THE WALT DISNEY COMPANY VALUATION PROJECT



0488251500center21590Valuation Project0Valuation Project1714500107315Hillary Fundin, Laura Meadows, Alyssa Musket and Maria Troya00Hillary Fundin, Laura Meadows, Alyssa Musket and Maria Troyacenter-457200TABLE OF CONTENTS00TABLE OF CONTENTSExecutive Summary…………………………………………………………………..…3Introduction to The Walt Disney Company……………………………………..…….4OverviewHistoryShare Price PerformanceProducts and ServicesCorporate Strategy and ObjectivesSources of Competitive AdvantageAnalysis of Risk………………………………………………………………………..…7OverviewSources of Firm RiskSources of Industry RiskSources of Market RiskCalculation of Firm Risk (Beta)Financial Analysis………………………………………………………….……………9OverviewDuPont AnalysisNet Income/SalesSales/Total AssetsTotal Assets/Common EquityTrend/Historical and BenchmarkValuation Assumptions…………………………………………………..……………12Required Rate of Return (CAPM)Valuation Analysis……………………………………………………………..………12Dividend Discount Model (DDM)Valuation Using Multiples (P/E)Conclusion and Recommendations……………………………………………….…13Appendix………………………………………………………………………….……14References…………………………………………………………………………...…16center-4572001. EXECUTIVE SUMMARY001. EXECUTIVE SUMMARYThe Walt Disney Company (DIS) is a multinational entertainment and media company headquartered in Burbank, California. It was founded on October 16, 1923 as the Disney Brothers Studio, an animation company. In the past 89 years the company has flourished, employing 156,000 people globally. Its business can be broken into five segments that are Media Networks, Parks & Resorts, Studio Entertainment, Consumer Products and the Disney Interactive Media Group (The Walt Disney Company, 2012). The Walt Disney Company was first traded on the New York Stock Exchange (NYSE) on November 12, 1957. Other landmark achievements included the merger with ABC in 1996 making Disney the first media company with a major presence in four distribution systems – filmed entertainment, cable television, broadcasting and telephone wires. This was a major step up on their competition. The share price of Disney stock has been somewhat volatile for the last five years, facing extreme lows due to overall economic decline but looks to have made a full recover with stock prices at a five-year high in the last several months. Disney’s share price has consistently remained above their competitors and the industry average. Disney stock fluctuations may also be accounted for as various acquisitions take place through the years. Disney is consistently growing, acquiring new companies that fit under the brand umbrella and expand their capabilities to innovate and provide top quality family entertainment. Because Disney is such an established brand and a symbol of family fun and entertainment worldwide, they have the advantage of brand recognition over their competition. Time Warner and News Corp operate under corporate titles with various brands having recognizable names. Disney operates as one big machine, with many gears moving it forward. In addition to brand recognition, their business diversification, high barriers to market entry, technological innovation and global presence make them a formidable opponent to their competitors. Being so global and diversified also comes with risks. The firm faces risks on a by business basis, such as safety liability in theme parks but also on an industry and market basis. Several risks could include piracy, natural disaster, or government regulation. We determined, by way of calculating the company beta of 0.614, that Disney was less risky than the industry.Using the Dividend Discount Model, we estimated a stock price of $73.06. Using the Valuation Using Multiples Model, we calculated a stock price of $42.58. Based on this we performed a weighted average of .7/.3 putting more weight on the DDM. This resulted in a stock price of $63.92.Based on our weighted stock price and the current stock price for Disney, we believe that the stock is undervalued. The weighted stock price that we calculated was $63.92 and the current stock price is $49.03. According to this we believe that the stock is undervalued by $14.89. Disney’s financial prospects are optimistic as the company expands in terms of financials, projects, and international exposure. We would recommend stockholders to keep Disney stock at this time and to look into purchasing more stock. It is important to look at the size and possible effects of their future ventures, as they are a large company with big ideas and international exposure.center609602. INTRODUCTION TO THE WALT DISNEY COMPANY002. INTRODUCTION TO THE WALT DISNEY COMPANY2.1 OverviewThe Walt Disney Company (DIS) is an American diversified entertainment company headquartered in Walt Disney Studios in Burbank, California. The Walt Disney Company is a global entity with offices, stores and theme parks around the world. The Walt Disney Company is currently ranked the largest media conglomerate in the world in terms of revenue (Fortune 500, 2012).The Walt Disney Company can be broken into five major segments – Media Networks, Parks & Resorts, Studio Entertainment, Consumer Products and the Disney Interactive Media Group (The Walt Disney Company, 2012). 2.2 HistoryOn October 16, 1923 The Walt Disney Company came to life in the form of “The Disney Brothers Studio” an animation company established by the founder, Walt Disney, who signed a contract with M.J. Winkler to release a series titled the Alice Comedies.On November 18, 1928, nearly five years later, Disney released Steamboat Willie, which marked the first appearance of the beloved icon, Mickey Mouse. As the studio gained notoriety and expanded, it required a change in location. In 1939, Disney Studios moved from Los Angeles to Burbank, California – where its headquarters remain. The 1950s were a big decade for Disney with the release of their first live action film, the premiere of Disneyland on ABC television, the official opening of the Disneyland theme park and the debut of the Mickey Mouse Club television show. The NYSE records November 12, 1957 as the official listing date of The Walt Disney Company (DIS), which became known as such in 1971 (The Walt Disney Company, 2012)Disney continued through the decades with the same insatiable growth. Following the 1971 opening of Walt Disney World in Florida came the 1983 opening of Tokyo Disneyland and 1992 opening of Disneyland Paris. Disney was internationally recognized for its family-oriented and inspirational brand.In 1995, Disney agreed to purchase Capital Cities/ABC for $19 billion (The Walt Disney Company, 2012). By acquiring ABC, Disney would become the first media company with a major presence in four distribution systems – filmed entertainment, cable television, broadcasting and telephone wires. Finally in 1996, with shareholder and FCC approval, the merger passed and in the second-largest corporate takeover ever The Walt Disney Company acquired the profitable ABC television network and its ESPN cable service (NYTimes, 1995).Furthermore, 89 years after founding, it had progressed into the biggest entertainment company in the world including media networks, parks and resorts, studio entertainment, and consumer products. “The Walt Disney Company continues to proudly provide quality entertainment for every member of the family, across America and around the world” (The Walt Disney Company, 2012).2.3 Share Price PerformanceThe following chart (Figure 1) displays five years of Walt Disney Company share price versus competitors Time Warner (TWX) and News Corp (NWSA) from November 2007 to November 2012. Disney hit a five-year low in March 2009 closing at $15.83. The stock prices plummeted as the company considered and enacted corporation-wide job cuts in the face of economic decline. However, the stock bounced back, and continued on the upward trend, In October 2012, the stock hit a five-year high, closing at $52.97. Given that the competition follows a similar pattern it would seem that all correlated by movements in market indices. However, it is worth noting that since 2009 The Walt Disney Corporation has stayed consistently abreast of its competition. Figure 1: DIS Share Prices vs. Competitors (Time Warner TWX and News Corp NWSA)Yahoo! Finance 2012The stock has continued to maintain the upward trend exhibited since the dip in September 2011. It most recently closed at $49.26 (November 23, 2012) and although it is still trading slightly below its five-year high, it is still on the upper percentage of share prices over the five-year period (Yahoo! Finance 2012).2.4 Products and ServicesThe Walt Disney Company segments its business under five umbrellas: Media NetworksParks & ResortsStudio EntertainmentConsumer ProductsDisney Interactive Media GroupOverall, all of these services form the Fortune 500 company that drew $40,893 million in revenue in 2012 (Fortune 500, 2012).2.4.1 Media NetworksThe Media Networks segment is further divided along the Disney/ABC Television Group and ESPN, Inc. Both divisions handle vast amounts of business within broadcast, cable, radio, publishing and digital. Businesses under this umbrella include ESPN networks, ABC Family broadcasting, and Hyperion publishing.2.4.2 Parks and ResortsExactly as it sounds, this division handles the theme park and resort aspect of the company. According to the company itself, Disney Parks and Resorts is one of the world’s leading providers of family travel and leisure experiences (The Walt Disney Company, 2012). The Parks and Resorts service millions of guests each year and pride themselves on superb customer service and satisfaction. Disneyland, Walt Disney World, Disneyland Paris, and Disney Cruise Lines are included in this segment among others. 2.4.3 The Walt Disney StudiosThe Walt Disney Company first began as the The Disney Brothers Studio – this business segment was the platform on which it all began. Today, Disney Studios continues to bring high-quality films, music, and stage plays worldwide. Over the year Disney has acquired or begun ventures such as Marvel Studios, Touchstone Pictures, Pixar Animation Studios, Disney Music Group, Disneynature and Walt Disney Studios Motion Pictures. 2.4.4 Disney Consumer ProductsWith the enormous number of beloved characters that originated in Disney cartoons and films, it comes as no surprise that The Walt Disney Company was able to capitalize on that success by merchandising their creative. It includes apparel, toys, home décor, books, magazines, food, beverages, stationary, electronics and animation art. 2.4.5 Disney InteractiveDisney Interactive is the newest arm of the company, founded in 2008. Its mission is to create high-quality entertainment across digital media platforms. This began with web and computer games but has expanded with groundbreaking mobile, social, console, virtual, and web development. This type of additional business segment is an indicator of Disney putting in the effort to stay ahead of the industry curve with new technology developments. 2.5 Corporate Strategy and Objectives The Walt Disney Company strives to maintain its position as the world’s leading entertainment company. It is recognized worldwide for its commitments to family centric entertainment and related media. Looking to the future, The Walt Disney Company appears to be staying on track as an innovator in the field, using newer segments such as Disneynature and Disney Interactive to stay on top of current consumer trends while maintaining their existing consumer base by carefully cultivating their existing base of staple movies, characters, and theme parks. Dsineynature is a huge asset to Disney as world trends focus more on social responsibility and the protection of the environment. It provides an outlet for Disney to showcase that it truly cares about the world that we live in. Disney Interactive allows The Walt Disney Company to stay ahead of the curve by focusing on new technologies and innovations. Disney has a unique vantage point because of the trust they have built with consumers. Due to their brand, Disney has a near automatic in with parents and children across the world; they merely have to maintain that trust by continuing to execute top-notch products for families. However, the key value drivers of the company, with respect to percentage of revenue in 2011 are ESPN Channels (25.6%), Disney Channel & others (6.41%), Parks and Resorts (29.5%), Disney Studios (14.7%), ABC Broadcasting (14%) and Consumer Products & Interactive Media (9.73%) (Trefis, 2012). With Disney’s diversified company, however, a change to a single driver would not have a crushing impact on the company. Disney is very optimistic about their future as they also continue to expand internationally, having broken ground on the Shanghai Disney Resort in 2011. 2.6 Sources of Competitive Advantage The Walt Disney Company holds five major advantages over any competitor. These advantages are a result of the worldwide, enormous media conglomerate that they have become. Their interests are so diversified that they are well protected should a single one falter. The five major competitive advantages of The Walt Disney Company are:Brand reputationHigh barriers to enter marketDiversificationTechnological advancementGlobal reachThe two main competitors of The Walt Disney Company are Time Warner and News Corp, both of which cannot topple the Disney giant for various reasons. Mainly, Disney has both of them beat in terms of global reach, sheer size, and diversification. News Corp had its reputation dragged through the mud in recent years, with a number of scandals centered around owner Rupert Murdoch and Time Warner does not have the same level of trust with its consumers. These factors contribute to Disney’s spot at the top of the diversified entertainment pile. The final factor is that Disney does not rest. The company has been an innovative one from the very beginning, nearly 90 years ago, keeping it number one in terms of revenue (Fortune 500, 2012). center908053. ANALYSIS OF RISK003. ANALYSIS OF RISK3.1 OverviewWalt Disney Co. faces many sources of risk for the firm, the industry and the market. Economic and political settings influence the price and demand of products, services, and stocks. This is why these two sources can influence not only the firm, but the industry and the market as well. If the economy is down, people are going to stop travelling to touristic places, such as the Disney parks, or going on a cruise. The company will decrease its profits because less income would come in.3.2 Sources of Firm RiskWalt Disney Company has projects outside the United States, including parks in Japan, China, and France. The source of risk involves laws and regulations in other countries. The firm can be greatly affected if they have a plan or project to start internationally, because of the country’s culture and reaction from its citizens and government the company won’t be able to function as planned. Another risk the firm has is being liable for their employees and customers, especially in the parks. The company has to make sure all the roller coasters and other amusements are tested before their daily use. If something bad happened, a person can sue the Walt Disney petitors are always going to be a risk for any company if the company stops innovating and developing new products and services. One of the major competitors of Walt Disney Co. is Time Warner Inc., which competes in the entertainment industry by making movies and having TV channels. 3.3 Sources of Industry RiskThe diversified entertainment industry faces risks when controlled by the Federal Communications Commissions (FCC). The FCC can set regulations that can benefit or harm a company. The Act of 1934, includes TV and radio stations being licensed by the FCC, limits the amount of TV and radio stations a company can own in a specific market or in a single market. Another source of risk for the industry is piracy, which includes downloading movies or music online, or buying a copy of the original DVD or CD. Piracy affects the financial gain of a company by altering the profit coming in.3.4 Sources of Market RiskThe sources of risk for the market include natural disasters and weather, because many companies, forms of communication, and services will be affected by these changes. If these sources have a great impact, it can freeze the market and affect the selling, buying, and prices of the stocks. The sources of risk for the firm, the industry and the market have made Walt Disney Company the firm they are today and prove what they can achieve by dealing with each factor they have encountered. The company could be affected by some sources such as natural disasters or weather, but it can also benefit from the competition and adapt to new regulations set by the FCC. 3.5 Calculation of Firm Risk (Beta)The firm’s riskiness can be determined by evaluating Disney’s returns from the past five years. We computed a beta of .614. According to this beta, Disney is a less risky company than the market as this is less than the market value of 1. Yahoo! Finance calculated a beta of 1.17, MSN Money a beta of 1.18 and Google Finance 1.19. This is interesting because the beta we came up with makes the company appear to be less risky than the market while these other sources have released betas that make the company appear to be riskier than the market. ?A possible source of error is in performing the regression with S&P 500, which is a common comparison market, instead of using Entertainment Diversified.center457204. FINANCIAL ANALYSIS004. FINANCIAL ANALYSIS4.1 OverviewThe overall analysis of The Walt Disney Company is based on a variety of data, beginning with an analysis of the company’s financial ratios. Liquidity Ratios201120102009Current Ratio1.141.111.33Quick Ratio1.010.981.19The current ratio measures Walt Disney’s liability to cover their current liabilities in a short period of time with assets. This shows a decrease in their ability from 2009 to 2010 then a very small increase from 2010 to 2011. The quick ratio shows a very similar pattern for their ability to cover short-term liabilities with their most liquid assets. Increasing values show improving liquidity. Although Walt Disney decreased from 2009 to 2010, they overall increased, showing improving liquidity. Profitability Ratios201120102009Profit Margin0.130.110.1ROE0.140.110.11 ROA0.070.060.06Profitability ratios for a firm reflect the operating success a company has had over a certain time period. Profit margin measures the percentage of revenue left after covering all of the expenses. Higher values reflect better profitability. From 2009 to 2010 profit margin remained steady and then had an increase from 2010 to 2011. This reflects overall increasing profitability. ROE is the percentage of money earned per dollar contributed by shareholders. Higher values indicate better use of resources and better efficiency. As with profit margin, ROE remained steady from 2009 to 2010 and then increased from 2010 to 2011. ROA is the percentage earned per dollar that was invested in assets. Analysis of ROA is the same as ROE, meaning that higher value indicate better efficiency. ROA followed the same pattern, of remaining steady and then increasing. Overall, Walt Disney has increase profitability from 2009 to 2011 based on profitability ratios.Debt Management Ratios201120102009Total Debt Ratio0.450.430.44Times Interest Earned22.4515.211.14Total debt ratio tells how much for every dollar of assets the company is in debt. In all three years, since the total debt ratio is less than one, it means that debt is less than total assets. A lower debt ratio shows a more stable firm. However, each year Walt Disney increases its debt ratio slightly, which shows increasing dependence on creditors to fund the firm. TImes interest earned is a ratio that tells the number of times a company can cover their interest expenses. Higher values mean that there is more income relative to expenses, and that there is better solvency. Walt Disney has significantly increased its times interest earned from 2009 to 2010 and 2010 to 2011, indicating increasing amount of income relative to expenses. Liquidity Ratios2011IndustryCurrent Ratio1.141.5Quick Ratio1.011.4Walt Disney’s current ratio is less than the industry’s showing less liquidity than the diversified entertainment industry, leaving room to make the firm more liquid. The quick ratio is less than the industry average, again meaning that Walt Disney has room to become more liquid. It shows that compared to the industry average, Walt Disney has fewer dollars of current assets for every dollar own in current liabilities. Profitability Ratios2011IndustryProfit Margin0.130.11ROE0.140ROA0.070.1Compared to the industry, Walt Disney has a higher profit margin, meaning that Walt Disney has better profitability. Walt Disney also has a higher ROE and ROA than the industry average, meaning that Walt Disney has better efficiency and a better use of company resources. Debt Management Ratios2011IndustryTotal Debt Ratio0.450.37Times Interest Earned22.4530.26Walt Disney has a higher total debt ratio than the industry average, meaning that Disney relies more on creditors to fund their expenses. This leaves room for Disney to improve and decrease their debt ratio, to be on par or lower than the industry average. There is also room to increase Disney’s times interest earned ratio because it is lower than the industry average. This means that the industry has better solvency than Walt Disney and more income, relative to expenses. Walt Disney should work on their debt management to decrease its dependency on creditor and to increase their income (Brigham & Houston, 2011).4.2 DuPont Equation (Appendix A)The DuPont equation gives a more detailed analysis of a firm’s return on assets. It uses three different equations with factors that cancel out, but that also help show where the company’s profitability is and how debt is being used. Walt Disney has an increasing DuPont ratio from 2009 to 2010 to 2011. This means that Walt Disney is showing a better use of resources and improving efficiency. 4.2.1 Net Income/SalesThis first equation of the DuPont Equation is also the formula for profit margin. This measures the percentage of revenue left after covering all the company’s expenses. Increasing values show improving profitability. Walt Disney had an increase in net income/sales from 2009 to 2010 and another increase from 2010 to 2011. Although the changes are slight (.09 to .11 to .13), it shows Walt Disney is increasing in profitability. 4.2.2 Sales/Total AssetsThis ratio is a part of the DuPont Equation as well as the total asset turnover ratio. Since it is a measure of sales to total assets, the larger the ratio is, indicates higher amount of profit taken in by Walt Disney, compared to the assets they already have. From 2009 to 2010, this ratio decreased and then increased again from 2010 to 2011. This shows that overall the ratio is decreased from 2009 to 2011, meaning that Walt Disney hasn’t increased profitability over this time period. 4.2.3 Total Assets/Common EquityThis portion of the DuPont equation helps to describe how Walt Disney uses their debt in order to finance their assets. Therefore, as the ratio increases, it indicates that Walt Disney is relying more on debt in order to finance assets. This ratio remained steady over the span of 2009 to 2011. However there was a slight increase from 2009 to 2010, and then a very slight decrease from 2010 to 2011, meaning that Walt Disney has used a little more debt to finance their assets over this time period (Brigham & Houston, 2011).4.3 Trend/Historical and BenchmarkAccording to the trend and historical rates calculated percentages from 2009-2010 (Appendix B), there were significant amounts of decreases in cash and cash equivalents, as well as costs. This indicates that in this time period Disney was not growing; it had a decrease in expenses and therefore also a decrease in revenue. However, from 2010-2011, Disney had a lesser decrease in costs (-18.50%, compared to -8.72%) showing that while their costs decreased, they managed to have a large increase in revenue (17.01% from 2010-2011 versus -30.29% from 2009-2010. Overall, the company seems to be growing in terms of its revenue. Liabilities increased from both 2009-2010 and 2010-2011, very similar amounts (7.84% and 9.40%, respectively). The small increase in liabilities compared to the grand increase in revenue for 2010-2011, shows Walt Disney’s growth as well in those years. The significant decrease in revenue in 2009-2010 may have been to make investments leading up to the increase in revenue for 2010-2011. The benchmark analysis shows extremely close percentages for all three years (2009, 2010 and 2011) of accounts compared to total assets. Accounts receivable held the greatest percentage for current assets for all three years. For Walt Disney, this could include merchandise bought on corporate accounts as well as corporate accounts for the theme parks, sports center, ticket sales, conference centers and resorts. For non current assets, the biggest loss of money came from depreciation. This would be depreciation of theme park equipment and hotel furnishings and buildings. The large decrease would affect any firm in the diversified entertainment industry, as all firms would have equipment that loses value as time goes on. The largest amount of assets for Walt Disney all three years is their Parks, etc. account. Parks include the theme parks, which include hotels and attractions for customers. Most firms in the industry would probably also have Parks as a large asset account because this is where they attract customers to visit and spend money. Walt Disney’s greatest liability for each of the three years is the Borrowings account. This would include loans for equipment, construction, and continuous upkeep of the theme parks, resorts and stores. For any firm in the industry that owns parks and resorts, this would most likely be a large account, given the need to constantly upkeep the area where customers spend their time. center1447805. VALUATION ASSUMPTIONS005. VALUATION ASSUMPTIONS5. 1 Required Rate of Return (CAPM)We must compute the Firm’s Cost of Capital in order to find r for the dividend discount model. The formula for CAPM is: Ri=Rf+Bi(Rm-Rf). We used an Rf rate of 2.80% (a 30 year treasury bond rate). We used a market risk premium of 5%. ?Through a regression we found a beta of .614. Therefore Ri=(.0280)+(.614)(.05) and Ri is found to be .5.87%.center1066806. VALUATION ANALYSIS006. VALUATION ANALYSIS6.1 Dividend Discount Model (DDM)By using the Dividend Discount Model, we came up with a stock price of $73.06. ?R was computed using the CAMP model to be 5.87%. G can be estimated by finding ROE*plowback ratio. The ROE for September 2012 was 14.01%. Dividing the dividend per equity share by the earnings per share, and then subtracting this from 1 can calculate the plowback ratio. .60/.68=.88, 1-.88=.12 The plowback ratio is therefore calculated to be .12. .1401*.12=0.017 is one estimate for g. We could also use the model D1=D0 (1+g). Since .60=. 40(1+g) =.5, .5 is another estimate for g. This value is so high because it is only taking into account two years and there was a large increase in the dividend that year compared to other years. Therefore, based on data from other recent years and taking into account our model, we decided on a g of .5. Using dividend data for 2011, we arrived at a dividend 1 of $0.61. We multiplied $.60 by 1 plus our growth rate to arrive at this dividend per share. To find the stock price we divided .60 by .0587-.05=0.0087. p0=dividend/(r-g). P0=.61/.0087 =$73.06. We estimate a stock price of $73.06 using the DDM.6.2 Valuation Using Multiples (P/E)Using the valuation using multiples model, we calculated a stock price of $42.58. To valuate Disney using multiples we first found Disney’s most recent earnings per share and the industry’s P/E ratio. Disney’s earnings per share for September 30, 2012 are?0.68. ?As the P/E ratio for the firm was unable to be located, the average of the main competitors was instead determined to be 62.62. The result of multiplying these two values is $42.58. According to this model, the stock is slightly overvalued. As we have two different stock prices from these two models, we needed to take a weighted average of the two. In our valuation using multiples model we were unable to locate the P/E ratio for the firm making this model less reliable. Based on this we performed a weighted average of .7/.3 putting more weight on the DDM. This resulted in a stock price of $63.92.center1219207. CONCLUSIONS AND RECOMMENDATION007. CONCLUSIONS AND RECOMMENDATIONBased on our weighted stock price and the current stock price for Disney, we believe that the stock is undervalued. The weighted stock price that we calculated was $63.92 and the current stock price is $49.03. According to this we believe that the stock is undervalued by $14.89. Disney’s financial prospects for the future look very good as they are continuing to expand, in terms of financials, projects, and international exposure. We would recommend stockholders to keep Disney stock at this time and to look into purchasing more stock. It is important to look at the size and possible effects of their future ventures, as they are a large company with big ideas and international exposure.center1143008. APPENDIX008. APPENDIX8.1 Appendix A (DuPont Equation)?Net Income/SalesSales/Total AssetsTotal Assets/Common EquityDu Pont Value20110.1285794630.5669818652.3806443090.17355426520100.113312140.5499956652.4083379730.15009047920090.0998367870.5727300092.3343812410.1334788088.2 Appendix B (Regression Analysis)Regression Statistics?Multiple R0.215309118R Square0.046358016Adjusted R Square0.029328695Standard Error0.157182609Observations58ANOVA??????dfSSMSFSignificance FRegression10.0672568450.0672568452.7222468680.104557282Residual561.3835568670.024706373??Total571.450813712????CoefficientsStandard Errort StatP-valueIntercept0.0204635780.0206418280.9913646510.3257719190.0109265240.6137142130.37196531.6499232920.104557282InterceptLower 95%Upper 95%Lower 95.0%Upper 95.0%1.010926524-0.0208869710.061814128-0.0208869710.061814128?-0.1314218231.358850249-0.1314218231.358850249-550545-457200008.3 Appendix C (Financial Statements)centertop9. REFERENCES009. REFERENCESBrigham, E., & Houston, J. (2011). Fundamentals of financial management. (7th ed.). Mason, OH: Cengage."DIS Competitors." DIS Competitors. Yahoo! Finance, n.d. Web. 21 Oct. 2012.<;."DIS Industry: Entertainment - Diversified | Walt Disney Company (The) Commo Stock- Yahoo! Finance." DIS Industry: Entertainment - Diversified | Walt Disney Company (The) Commo Stock - Yahoo! Finance. Yahoo! Finance, n.d. Web. 21 Oct. 2012. <;."DIS Profile | Walt Disney Company (The) Commo Stock - Yahoo! Finance." DISProfile | Walt Disney Company (The) Commo Stock - Yahoo! Finance. Yahoo! Finance, n.d. Web. 21 Oct. 2012. <;."Disney History." Walt Disney History. Walt Disney Company, n.d. Web. 20 Oct. 2012.<;.“Fortune 500.” CNN Money, 2012. Web. 23 Nov 2012. <;."NWS Profile | News Corporation Stock - Yahoo! Finance." NWS Profile | NewsCorporation Stock - Yahoo! Finance. Yahoo! Finance, n.d. Web. 21 Oct. 2012. <;.“Disney Company Overview.” What’s Driving the Stock. Trevis, 2012. Web. 23 Nov 2012. <;."TWX: Summary for Time Warner Inc. New Common Sto- Yahoo! Finance." Yahoo!Finance. Yahoo! Finance, n.d. Web. 21 Oct. 2012. <;. ................
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