Disney (DIS): Growth Continues To Slow But There Are Things To Like - Needham
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Needham & Company analyst, Laura Martin, reiterated her Hold rating on shares of Walt Disney (NYSE: DIS) after the company reported FY4Q16 revenue of $13.1B (down 3% y/y), Operating EPS of $1.10 (down 9% y/y).
The analyst most like the following points about the quarter:
1) 4mm visitors to Shanghai Disney (implying potentially 10mm visitors in its first year)
2) US cable subs were down only 2% y/y in FY4Q16 quarter, stable with the past 4 quarters
3) a new direct to consumer product from ESPN was a recurring topic, anchored by DIS’s investment in BAMTech
4) DIS isn’t worried that ratings weakness in the NFL is structural
5) During FY4Q16, DIS repurchased 16.6mm shares for $1.6B and stated that it would repurchase $7-$8B of shares in FY17
6) DIS said it was 100% currency hedged for FY17
Shares of Walt Disney closed at $94.96 yesterday.
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