Disney's Streaming Surge, Epic Games Deal Among Key Growth Drivers, Says Analyst
Disney's Streaming Surge, Epic Games Deal Among Key Growth Drivers, Says Analyst
• 5.5 million to 6 million new subscribers from Needham analyst Laura Martin reiterated a Buy rating for Walt Disney Co (NYSE:DIS) with a $110 price target.
Needham分析師Laura Martin重申了對沃爾特迪士尼公司（紐交所：DIS）的買入評級，目標股價爲110美元。
The re-rating is based on:
重評估基於：
• Direct to Consumer (DTC) breakeven in fiscal 2024 with "double-digit" margins at maturity.
• 2024財年DTC達到盈虧平衡，並在成熟階段實現「兩位數」利潤率。
• 5.5 million to 6 million new subscribers from Charter Communications, Inc (NASDAQ:CHTR) starting in the second half of fiscal 2024.
• 從特許通訊公司（納斯達克：CHTR）在2024財年下半年開始的550萬至600萬名新訂閱用戶。
• Disney's $1.5 billion investment in Epic Games (to build Disney video games).
• 迪士尼對Epic Games的15億美元投資（用於開發迪士尼電子遊戲股）。
• 70% of $60 billion Parks CapX will be "incremental capacity" leading to a revenue boost.
• 600億美元主題公園資本支出的70%將是「增量容量」，帶來營業收入提升。
• $8 billion of fiscal 2024 free cash flow, exclusive Taylor Swift concert rights for Disney+.
• 2024財年80億美元的自由現金流，獨家獲得泰勒·斯威夫特音樂會在Disney+的版權。
• A 50% higher dividend (to $0.90 per year) for a 1% yield.
• 將股息提高50％（至每年0.90美元），獲得1％的收益率。
• More than $3 billion of share repurchases in 2024.
• 2024年股票回購超過30億美元。
Longer-term, Martin noted Disney's asset mix of both digital and physical assets (i.e., an Omniverse) maximizes its economic value capture, that Disney benefits from generative AI and the company will be a takeover target by the Big Tech companies backed by its streaming moat and high-quality content libraries with hit film and TV franchises.
長期來看，馬丁指出迪士尼數字和實物資產的資產組合（即，全宇宙）最大化了其經濟價值，迪士尼受益於生成式人工智能，並且該公司將成爲大科技公司的收購目標，支撐其流媒體護城河和擁有熱門影視特許經營權的高質量內容庫。
Also Read: Disney Strikes First-Look Deal With Spider-Man Director Jon Watts: Report
此外閱讀：迪士尼與蜘蛛俠導演喬恩·沃茨達成首選交易
Martin lowered her fourth-quarter operating income and EPS estimates. Disney's new fourth-quarter estimates are revenue of $22.2 billion, operating income of $3.6 billion, and adjusted EPS of $1.07.
馬丁下調了她的第四季度營業收入和每股收益預測。 迪士尼新的第四季度預測爲222億美元的營業收入，36億美元的營業收入和調整後每股收益爲1.07美元。
Martin maintained her Entertainment revenue estimate of $10.6 billion. She cut her estimate for Linear Networks by 10% to $2.4 billion, reflecting continued linear subscriber declines in the quarter and the Disney carriage dispute with DirecTV exactly offset by higher box office revs for "Deadpool & Wolverine" in the Content Sales segment. Martin estimates the operating income for this division to be $665 million.
馬丁維持其對娛樂業務營收的預估爲106億美元。她將線性網絡的預估削減了10％至24億美元，反映了本季度線性訂閱者進一步減少以及迪士尼與DirecTV的發佈爭端對內容銷售部門中"死侍和金剛狼"的高票房收入產生的完全抵消。 馬丁預計該部門的營業收入爲66500萬美元。
Martin maintained her estimates for Sports revenues at $3.8 billion but raised her estimated operating income by 11% to $922 million, reflecting momentum and cadence in this division, evidenced in the third quarter. Martin maintained her revenue estimate for Experiences of $8.2 billion but cut her estimate for operating income by 13% to $1.7 billion to reflect the guidance of losses in the "mid-single digits."
馬丁維持了她對體育業務收入的估算爲38億美元，但將預計的營業收入提高了11％至92200萬美元，反映了該部門在第三季度表現出的動量和節奏。 馬丁維持了對體驗的營收預估爲82億美元，但將營業收入的預估削減了13％至17億美元，以反映在"中單位數"的指引中的虧損預估。
DIS Price Actions: Disney stock is up 1.32% at $95.16 at publication Thursday.
迪士尼股票在本週四的發表中上漲了1.32%，達到95.16美元。
Also Read:
還閱讀：
- Disney Trims Workforce By 300, Targets Corporate Departments for Cost Management
- 迪士尼裁減300名員工，目標是企業部門進行成本管理
Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。