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Disney – Is the COVID rollercoaster stopping?

COVID-19 decimated Disney’s Parks, Experiences and Products (PEP) division. Revenue fell by 35% from $26.2 billion in FY19 to just over $17.0 billion in FY20. We anticipate revenue could fall up to 20% further in FY21. New waves of virus outbreaks will impact markets including Europe and Japan. Additionally, physical restrictions mandated in China and … Continued

And the award goes to …

Netflix dominated the 2021 Golden Globes with six wins, triple its closest competition. The Crown won in all four of its nominated categories while The Queen’s Gambit received two awards. Importantly, both series were equally well supported by viewers, with over 16 billion minutes of streaming for the Crown in 2020 and more than 62 … Continued

Disney subscriber success

Disney’s subscriber growth continues to exceed management expectations, which were only recently upgraded at the December 2020 Investor day. The growth in Disney’s subscribers is a testament to the quality of its content and the strength of the Disney franchise. The streaming opportunity is significant, and management expect to reach 300 to 350 million subscribers … Continued

We added Netflix!

Our primary focus with every investment is to ensure it trades at a discount to our estimate of its intrinsic value. This is the fundamental premise behind value investing. Unfortunately, the market is prone to over optimism at times and deep pessimism at other times, and occasionally our companies will be part of this and … Continued