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2021-11-12

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Disney Stock: After The All-Around Miss, What’s Next?<blockquote>迪士尼股票：在全面失利之后，下一步是什么？</blockquote>

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The company disappointed investors across the ","content":"On November 10, Disneypublishedits fiscal Q4 results. The company disappointed investors across the board. Disney stock&nbsp;(DIS) -Get Walt Disney Company Report&nbsp;sank below $160 per share in the morning, before recovering a bit. Below, we review the key performance metrics, and discuss the path forward for Disney and its stock.<blockquote>11 月 10 日，迪士尼发布了编辑第四财季业绩。该公司令投资者全面失望。迪士尼股票（迪斯) -获取华特迪士尼公司报告早上跌破每股 160 美元，然后有所回升。下面，我们回顾关键绩效指标，并讨论迪士尼及其股票的前进道路。</blockquote> An uncomfortable all-round miss<blockquote>令人不舒服的全面失误</blockquote> Disney reported revenue of $18.5 billion, an increase of 26% over the same period last year. EPS also improved significantly, climbing from a per-share loss of $0.39 in the comparable 2020 quarter to positive earnings of $0.09 this time.<blockquote>迪士尼报告收入为185亿美元，比去年同期增长26%。每股收益也显着改善，从 2020 年可比季度的每股亏损 0.39 美元攀升至此次的正收益 0.09 美元。</blockquote> Analysts were certainly hoping for more, as both top- and bottom-line results missed consensus estimates. But Disney CEO Bob Chapek seemed satisfied:<blockquote>分析师当然希望获得更多，因为营收和利润业绩均低于普遍预期。但迪士尼首席执行官鲍勃·查佩克似乎很满意：</blockquote> “This has been a very productive year for The Walt Disney Company, as we've made great strides in reopening our businesses while taking meaningful and innovative steps in Direct-to-Consumer and at our Parks, particularly with our popular new Disney Genie and Magic Key offerings.” Streaming lagged expectations<blockquote>“对于华特-迪士尼公司来说，今年是硕果累累的一年，我们在重新开展业务方面取得了长足进步，同时在直接面向消费者和我们的乐园方面采取了有意义的创新措施，尤其是我们广受欢迎的新迪士尼精灵和魔法钥匙产品。”流媒体滞后预期</blockquote> In media and entertainment distribution, linear networks did worst, with revenues of $6.7 billion dipping 4% over 2020 levels. Cord-cutting continues to be a secular negative for Disney, which still relies on linear TV for over one-third of its total revenues – and even more of its operating profits.<blockquote>在媒体和娱乐发行领域，线性网络表现最差，收入为 67 亿美元，比 2020 年水平下降 4%。剪线仍然是迪士尼的长期负面影响，该公司超过三分之一的总收入仍然依赖线性电视，甚至更多的营业利润依赖线性电视。</blockquote> In DTC (direct-to-consumer), which encompasses all of Disney's streaming products, the company delivered solid growth. Disney+ and ESPN+ saw subscribers rise by more than 60% each, while Hulu experienced an increase of 20% – worse than its peers, but still not too bad.<blockquote>在涵盖迪士尼所有流媒体产品的 DTC（直接面向消费者）领域，该公司实现了稳健的增长。Disney+和ESPN+的用户数量分别增长了60%以上，而Hulu增长了20%——比同行差，但仍然不算太差。</blockquote> The problem is that Wall Street seems to have set the bar too high ahead of earnings. Disney failed to meet expectations on Disney+ user adds by a good 7 million, and it did not help that average monthly revenue per user dropped nearly 10%. These numbers bode ill for the growth thesis in streaming.<blockquote>问题是华尔街似乎在盈利之前把门槛定得太高了。迪士尼未能达到Disney+用户增加700万的预期，每个用户的平均月收入下降了近10%也无济于事。这些数字对流媒体的增长理论来说是个不祥之兆。</blockquote> The reopening upside<blockquote>重新开放的好处</blockquote> Disney parks and experiences segment saw revenues double to $5.5 billion vs. $2.7 billion in the comparable 2020 quarter. The sharp increase was not a surprise and is largely related to the reopening of the company's parks and resorts.<blockquote>迪士尼乐园和体验部门的收入翻了一番，达到55亿美元，而2020年同期为27亿美元。大幅增长并不令人意外，这在很大程度上与公司公园和度假村的重新开放有关。</blockquote> However, consumer product revenues, representing less than 10% of total company sales, declined by 3%. According to Disney, these results were driven by lower royalties from licensing of Marvel's Avengers and Twisted Wonderland games.<blockquote>然而，占公司总销售额不到10%的消费品收入下降了3%。据迪士尼称，这些结果是由漫威复仇者联盟和扭曲的仙境游戏授权带来的较低版税推动的。</blockquote> Our take<blockquote>我们的看法</blockquote> In isolation, Disney’s results were far from disastrous. The reopening of the economy has been helping to push revenues and earnings higher each quarter, mostly driven by the rebirth of parks and entertainment services. Growth in streaming usage remains solid, especially in Disney+ and ESPN+.<blockquote>单独来看，迪士尼的业绩远非灾难性的。经济的重新开放有助于推高每个季度的收入和盈利，这主要是由公园和娱乐服务的重生推动的。流媒体使用量的增长依然强劲，尤其是在迪士尼+和ESPN+。</blockquote> The problem is that Disney does not seem to be moving quickly enough relative to expectations. On a 2022 basis, DIS is valued at a P/E of 36 times that is better suited for a growth stock. When the bar is set at this level, analysts and investors will naturally expect more of the media company.<blockquote>问题是，相对于预期，迪士尼的行动似乎不够快。以2022年为基础，DIS的市盈率为36倍，更适合成长型股票。当门槛设定在这个水平时，分析师和投资者自然会对这家媒体公司抱有更高的期望。</blockquote> The better news is that business fundamentals do not seem to be deteriorating, only improving at a slower pace. That said, we believe that DIS will find support once valuation better aligns with Disney’s growth prospects. With the stock down nearly 20% from the March peak, this could happen soon.<blockquote>更好的消息是，商业基本面似乎并没有恶化，只是以较慢的速度改善。尽管如此，我们相信，一旦估值与迪士尼的增长前景更加一致，DIS 就会得到支持。随着该股较 3 月份的峰值下跌近 20%，这种情况可能很快就会发生。</blockquote>","source":"lsy1610613172068","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Disney Stock: After The All-Around Miss, What’s Next?<blockquote>迪士尼股票： 在全面失利之后，下一步是什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDisney Stock: After The All-Around Miss, What’s Next?<blockquote>迪士尼股票： 在全面失利之后，下一步是什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nThe Street2021-11-12 10:29\n\n</h4>\n</header>\n<article>\nOn November 10, Disneypublishedits fiscal Q4 results. The company disappointed investors across the board. Disney stock&nbsp;(DIS) -Get Walt Disney Company Report&nbsp;sank below $160 per share in the morning, before recovering a bit. Below, we review the key performance metrics, and discuss the path forward for Disney and its stock.<blockquote>11 月 10 日，迪士尼发布了编辑第四财季业绩。该公司令投资者全面失望。迪士尼股票（迪斯) -获取华特迪士尼公司报告早上跌破每股 160 美元，然后有所回升。下面，我们回顾关键绩效指标，并讨论迪士尼及其股票的前进道路。</blockquote> An uncomfortable all-round miss<blockquote>令人不舒服的全面失误</blockquote> Disney reported revenue of $18.5 billion, an increase of 26% over the same period last year. EPS also improved significantly, climbing from a per-share loss of $0.39 in the comparable 2020 quarter to positive earnings of $0.09 this time.<blockquote>迪士尼报告收入为185亿美元，比去年同期增长26%。每股收益也显着改善，从 2020 年可比季度的每股亏损 0.39 美元攀升至此次的正收益 0.09 美元。</blockquote> Analysts were certainly hoping for more, as both top- and bottom-line results missed consensus estimates. But Disney CEO Bob Chapek seemed satisfied:<blockquote>分析师当然希望获得更多，因为营收和利润业绩均低于普遍预期。但迪士尼首席执行官鲍勃·查佩克似乎很满意：</blockquote> “This has been a very productive year for The Walt Disney Company, as we've made great strides in reopening our businesses while taking meaningful and innovative steps in Direct-to-Consumer and at our Parks, particularly with our popular new Disney Genie and Magic Key offerings.” Streaming lagged expectations<blockquote>“对于华特-迪士尼公司来说，今年是硕果累累的一年，我们在重新开展业务方面取得了长足进步，同时在直接面向消费者和我们的乐园方面采取了有意义的创新措施，尤其是我们广受欢迎的新迪士尼精灵和魔法钥匙产品。”流媒体滞后预期</blockquote> In media and entertainment distribution, linear networks did worst, with revenues of $6.7 billion dipping 4% over 2020 levels. Cord-cutting continues to be a secular negative for Disney, which still relies on linear TV for over one-third of its total revenues – and even more of its operating profits.<blockquote>在媒体和娱乐发行领域，线性网络表现最差，收入为 67 亿美元，比 2020 年水平下降 4%。剪线仍然是迪士尼的长期负面影响，该公司超过三分之一的总收入仍然依赖线性电视，甚至更多的营业利润依赖线性电视。</blockquote> In DTC (direct-to-consumer), which encompasses all of Disney's streaming products, the company delivered solid growth. Disney+ and ESPN+ saw subscribers rise by more than 60% each, while Hulu experienced an increase of 20% – worse than its peers, but still not too bad.<blockquote>在涵盖迪士尼所有流媒体产品的 DTC（直接面向消费者）领域，该公司实现了稳健的增长。Disney+和ESPN+的用户数量分别增长了60%以上，而Hulu增长了20%——比同行差，但仍然不算太差。</blockquote> The problem is that Wall Street seems to have set the bar too high ahead of earnings. Disney failed to meet expectations on Disney+ user adds by a good 7 million, and it did not help that average monthly revenue per user dropped nearly 10%. These numbers bode ill for the growth thesis in streaming.<blockquote>问题是华尔街似乎在盈利之前把门槛定得太高了。迪士尼未能达到Disney+用户增加700万的预期，每个用户的平均月收入下降了近10%也无济于事。这些数字对流媒体的增长理论来说是个不祥之兆。</blockquote> The reopening upside<blockquote>重新开放的好处</blockquote> Disney parks and experiences segment saw revenues double to $5.5 billion vs. $2.7 billion in the comparable 2020 quarter. The sharp increase was not a surprise and is largely related to the reopening of the company's parks and resorts.<blockquote>迪士尼乐园和体验部门的收入翻了一番，达到55亿美元，而2020年同期为27亿美元。大幅增长并不令人意外，这在很大程度上与公司公园和度假村的重新开放有关。</blockquote> However, consumer product revenues, representing less than 10% of total company sales, declined by 3%. According to Disney, these results were driven by lower royalties from licensing of Marvel's Avengers and Twisted Wonderland games.<blockquote>然而，占公司总销售额不到10%的消费品收入下降了3%。据迪士尼称，这些结果是由漫威复仇者联盟和扭曲的仙境游戏授权带来的较低版税推动的。</blockquote> Our take<blockquote>我们的看法</blockquote> In isolation, Disney’s results were far from disastrous. The reopening of the economy has been helping to push revenues and earnings higher each quarter, mostly driven by the rebirth of parks and entertainment services. Growth in streaming usage remains solid, especially in Disney+ and ESPN+.<blockquote>单独来看，迪士尼的业绩远非灾难性的。经济的重新开放有助于推高每个季度的收入和盈利，这主要是由公园和娱乐服务的重生推动的。流媒体使用量的增长依然强劲，尤其是在迪士尼+和ESPN+。</blockquote> The problem is that Disney does not seem to be moving quickly enough relative to expectations. On a 2022 basis, DIS is valued at a P/E of 36 times that is better suited for a growth stock. When the bar is set at this level, analysts and investors will naturally expect more of the media company.<blockquote>问题是，相对于预期，迪士尼的行动似乎不够快。以2022年为基础，DIS的市盈率为36倍，更适合成长型股票。当门槛设定在这个水平时，分析师和投资者自然会对这家媒体公司抱有更高的期望。</blockquote> The better news is that business fundamentals do not seem to be deteriorating, only improving at a slower pace. That said, we believe that DIS will find support once valuation better aligns with Disney’s growth prospects. With the stock down nearly 20% from the March peak, this could happen soon.<blockquote>更好的消息是，商业基本面似乎并没有恶化，只是以较慢的速度改善。尽管如此，我们相信，一旦估值与迪士尼的增长前景更加一致，DIS 就会得到支持。随着该股较 3 月份的峰值下跌近 20%，这种情况可能很快就会发生。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.thestreet.com/streaming/dis/disney-stock-after-the-all-around-miss-whats-next\">The Street</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6293418aaa188f49eeedbed2477b7c32","relate_stocks":{"DIS":"迪士尼"},"source_url":"https://www.thestreet.com/streaming/dis/disney-stock-after-the-all-around-miss-whats-next","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1191024703","content_text":"On November 10, Disneypublishedits fiscal Q4 results. The company disappointed investors across the board. Disney stock (DIS) -Get Walt Disney Company Report sank below $160 per share in the morning, before recovering a bit. Below, we review the key performance metrics, and discuss the path forward for Disney and its stock.\nAn uncomfortable all-round miss\nDisney reported revenue of $18.5 billion, an increase of 26% over the same period last year. EPS also improved significantly, climbing from a per-share loss of $0.39 in the comparable 2020 quarter to positive earnings of $0.09 this time.\nAnalysts were certainly hoping for more, as both top- and bottom-line results missed consensus estimates. But Disney CEO Bob Chapek seemed satisfied:\n\n “This has been a very productive year for The Walt Disney Company, as we've made great strides in reopening our businesses while taking meaningful and innovative steps in Direct-to-Consumer and at our Parks, particularly with our popular new Disney Genie and Magic Key offerings.”\n\nStreaming lagged expectations\nIn media and entertainment distribution, linear networks did worst, with revenues of $6.7 billion dipping 4% over 2020 levels. Cord-cutting continues to be a secular negative for Disney, which still relies on linear TV for over one-third of its total revenues – and even more of its operating profits.\nIn DTC (direct-to-consumer), which encompasses all of Disney's streaming products, the company delivered solid growth. Disney+ and ESPN+ saw subscribers rise by more than 60% each, while Hulu experienced an increase of 20% – worse than its peers, but still not too bad.\nThe problem is that Wall Street seems to have set the bar too high ahead of earnings. Disney failed to meet expectations on Disney+ user adds by a good 7 million, and it did not help that average monthly revenue per user dropped nearly 10%. These numbers bode ill for the growth thesis in streaming.\nThe reopening upside\nDisney parks and experiences segment saw revenues double to $5.5 billion vs. $2.7 billion in the comparable 2020 quarter. The sharp increase was not a surprise and is largely related to the reopening of the company's parks and resorts.\nHowever, consumer product revenues, representing less than 10% of total company sales, declined by 3%. According to Disney, these results were driven by lower royalties from licensing of Marvel's Avengers and Twisted Wonderland games.\nOur take\nIn isolation, Disney’s results were far from disastrous. The reopening of the economy has been helping to push revenues and earnings higher each quarter, mostly driven by the rebirth of parks and entertainment services. Growth in streaming usage remains solid, especially in Disney+ and ESPN+.\nThe problem is that Disney does not seem to be moving quickly enough relative to expectations. On a 2022 basis, DIS is valued at a P/E of 36 times that is better suited for a growth stock. When the bar is set at this level, analysts and investors will naturally expect more of the media company.\nThe better news is that business fundamentals do not seem to be deteriorating, only improving at a slower pace. That said, we believe that DIS will find support once valuation better aligns with Disney’s growth prospects. With the stock down nearly 20% from the March peak, this could happen soon.","news_type":1,"symbols_score_info":{"DIS":0.9}},"isVote":1,"tweetType":1,"viewCount":3514,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":["DIS"],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/879105513"}