អ្នកវិភាគនិយាយថា "ការកើនឡើងប្រាក់ចំណេញកាន់តែយូរ និងយឺត" របស់ក្រុមហ៊ុន Disney អាចបញ្ឈប់ភាគហ៊ុនមិនឱ្យកើនឡើង

Disney’s stock is off 2.8% in Friday morning trading.

Read: What is the ‘metaverse’ and how much will it be worth? Depends on whom you ask

While Morris still likes Disney’s parks business in the long run, he worries that COVID-19 dynamics and anxieties could pressure attendance—and profit.

“[W]e believe a slower return of international visitation and inflationary pressures beyond the control of management are not fully reflected in consensus expectations,” Morris wrote in his note to clients. He cut his forecast for operating income before depreciation and amortization (Oibda) within the parks business.

Morris also is taking a more cautious approach when evaluating Disney’s programming business. The company is navigating the costly move to streaming amid a heated competitive landscape.

“Of note, the company’s 10-K disclosure that total 2022 programming spend would increase by as much as $8 billion (32%) feels underappreciated in a consensus outlook that expects the DTC [direct-to-consumer] business to approach breakeven by fiscal 2023” he wrote.

ជាវ: ចង់បាន Intel នៅលើទីផ្សារផ្លាស់ប្តូរព័ត៌មានទាំងអស់មែនទេ? ចុះឈ្មោះសម្រាប់ព្រឹត្តិបត្រព័ត៌មានតម្រូវការប្រចាំថ្ងៃរបស់យើង។

More positively, Morris lifted his expectations for the company’s fiscal first-quarter Disney+ subscriber haul. He now expects that the streaming service could log 10 million subscriber additions, while he said that consensus expectations are for 6.8 million.

Overall, though, he deems Disney’s shares “close to fairly valued” while trading at a 30x price-to-earnings multiple and 17 times his 2023 expectations for earnings before interest, taxes, depreciation, and amortization (Ebitda).

Shares of Disney have declined 13% over the past three months as the Dow Jones Industrial Average
ឌីស៊ីអាយអេស។
-0.95​%
has risen about 3%.