Walt Disney Co., FCFE 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
	Investments in parks, resorts and other property
	Commercial paper borrowings (payments), net
	Borrowings
	Reduction of borrowings
	Free cash flow to equity (FCFE)

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 increased from 2016 to 2017 but then declined significantly from 2017 to 2018.

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

No. shares of common stock outstanding
Selected Financial Data (USD $)
Free cash flow to equity (FCFE) (in millions)
FCFE per share
Current share price (P)
Ratio
P/FCFE
Benchmarks
P/FCFE, Competitors
Charter Communications Inc.
Comcast Corp.
Twenty-First Century Fox Inc.
P/FCFE, Sector
Media
P/FCFE, Industry
Consumer Services

If company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.

Otherwise, if 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 29, 2018	Sep 30, 2017	Oct 1, 2016	Oct 3, 2015	Sep 27, 2014	Sep 28, 2013
	No. shares of common stock outstanding¹
	Selected Financial Data (USD $)
	Free cash flow to equity (FCFE) (in millions)²
	FCFE per share⁴
	Share price^1, 3
	Ratio
	P/FCFE⁵
	Benchmarks
	P/FCFE, Competitors
	Charter Communications Inc.
	Comcast Corp.
	Twenty-First Century Fox Inc.
	P/FCFE, Sector
	Media
	P/FCFE, Industry
	Consumer Services

¹ Data adjusted for splits and stock dividends.

³ Close price on the filing date of Walt Disney Co.’s Annual Report.

2018 Calculations

⁴ FCFE per share = FCFE ÷ No. shares of common stock outstanding
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⁵ P/FCFE = Share price ÷ FCFE per share
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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 declined from 2016 to 2017 but then increased from 2017 to 2018 exceeding 2016 level.

	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)

Price to FCFE (P/FCFE)