Walt Disney Co., FCFF calculation

USD $ in millions

	12 months ended	Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	Net income attributable to The Walt Disney Company (Disney)
	Net income attributable to noncontrolling interests
	Net noncash charges
	Changes in operating assets and liabilities
	Cash provided by operations
	Interest paid, net of tax¹
	Interest capitalized, net of tax²
	Investments in parks, resorts and other property
	Free cash flow to the firm (FCFF)

Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Walt Disney Co.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Walt Disney Co.’s FCFF increased from 2016 to 2017 and from 2017 to 2018.

Walt Disney Co., interest paid, net of tax calculation

USD $ in millions

	12 months ended	Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	Effective Income Tax Rate (EITR)

	EITR¹
	Interest Paid, Net of Tax
	Interest paid, before tax
	Less: Interest paid, tax²
	Interest paid, net of tax
	Interest Costs Capitalized, Net of Tax
	Interest capitalized, before tax
	Less: Interest capitalized, tax³
	Interest capitalized, net of tax

2018 Calculations

² Interest paid, tax = Interest paid × EITR
= hidden × hidden = hidden

³ Interest capitalized, tax = Interest capitalized × EITR
= hidden × hidden = hidden

Walt Disney Co., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (USD $ in millions)
Enterprise value (EV)
Free cash flow to the firm (FCFF)
Ratio
EV/FCFF
Benchmarks
EV/FCFF, Competitors
Charter Communications Inc.
Comcast Corp.
Twenty-First Century Fox Inc.
EV/FCFF, Sector
Media
EV/FCFF, Industry
Consumer Services

If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.

Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Walt Disney Co., historical EV/FCFF calculation, comparison to benchmarks

		Sep 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	Selected Financial Data (USD $ in millions)
	Enterprise value (EV)¹
	Free cash flow to the firm (FCFF)²
	Ratio
	EV/FCFF³
	Benchmarks
	EV/FCFF, Competitors
	Charter Communications Inc.
	Comcast Corp.
	Twenty-First Century Fox Inc.
	EV/FCFF, Sector
	Media
	EV/FCFF, Industry
	Consumer Services

2018 Calculations

³ EV/FCFF = EV ÷ FCFF
= hidden ÷ hidden = hidden

Ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Walt Disney Co.’s EV/FCFF ratio declined from 2016 to 2017 and from 2017 to 2018.

	Walt Disney Co.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

	All companies
Financial Statements
Common-Size Financial Statements
Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis
Financial Reporting Quality

Walt Disney Co. (DIS)

Enterprise Value to FCFF (EV/FCFF)