Disney's Streaming Profits And Park Rebound Lead The Way: Analyst
Disney's Streaming Profits And Park Rebound Lead The Way: Analyst
By segment, Entertainment OI reached $1.07 billion ($1.06 billion expectations), while Sports OI came in lower at $929 million versus the estimated $966 million. Experiences OI matched the forecast at $1.7 billion.BofA Securities analyst Jessica Reif Ehrlich reiterated a Buy rating on Walt Disney Co (NYSE:DIS) with a price target of $120.
美國銀行證券分析師傑西卡·賴夫·埃爾裏希(Jessica Reif Ehrlich)重申了對沃爾特·迪士尼公司(NYSE:DIS)的買入評級，目標價爲120美元。
Ehrlich maintained a positive outlook on Disney following its mixed fiscal fourth-quarter results, focusing on its guidance for fiscal 2025 and beyond.
埃爾裏希在迪士尼發佈混合第四季度業績後，仍對迪士尼持積極展望，重點關注其對2025財年及以後的預測。
Disney's fiscal fourth-quarter revenue grew 6.3% year-over-year to $22.6 billion, slightly above Ehrlich's forecast of $22.3 billion. Operating income (OI) increased by 16% to $3.66 billion but fell below her estimated $3.70 billion. Adjusted EPS came in at $1.14, surpassing the analyst's forecast of $1.11.
迪士尼第四季度財務營收同比增長6.3%，達到226億美元，略高於埃爾裏希223億美元的預測。運營收入(OI)增長16%，達36.6億美元，但低於她估計的37億美元。調整後的每股收益爲1.14美元，超過分析師預測的1.11美元。
By segment, Entertainment OI reached $1.07 billion ($1.06 billion expectations), while Sports OI came in lower at $929 million versus the estimated $966 million. Experiences OI matched the forecast at $1.7 billion.
按部門劃分，娛樂運營收入達到10.7億美元（預期爲10.6億美元），而體育運營收入則低於預期的92900萬美元，預計達到96600萬美元。體驗運營收入達到預期的17億美元。
Disney provided its initial guidance for fiscal 2025, targeting high single-digit growth in adjusted EPS, estimated between $5.26 and $5.41, up from the fiscal 2024 base of $4.97. Ehrlich expects double-digit OI growth in the Entertainment segment, 13% OI growth in Sports, and 6-8% growth in Experiences.
迪士尼爲2025財年提供了初步指引，預計調整後的每股收益將以高個位數增長，預計在5.26至5.41美元之間，高於2024財年的基數4.97美元。埃爾裏希預計娛樂領域的運營收入將實現兩位數增長，體育領域運營收入增長13%，體驗領域增長6-8%。
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The company aims for $15 billion in operating cash flow, with $8 billion allocated for capital expenditures, implying about $7 billion in free cash flow. Additionally, Disney plans to increase dividends in line with earnings growth and conduct $3 billion in share repurchases. For fiscal 2026 and 2027, Ehrlich forecasts double-digit EPS growth, driven by improved margins in the streaming segment and overall earnings expansion.
公司旨在實現150億美元的營運現金流，其中80億美元用於資本支出，意味着約70億美元的自由現金流。此外，迪士尼計劃根據盈利增長提高分紅，並進行30億美元的股票回購。對於2026年和2027財年，埃爾裏希預測調整後的每股收益將實現兩位數增長，主要受流媒體業務邊際提升和整體盈利擴張的推動。
In the Entertainment division, Linear Networks OI was lower at $498 million, impacted by a decline in domestic revenue due to non-renewed carriage agreements and reduced advertising income. Conversely, Direct-to-Consumer (DTC) OI exceeded estimates, reaching $253 million, boosted by a net increase of 4.4 million Disney+ subscribers and higher subscription revenue from recent price hikes.
在娛樂部門，有線網絡運營收入下降至49800萬美元，受不再續約的傳輸協議和廣告收入減少影響。相比之下，直接面向消費者(DTC)的運營收入超出預期，達到25300萬美元，受惠於440萬迪士尼+訂閱用戶的淨增長，以及最近價格調整帶來的訂閱收入增加。
Content Sales and Licensing outperformed expectations with $316 million in OI, fueled by strong quarterly theatrical releases. Experiences revenue reached $8.24 billion, driven by 3% domestic growth, although international revenue declined by 5%. Ehrlich noted increased costs from inflation and technology investments, which slightly compressed margins.
內容銷售和許可證業績超過預期，營業利潤達到31600萬美元，受強勁季度院線發行的推動。體驗類營業收入達到82.4億美元，受到國內3%的增長的推動，儘管國際營業收入下降了5%。埃爾利希指出，通脹和技術投資增加了成本，略微擠壓了利潤率。
The Sports segment reported flat year-over-year revenue of $3.91 billion, slightly below the $3.98 billion estimate. Operating income declined by 5.3% to $929 million due to lower affiliate revenue linked to decreased subscribers. Higher advertising revenue and increased programming costs partially offset this decline.
體育部門報告的年度營業收入爲39.1億美元，與39.8億美元的預期略有下降。由於降低的訂閱用戶數導致附屬收入減少，營業利潤下降了5.3%至92900萬美元。更高的廣告收入以及節目成本的增加部分抵消了這一下滑。
Ehrlich valued the stock at 22 times her calendar 2025 adjusted EPS estimate. The premium reflects Disney's strong asset portfolio, including leading content and top-tier theme parks. Ehrlich pointed to two critical near-term catalysts: profitability improvements in the DTC segment and a recovery in the parks business, justifying the multiple valuations in line with Disney's historical premium.
埃爾利希將股票定爲2025年她校準後每股收益估計的22倍。這一溢價反映了迪士尼強大的資產組合，包括領先的內容和頂級主題公園。埃爾利希指出兩個關鍵的近期催化劑: DTC部門的盈利改善和主題公園業務的復甦，證明了與迪士尼歷史溢價相一致的多重估值。
Walt Disney stock gained 21% year-to-date. Investors can gain exposure to the stock through The Communication Services Select Sector SPDR Fund (NYSE:XLC) and SPDR Dow Jones Industrial Average ETF (NYSE:DIA).
沃爾特迪士尼的股價今年截至目前上漲了21%。投資者可以通過通訊服務行業精選指數etf-spdr（XLC）和標普道瓊斯工業平均指數etf（DIA）獲得該股票的暴露。
Price Actions: DIS stock is up 6.45% at $109.34 at the last check on Thursday.
價格走勢: 迪士尼股價在週四最後一次檢查時上漲6.45%，報109.34美元。
Image via Shutterstock
圖片來源：shutterstock
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譯文內容由第三人軟體翻譯。
