Disney Stock Looks Underpriced. How to Play It Now. -- Barrons.com
Disney Stock Looks Underpriced. How to Play It Now. -- Barrons.com
DJ Disney Stock Looks Underpriced. How to Play It Now. -- Barrons.com
DJ迪士尼股票看起來定價過低。現在怎麼玩。--Barrons.com
By Steven M. Sears
史蒂文·M·西爾斯(Steven M.Sears)
Over the weekend, as the nation celebrated Independence Day, Walt Disney played Hamilton on its Disney+ streaming-video subscription service.
上週末，在美國慶祝獨立日之際，沃爾特·迪士尼(Walt Disney)在其迪士尼+流媒體視頻訂閲服務上扮演了漢密爾頓(Hamilton)。
The telecast generated nationwide excitement and scads of starry-eyed articles from trade publications to the New York Times, all of which raises some interesting issues for investors.
這場電視轉播在全國範圍內引起了興奮，從行業出版物到《紐約時報》的大量樂觀文章，所有這些都給投資者提出了一些有趣的問題。
Amid the Covid-19 pandemic, streaming video has emerged as one of the key ways we entertain ourselves, exercise, and even gather with friends and colleagues.
在新冠肺炎的盛行中，流媒體視頻已經成為我們娛樂、鍛鍊甚至與朋友和同事聚會的主要方式之一。
Within such confines, Disney (ticker: DIS) is well positioned to thrive at a time when content that can be safely viewed from home is in hot demand. Disney's extraordinary content catalog makes it a stock worth owning, especially at a time when it has fallen from favor.
在這樣的範圍內，迪士尼(股票代碼：DIS)處於有利地位，在一個可以在家裏安全觀看的內容需求旺盛的時候蓬勃發展。迪士尼非凡的內容目錄使其成為一隻值得擁有的股票，特別是在它失寵的時候。
Sure, there is the problem about Disney's theme parks, which are difficult to operate during a pandemic and which appear to be the key reason the stock has performed so poorly this year. But the Hamilton experience is an indication of what the company can do to thrive even in the age of pandemics that disrupt theme parks and the creation of new movies.
當然，迪士尼的主題公園也有問題，在大流行期間很難運營，這似乎是迪士尼股票今年表現如此糟糕的關鍵原因。但漢密爾頓的經歷表明，即使在大流行擾亂主題公園和新電影創作的時代，該公司也可以做些什麼來蓬勃發展。
So far this year, Disney's stock is down about 21%. Over the past year, the stock has declined by about the same amount. Netflix (NFLX), which is a pure-play streaming investment, is up 52% this year and 30% over the previous year. The businesses are similar in important ways (original streaming content), and different in important ways, too. There's no Netflix World theme park anywhere in the world.
今年迄今，迪士尼股價下跌約21%。在過去的一年裏，該股下跌了大約同樣的幅度。網飛(Netflix)是一家純粹的流媒體投資公司，今年上漲了52%，比去年上漲了30%。這兩家公司在重要方面(原創流媒體內容)相似，在重要方面也不同。世界上任何地方都沒有Netflix World主題公園。
Yet at a time when many investors are worried about record-high valuations in the stock market, especially in the technology sector, Disney is worth considering. The company probably has another "Hamilton Experience" up its corporate sleeve.
然而，在許多投資者擔心股市，特別是科技領域的創紀錄高估值之際，迪士尼是值得考慮的。該公司可能還有另一個“漢密爾頓體驗”(Hamilton Experience)在它的公司袖子裏。
Investors who agree could consider a stock-building strategy that entails buying shares and selling cash-secured put options.
同意這一觀點的投資者可以考慮一種建股策略，即買入股票並賣出現金擔保看跌期權。
The "half and half" strategy is designed to pay investors for buying Disney stock. Rather than buying, say, 1,000 shares outright, they buy 500 shares and sell five puts. (Each put that is sold gives the seller the option to buy 100 shares.)
“對半”策略旨在向購買迪士尼股票的投資者支付報酬。比方説，他們沒有直接買入1000股，而是買了500股，賣出了5股看跌期權。(每賣出一個看跌期權，賣家就可以選擇購買100股。)
With the stock around $113, investors could sell five of Disney's August $110 puts for $4.30 each. The cash-secured put-write strategy positions investors to buy 500 shares of Disney stock at an effective price of $105.70 (strike price minus premium). If the stock price exceeds the strike price at expiration, investors can keep the put premium. The risk is that the stock falls far below the put strike price, obligating investors to buy the stock for more than it is worth, or to cover the short put.
由於迪士尼的股價在113美元左右，投資者可以每股4.3美元的價格賣出5只迪士尼8月份110美元的看跌期權。現金擔保的看跌期權策略使投資者能夠以105.70美元的有效價格(執行價減去溢價)購買500股迪士尼股票。如果股價在到期時超過執行價，投資者可以保留看跌溢價。風險在於，該股跌至遠低於看跌期權執行價的水平，迫使投資者以高於其價值的價格買入股票，或者回補看跌期權。
During the past 52 weeks, Disney's stock has ranged from $79.07 to $153.41.
在過去的52周裏，迪士尼的股價從79.07美元到153.41美元不等。
The August expiration was chosen to cover the release of Disney's third-quarter earnings, which will be posted on Aug. 4 after the markets have closed. The company's management will likely discuss the great success of streaming Hamilton, and even offer some insight into its stay-at-home content strategy.
8月份的到期日是為了報道迪士尼第三季度收益的發佈，迪士尼第三季度收益將於8月4日市場收盤後公佈。該公司管理層可能會討論流媒體漢密爾頓的巨大成功，甚至會提供一些關於其在家內容戰略的見解。
Over the long term, Disney's stock has soundly trounced the S&P 500 index. This strategy expresses confidence that the company will do so again, and that streaming content will play an increasingly important role.
從長期來看，迪士尼的股票已經穩穩地擊敗了標準普爾500指數(S&P500 index)。這一戰略表明，該公司有信心再次這麼做，流媒體內容將發揮越來越重要的作用。
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July 07, 2020 11:08 ET (15:08 GMT)
2020年7月7日東部時間11：08(格林尼治標準時間15：08)
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