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When You Wish Upon a Moat ...

Wide-moat Disney has mastered the process of monetizing new franchises across its multiple platforms, deepening its content library and generating value over time.


Neil Macker: We believe the Walt Disney Company (DIS) is a wide-moat company based on intangibles. Walt Disney runs two separate yet complementary businesses--Media Networks and Disney-branded business.

Media Networks includes companies such as ESPN, ABC, and the Disney Channel. The other segment revolves around the branded characters that are created by Disney, Pixar, Marvel, and now Lucasfilm. Both segments have created strong profits over the last few years.

Neil Macker does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.