Duarte, Miguel MarecosBäuerle, Maximilian Nicolas2025-08-112025-08-112025-01-242024-12-17http://hdl.handle.net/10362/186312This thesis presents an equity research analysis of The Walt Disney Company (Disney), with a primary focus on the Entertainment segment, which encompasses Linear Networks, Direct-to-Consumer (DTC) streaming services, and Content Sales/Licensing. The analysis examines historical financial performance of the company as a whole and provides forecasts for revenue, profitability, and market positioning within its Entertainment segment. Cash flow-based valuation techniques, including Discounted Cash Flow (DCF) and Adjusted Present Value (APV), are employed to derive Disney's intrinsic value. Key valuation parameters, such as the Weighted Average Cost of Capital (WACC), are calculated and used in a scenario analysis to ensure analytical robustness. The study identifies the DTC sub-segment as a critical growth driver, mitigating revenue declines from Linear Networks caused by cord-cutting and shifting consumer preferences. Revenue projections for DTC and other Entertainment sub-segments reflect broader industry trends, including the rapid expansion of subscription-based streaming and the decline in traditional television. Financial projections suggest significant long-term growth potential, driven by scalability in streaming operations and improved cost efficiencies. This thesis concludes with a "BUY" recommendation based on intrinsic cash flow based valuation, supported by robust revenue growth in the DTC sub-segment. A worst-case scenario analysis further explores potential downside risks, contributing to a comprehensive and research-based evaluation of Disney.engDisneyEquity researchCompany valuationMedia and Entertainmentmaster thesis203961340