisa Tull, J’waun Dooley
Grand Canyon University
FIN 504-Finance Principles
Dr Derek Moore
January 25, 2023
2
CLC – Case Study Component 2
Step Three: Investments to Support the Business Unit Strategy or Strategies
While we know that the company is still growing in an enormous rate, we have to look at
the strategies that are being used for the platform. Almost everyone has been to the parks before
and after the pandemic; but now we have a lot more interesting things that happened at Disney.
We now have Disney plus, and more investors to the company to help everything continue to
grow. Disney plus had mentioned from quarterly earnings. Disney’s CEO Bob Chapek
mentioned billions of dollars of investment content to have this streaming service during the
pandemic. By offering even better value by building premium content in large volumes, Disney
may be able to reprice Disney+, which is now available at $8 for monthly subscriptions and $80
for annual subscriptions in the U.S. The main thing that Disney Plus added was a lot of different
variety of shows and movies. You can even see the new Marvel movies that comes in theaters a
couple months in advance or even when it is in theaters. One movie is Black Widow and it made
great views to the Cinemax and Disney and the same time.
Figure 1: Trends in revenues and profits show the performance from different movies that are on
Disney Plus and future
3
Facts are that Disney is still growing, even if its movies they made or even with their
streaming program that can show the movies or even the other platform they are with. The have
Hulu and ESPN plus. These two platforms are now with a Disney plus and still growing until this
day because the growth of the network and the expanding of the company. Disney strategies are
mainly trying to expand the streaming program so that not only kids but also grown-ups can
enjoy it by watching the old Disney shows to watching sports on ESPN plus.
Step Four: Future Profitability and Competitive Position
Generally, revenues and profits are on an upward trend and are likely to keep growing as
the economy stabilizes. As the economy recovers from the recession caused by the pandemic, the
company’s overall performance is expected to improve. In the last financial quarter of 2022, total
revenues made by the company grew by 9%, indicating an increase in demand for its streaming
content and visitors to its essential theme parks. Suppose the company can successfully venture
into new markets using its streaming service. In that case, it will be able to grow its long-term
revenues and profitability and be in a better competitive position.
4
Revenues and Profits
90
80
70
60
50
40
30
20
10
0
-10
2019
2020
Revenue
2021
Profits
2022
Figure 1: Trends in revenues and profits show the performance of the company has been on an
upward trend in the recent past and is likely to be sustained in the future
The fact that the company has multiple revenue streams is also a critical competitive
advantage that will enable its operations to grow in the long term. For most film studios,
distribution has moved to streaming platforms, which the company has successfully adapted to
by establishing its streaming services. Several strategic acquisitions in the recent past have also
enabled the company to reduce the competition it faces and grow its revenue base. The multiple
revenue streams are critical sources of sustainable competitive advantage that will allow the
company to protect its profitability for the long term.
5
References
Kline, D. (2022). Disney CEO makes it clear a big price increase is coming (here’s when).
TheStreet. https://www.thestreet.com/investing/disney-ceo-bob-chapek-hints-at-a- majorprice- increase?puc=yahoo&cm_ven=YAHOO
Martinez-Sanchez, M. E., Nicolas-San, R., & Díaz, J. B. (2021). Analysis of the social media
strategy of audio-visual OTTs in Spain: The case study of Netflix, HBO, and
Amazon Prime during the implementation of Disney+. Technology Forecasting and
Social Change, 173, 121178.
The Walt Disney Company. (2022). The Walt Disney Company at the Morgan Stanley
technology, media and telecom conference. https://thewaltdisneycompany.com/thewalt-disney-company-at-the-morgan-stanley-technology-media-and-telecomconference-2/
Zern, A. (2022). The theme park throwdown: The successes and failures of IP-related
attractions and expansions in Disney theme parks and strategies for the future. Senior
Honors Theses, 1213. https://digitalcommons.liberty.edu/honors/1213
6
The Walt
Disney
Company
J’waun Dooley, Beena Shaji,
and Marisa Tull
Grand Canyon University
FIN 504 – Finance Principles
Dr. Derek Moore
January 25, 2023
This Photo by Unknown Author is licensed under CC BY-SA
Investments
to Support
the Business
Unit
Strategies Disney Plus
Offers an increased
value with large
volumes of
premium content
Multiple
subscription plans
options
Variety of shows
and movies
Influence of the
COVID-19 Pandemic
• Parks and Resorts business unit was hit
hard by the COVID-19 pandemic
• Financial investment into Disney Plus
allowed the company to recoup losses with
interest in the platform skyrocketing during
the pandemic
• Two strategies drove the interest:
• Offering content for all ages and
interest
• Streaming content that would typically
show in theaters first concurrently
with theater releases
Revenue Trend of Disney Plus Movies
Phase-out of pandemic and the
precautions that are in place
Future
Profitability
and
Competitive
Performance
Visitors returning to the parks
and resorts
Increase in demand of streaming
services
Strategic Moves
• Acquisitions of other major
entities, such as Marvel,
Pixar, and more, have
reduced competition and
increased Disney’s revenue
base
• Establish multiple revenue
streams to protect long-term
profitability
• Recent reorganization of
executive leadership will
help create a foundation to
support the company’s
projected upward trend
Revenues and Profits
90
80
70
Revenue and
Profit Trends
60
50
40
30
20
10
0
2019
2020
2021
-10
Revenue
Profits
2022
References
Kline, D. (2022). Disney CEO makes it clear a big price increase is coming (here’s when). TheStreet.
https://www.thestreet.com/investing/disney-ceo-bob-chapek-hints-at-a-major-priceincrease?puc=yahoo&cm_ven=YAHOO
Martinez-Sanchez, M. E., Nicolas-San, R., & Díaz, J. B. (2021). Analysis of the social media strategy of
audio-visual OTTs in Spain: The case study of Netflix, HBO, and Amazon Prime during the
implementation of Disney+. Technology Forecasting and Social Change, 173, 121178.
The Walt Disney Company. (2022). The Walt Disney Company at the Morgan Stanley technology, media
and telecom conference. https://thewaltdisneycompany.com/the-walt-disney-company-at-the-morganstanley-technology-media-and-telecom-conference-2/
Zern, A. (2022). The theme park throwdown: The successes and failures of IP-related attractions and
expansions in Disney theme parks and strategies for the future. Senior Honors Theses, 1213.
https://digitalcommons.liberty.edu/honors/1213
1
Case Study Component 3
Beena Shaji, Marisa Tull, J’waun Dooley
Grand Canyon University
FIN 504-Finance Principles
Dr Derek Moore
January 25, 2023
2
CLC – Component 3
Step Five: Future External Financing Needs
The future external financing needs for Disney is a quite simple thing to do for company.
Disney have made many of television shows and movies that are well known in the world today.
They also have taught the youth a lot about different things in the world. The best situation for
Disney is to keep promoting the streaming productions and to keep the parks up to dates on
seasonal dates. I believe in all four seasons Disney have always been promoting during the
seasons like the Spring and Winter. Disney earning revenue is $19.24 billion dollars, this is also
a distribution of the media, entertainment, parks, experiences, and product that Disney is selling
to the public. Analysts review the capital structure of a firm to gain insights about management’s
strategic relationship with and reliance on outside capital.
DISNEY SALES IN MOVIES AND PARKS REVENUE
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Sale/Revenue
Gross Income
2022
2021
2020
Figure 1 shows the Sales Revenue from parks and movies in the past years
Disney is a well-followed firm. Zacks reports at least 24 sell-side analysts who have
made buy, sell, or hold recommendations on the firm, providing estimates of earnings per share
3
and future growth. While the firm provides substantial amounts of information about itself in
the form of earnings reports, there is a substantial amount of information that is available about
the firm from external sources. Both facts would lead us to expect less bias in the information
that is available about the firm. The CEOS LPV biomass protocol will include a thorough
discussion outlining the types of errors that should be considered (many of which are discussed
above) and present three basic methods of error propagation.
Access to Target Sources of External Finance
Generally, the company can easily use existing and new shares to raise additional capital.
Common shares, as a critical external source of finance that the company intends to use, can be
easily accessed by the company in various ways. As the company is already listed, new shares
can be quickly issued by the board of directors without the need for approval by all shareholders
at an annual general meeting. Only major shareholders need to be consulted. Alternatively, a
rights issue can instead be used, where only existing shareholders will be allowed to buy new
shares (Brigham & Houston, 2021). Preferred shares can also be issued if the company intends to
raise capital and create a particular group of shareholders.
4
100000
90000
80000
70000
60000
50000
40000
30000
20000
10000
0
2021
2020
Equity
Debt
Figure 1: A comparison of current debt and equity levels shows that the company still has
additional borrowing capacity.
The company can quickly raise debt due to its stable financial position and brand value.
The company’s debt-to-equity ratio is 2022 was 1:2, meaning there were two equity units for
each unit of debt in the capital structure. This generally indicates a stable financial position that
can be used to source additional debt capital. The company also has a strong brand reputation
and is a well-known global corporation, which makes it easier to source money from leading
financial institutions.
5
References
See, for example, Mintzberg Henry, “Of Strategies, Deliberate and Emergent,” Strategic
Management Journal, 6 (1985): 257–272; Pettigrew Andrew M., “Strategy Formulation
as a Political Process,” International Studies of Management and Organization, 7 (1977):
78–87; Quinn J.B., Strategies for Change: Logical Incrementalism (Homewood, IL:
Irwin, 1980).
Rumelt R.P., “Towards a Strategic Theory of the Firm,” in Lamb R.B., ed., Competitive
Strategic Management (Englewood Cliffs, NJ: Prentice Hall, 1984); Lippman S.A.,
Rumelt R.P., “Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency
under Competition,” Bell Journal of Economics, 23 (1982): 418–438; Reed Richard,
DeFillippi
R.J., “Causal Ambiguity, Barriers to Imitation, and Sustainable Competitive
Advantage,” Academy of Management Review, 15 (January 1990): 88–102.
Carillo, Carlos, Jeremy Crumley, Kendree Thieringer, and Jeffrey S. Harrison. The Walt Disney
Company: A Corporate Strategy Analysis. Case Study. University of Richmond: Robins
School of Business, 2012.
Brigham, E. F., & Houston, J. F. (2021). Fundamentals of financial management: Concise.
Cengage Learning.
Disney. (2021). Annual Report.
https://www.sec.gov/Archives/edgar/data/1744489/000174448921000220/dis20211002.htm#i38ede6ac0fed40ab821ebfc9f1f7e403_142
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