Stock Analysis on Net

Walt Disney Co. (NYSE:DIS)

Price to FCFE (P/FCFE)

Microsoft Excel

Free Cash Flow to Equity (FCFE)

Walt Disney Co., FCFE calculation

US$ in millions

Microsoft Excel
12 months ended: Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
Net income (loss) attributable to The Walt Disney Company (Disney) 2,354 3,145 1,995 (2,864) 11,054 12,598
Net income attributable to noncontrolling and redeemable noncontrolling interests 1,036 360 512 390 530 468
Net noncash charges 6,299 2,009 865 10,735 44 2,066
Changes in operating assets and liabilities 177 488 2,194 (645) (5,644) (837)
Cash provided by operations 9,866 6,002 5,566 7,616 5,984 14,295
Investments in parks, resorts and other property (4,969) (4,943) (3,578) (4,022) (4,876) (4,465)
Commercial paper borrowings (payments), net (191) (334) (26) (3,354) 4,318 (1,768)
Borrowings 83 333 64 18,120 38,240 1,056
Reduction of borrowings (1,675) (4,016) (3,737) (3,533) (38,881) (1,871)
Free cash flow to equity (FCFE) 3,114 (2,958) (1,711) 14,827 4,785 7,247

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Walt Disney Co. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Walt Disney Co. FCFE decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Price to FCFE Ratio, Current

Walt Disney Co., current P/FCFE calculation, comparison to benchmarks

Microsoft Excel
No. shares of common stock outstanding 1,834,302,235
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 3,114
FCFE per share 1.70
Current share price (P) 120.98
Valuation Ratio
P/FCFE 71.26
Benchmarks
P/FCFE, Competitors1
Alphabet Inc. 27.48
Charter Communications Inc. 12.50
Comcast Corp. 11.93
Meta Platforms Inc. 24.46
Netflix Inc. 38.34
P/FCFE, Sector
Media & Entertainment 26.01
P/FCFE, Industry
Communication Services 23.08

Based on: 10-K (reporting date: 2023-09-30).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.


Price to FCFE Ratio, Historical

Walt Disney Co., historical P/FCFE calculation, comparison to benchmarks

Microsoft Excel
Sep 30, 2023 Oct 1, 2022 Oct 2, 2021 Oct 3, 2020 Sep 28, 2019 Sep 29, 2018
No. shares of common stock outstanding1 1,830,315,921 1,823,591,988 1,817,655,948 1,810,485,037 1,802,398,289 1,488,670,964
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 3,114 (2,958) (1,711) 14,827 4,785 7,247
FCFE per share3 1.70 -1.62 -0.94 8.19 2.65 4.87
Share price1, 4 94.45 94.69 151.34 149.09 146.93 113.03
Valuation Ratio
P/FCFE5 55.51 18.20 55.35 23.22
Benchmarks
P/FCFE, Competitors6
Alphabet Inc. 25.65 22.91 29.75 26.58 32.39
Charter Communications Inc. 13.59 5.10 5.88 11.52 10.04
Comcast Corp. 12.89 12.26 27.57 18.17 64.70
Meta Platforms Inc. 23.53 17.26 16.84 32.77 28.91
Netflix Inc. 35.64 176.91 81.38 116.48
P/FCFE, Sector
Media & Entertainment 24.49 21.69 26.52 25.86 32.46
P/FCFE, Industry
Communication Services 21.82 28.69 24.31 20.00 30.96

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-10-01), 10-K (reporting date: 2021-10-02), 10-K (reporting date: 2020-10-03), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2023 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 3,114,000,000 ÷ 1,830,315,921 = 1.70

4 Closing price as at the filing date of Walt Disney Co. Annual Report.

5 2023 Calculation
P/FCFE = Share price ÷ FCFE per share
= 94.45 ÷ 1.70 = 55.51

6 Click competitor name to see calculations.