Walt Disney Co., FCFE calculation

US$ in millions

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.

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

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.

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

	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 price^1, 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.

Walt Disney Co. (NYSE:DIS)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical