Q3 misses, largely on Fox acquisition spending
Disney reported 7% Q3 revenue growth (cons. +8%), EBIT growth of 2% (cons. +8%) and EPS of $1.87 (AE $1.89, cons. $1.95). Around $0.05 of the miss was due to ~$100m of spending around the Fox acquisition while another $0.05 was due to the write down of two film titles (maybe related to John Lasseter's departure?). The call focused mainly on the Fox deal and specifically on the company's DTC plans. We remain Neutral given potential costs and disruption around the DTC launch which we have now included in 2020 estimates. We retain our PT of $121 which requires a 15x FY20 multiple and implies a 12% discount to the market.Distil is a holding company. Through its subsidiaries, Co. is engaged in the marketing and selling of Blavod Black Vodka, Blackwoods Gin and Vodka, Diva Vodka, Jago's Vanilla Cream Liqueur and RedLeg Spiced Rum domestically and internationally.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.