DIS 是强力买入标的：估值倍数偏低（13.9 倍，而平均超过 20 倍），流媒体业务已实现盈利（订阅用户 195M），体验与邮轮业务产能满载，自由现金流达 $10B。
逐段跳播
现在，我们来谈谈你今天清单上的下一个项目，Disney。这是对直播流媒体的押注吗？嗯，首先，直播流媒体表现良好。
And now, let's talk about the next project on your list today, Disney. Is this a bet on live streaming? Well, first and foremost, the live stream is performing well.
与此同时，Disney股价目前的市盈率为13.9倍，而其五年平均市盈率超过20倍。新任CEO正在管理测试部门。所有部门都在满负荷运营，并以接近两位数的速度增长。体验业务方面，你怎么看12艘邮轮、57家酒店和12个主题公园，全部满负荷运营？
直播流媒体拥有1.95亿订阅用户，仅次于Netflix，现已实现盈利，运营利润为7亿美元。大家都说他将永远亏损。但事实并非如此。现在，他们正将其与ESPN合并，后者是第一大体育品牌。
顺便说一句，ESPN将转播今年的超级碗。所有广告都已售罄。他们正在取得巨大成功。无论是主题公园——他们正在阿布扎比开设一个公园——还是体验业务，投入资本回报率最高的是邮轮。他们今年将新增两艘新邮轮，这些邮轮多年前就已被预订。
或者也许这与低倍数有关。Disney就是这样。如果我们回顾Disney过去五十年的历史，我们会发现它稳定了八年，然后又大幅上涨了五年。好。是的。我们一直在这样做，我们对新任CEO印象深刻。
顺便说一句，他们每年产生100亿美元的自由现金流。因此，他们会买入更多股票。我们不能要求更多了。
Meanwhile, Disney shares are trading at 13.9 times their five- year average of over 20 times. The new CEO is running the testing department. All departments are operating at full capacity and growing at a rate approaching two decimal places.
The experiences, what do you think of the 12 cruise ships, the 57 hotels , and the 12 theme parks, all operating at full capacity? Live streaming , with 195 million subscribers, is second only to Netflix and is now profitable, with operating income of $700 million.
Everyone said he would lose money forever. But that's not true. Now, they are merging it with ESPN, the number one sports brand. By the way, ESPN will be showing this year's Super Bowl .
All ads have already run out. They are achieving tremendous success. Whether it's theme parks, they are opening a park in Abu Dhabi, or experiences, the highest return on invested capital is in cruise ships.
They will be adding two new cruise ships this year that have been booked years in advance. Or perhaps it has to do with the low multiplier. Disney does that. If we look at Disney’s history over the past fifty years, we find that it stabilized for eight years and then rose sharply for another five years.
Good. Yes. We have been doing that, and we are impressed with the new CEO. Incidentally, they generate $ 10 billion in free cash flow annually. Therefore, they will buy more shares. We cannot ask for more than that.
这个频道对 $DIS 的历次判断
Schwab Network 在这只股票上只有这一条判断。