Disney (DIS) valuation Sheet

The WALT DISNEY Company VIACOM TimeWarner CompARABLE VALUATien SHEET Walt Disney Time Warner Inc. Comcast Viacom Average $126.1Bw $42.2BN $38,5BN $124.28N $62.(@eN Market Cap $618BN $87.Coaw $13.7BN $28.7BN $375BN 2012 Revenue 5.4% 205% 4.2% 14.5% 10.2x 7.9% 40.5% 10.2x 3yr Revenue CAGR* 15% 29.4% 1033% 15.0x 17.3x EPS Growth (5yr CAGR) 14.9% 1yr Forward P/E Multiple 17.2x 10.7x P/E Multiple 20.60x 20.4x 17.4x 18.9x Dividend Yield 11% 1.6% 1.4% 1.0% 14% PEG Ratio 149 100 1.38 1.61 139 280% 913% 13.0% 38.0% 59.0% 43.0% 42.0% 78.1% YTD Total Return 127.0% 314% 29.7% Co4.0% 12.8% Debt/Equity Return on Equity 19.4% 17.9% As of November 14, 2013, Disney's share price is $70.1 Comparing various forward P/E multiples, its shares are currently trading a 20% premium to the S&P 500. The stock is also trading at a 23% premium to it's five year histori- cal average mulitple and a 9.2% premium to its competitors' average forward multiple. VaLuAriON Competitors' ETF (XLY") S&P 500 Average DIS CMCSA VIA TWX 1yr Forward P/E Multiple Calculation of Disney's stock price based on different multiples XLY's P/E Multiple 163x 17.ox 148x 17.2x 16.7x 15.0x 102x Competitors' Average Multiple Forecasted EPS (Dec 2014) $3.94 17.6x 10.3x Forecasted EPS (Dec 2014) $3.94 Price $693 Price $64.2 S&P 500 Multiple 148x 5yr Historical Average P/E 14.5x Forecasted EPS (Dec 2014) $3.94 Forecasted EPS (Dec 2014)| $3.94 Price $58.3 Price $571 ĐisNey's SHARE PRice Ar VArious MuripLes $70,1 $69.3 $64.2 $58.3 $57.1 XLY's P/E 5yr Historical Average P/E Current Share S&P 500 Competitors' Average Multiple Price Multiple Multiple VALUATION MArRix 2014 EPS $3.75 $3.85 $39 $3.95 $40 $4.05 $41 $4.20 $42 10x $38 $45 $47 $55 $63 $71 $79 $50 $59 $67 12x $46 $49 P/E $57 $05 14x $53 $54 $02 $69 $77 16x $60 18x $08 $73 $76 20x $75 $81 $84 SOURCES: BIDNESS Company Data, SEC filings, Bloomberg Professional Services DISCLAIMER: Bidness Etc(TM) and related marks are owned by Bidness Etc. Any other trademarks appearing on this website are the property of their respective owners, and are not used to indicate the origin of goods or services offered or provided by Bidness Etc herein or to suggest approval for or affiliation with Bidness Etc. *****