DIS – Market expectations are for Uniform ROA to decline, but management is excited about movie and TV show releases, and confident in Marvel and content retrieval

• The Walt Disney Company (DIS:USA) currently trades near historical averages relative to UAFRS-based (Uniform) Earnings, with a 19.4x Uniform P/E. At these levels, the market has bearish expectations for the firm, but management is excited about Avengers: Endgame and Jessica Jones, and is confident in the interest surrounding Marvel movies and their ability to retrieve content from Netflix
• Specifically, management generated excitement markers when talking about the success of Avengers: Endgame and the gains from their sale of season 3 of Jessica Jones. Moreover, they are confident in the interest surrounding new Marvel movies and their ability to retrieve licensed content from Netflix.