Disney Reports Mixed Fiscal First Quarter; Affiliate Fee Growth Remains Strong
Disney posted a mixed first quarter of fiscal 2017, as the top line came in below our expectations but EBITDA was in line with our projection, as the cost controls improved margins at the parks and resorts division. However, the media networks segment reported lower-than-expected operating income as ESPN suffered from lower ad revenue due in part to the timing of college playoff games. We are maintaining our wide moat rating and our fair value estimate of $134. With shares trading in the four-st...Walt Disney is an entertainment company. The company's segments are: Media Networks, which includes domestic cable networks, broadcast television network and domestic television stations, and television production and distribution; Parks, Experiences and Products, which includes theme parks and resorts, and consumer products operations; Studio Entertainment, which includes motion picture production and distribution, music production and distribution, and post-production services; and Direct-to-Consumer and International, which includes international television networks and channels, direct-to-consumer streaming services, and other digital content distribution platforms and services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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