Stock Analysis on Net
Stock Analysis on Net
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Walt Disney Co. (NYSE:DIS)

Price to FCFE (P/FCFE)

Intermediate level

Free Cash Flow to Equity (FCFE)

Walt Disney Co., FCFE calculation

US$ in millions

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12 months ended: Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015 Sep 27, 2014
Net income attributable to The Walt Disney Company (Disney) 11,054  12,598  8,980  9,391  8,382  7,501 
Net income attributable to noncontrolling and redeemable noncontrolling interests 530  468  386  399  470  503 
Net noncash charges 44  2,066  3,087  4,325  1,928  2,048 
Changes in operating assets and liabilities, net of business acquisitions (5,644) (837) (110) (902) 129  (272)
Cash provided by operations 5,984  14,295  12,343  13,213  10,909  9,780 
Investments in parks, resorts and other property (4,876) (4,465) (3,623) (4,773) (4,265) (3,311)
Commercial paper borrowings (payments), net 4,318  (1,768) 1,247  (920) 2,376  50 
Borrowings 38,240  1,056  4,820  6,065  2,550  2,231 
Reduction of borrowings (38,881) (1,871) (2,364) (2,205) (2,221) (1,648)
Free cash flow to equity (FCFE) 4,785  7,247  12,423  11,380  9,349  7,102 

Based on: 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19).

Item Description The company
FCFE Free cash flow to equity is the cash flow available to Walt Disney Co.’s 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.’s FCFE decreased from 2017 to 2018 and from 2018 to 2019.

Price to FCFE Ratio, Current

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

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No. shares of common stock outstanding 1,807,063,365
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions) 4,785 
FCFE per share 2.65
Current share price (P) 124.23
Valuation Ratio
P/FCFE 46.92
Benchmarks
P/FCFE, Competitors1
Charter Communications Inc. 11.69
Comcast Corp. 65.20
Netflix Inc. 181.04
P/FCFE, Sector
Media 39.36
P/FCFE, Industry
Consumer Services 34.61

Based on: 10-K (filing date: 2019-11-20).

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

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Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Oct 1, 2016 Oct 3, 2015 Sep 27, 2014
No. shares of common stock outstanding1 1,802,398,289 1,488,670,964 1,510,312,194 1,591,460,982 1,653,177,887 1,695,710,842
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)2 4,785  7,247  12,423  11,380  9,349  7,102 
FCFE per share3 2.65 4.87 8.23 7.15 5.66 4.19
Share price1, 4 146.93 113.03 102.74 98.26 118.67 89.82
Valuation Ratio
P/FCFE5 55.35 23.22 12.49 13.74 20.98 21.45
Benchmarks
P/FCFE, Competitors6
Charter Communications Inc. 10.04 13.17 7.75 20.50 1.19
Comcast Corp. 64.70 3.38 14.85 10.91 14.30
Netflix Inc. 116.48 134.01 120.00 62.98
P/FCFE, Sector
Media 36.23 8.77 14.70 15.39 11.31
P/FCFE, Industry
Consumer Services 25.70 13.33 18.00 19.18 14.91

Based on: 10-K (filing date: 2019-11-20), 10-K (filing date: 2018-11-21), 10-K (filing date: 2017-11-22), 10-K (filing date: 2016-11-23), 10-K (filing date: 2015-11-25), 10-K (filing date: 2014-11-19).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2019 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 4,785,000,000 ÷ 1,802,398,289 = 2.65

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

5 2019 Calculation
P/FCFE = Share price ÷ FCFE per share
= 146.93 ÷ 2.65 = 55.35

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Walt Disney Co.’s P/FCFE ratio increased from 2017 to 2018 and from 2018 to 2019.