Revenue fell short of FactSet consensus but operating income came in well ahead of Street expectations.
We continue to think that the expansion of Disney+, HBO Max, and other services will increase churn and pressure gross adds for Netflix over the near future. We maintain our narrow moat and fair value estimate of $250.
We are maintaining our moat rating and fair value estimate for the media company after a tumultuous week.
Lockdowns and next-generation consoles are supercharging growth.
Disney posted a strong start to fiscal 2021 as first-quarter revenue beat FactSet consensus. We are maintaining our wide moat and plan to modestly increase our $140 fair value estimate.
Despite the subscriber beat, revenue was in line with our projections for the quarter.
Music streaming companies have seen stellar growth in user numbers. We ask Morningstar equity analyst Neil Macker if the trend can continue.
We are raising our fair value estimate to $140 from $127 due to much higher subscriber growth offset slightly by higher content spending.
We believe Warner Bros. studio's announcement to release its entire 2021 movie slate simultaneously in movie theaters and on HBO Max is a reasonable response to the pandemic.
Despite tremendous subscriber growth, there may not be enough leverage in the current business model.
Disney ended a challenging fiscal 2020 on a strong note. We maintain our wide moat and plan to modestly increase our $127 fair value estimate when we update our model.
Subscriber growth at Netflix in third quarter came in below our estimate and management’s forecast.
Third Point’s Daniel Loeb sent urging a halt to the firm’s dividend payout policy to reallocate toward financing the production of additional original content for its streaming platforms.
While the president had been attacking TikTok, the addition of WeChat and Tencent to the ban was a surprise.
Despite a COVID-19-related revenue drop, the long-term outlook is positive as Disney continues to expand its direct relationships with consumers around the world. We maintain our wide moat and our $127 fair value estimate.
We are raising our FVE to $200 from $160 to account for the revenue impact of the larger subscriber base and slightly faster margin expansion than previously expected.
We are maintaining our wide moat and our fair value estimate.
Despite subscriber additions ahead of our estimate, revenue for the narrow-moat company was only 1% ahead of our projections for the first quarter.
We believe new CEO Chapek will continue to run the Iger playbook at least over the near term, and we are maintaining our wide moat rating and fair value estimate.
We are maintaining our wide moat rating and our fair value estimate after a strong first quarter for Disney.
We are retaining our narrow moat rating and are raising our fair value estimate.
Sinclair and Nexstar are the two biggest U.S. operators.
Major media companies are committing heavily to new platforms going into 2020.
We are maintaining our wide moat rating and expect to raise our fair value estimate.
We expect it to drive growth despite new consumption methods and potential regulation.
We are retaining our narrow moat rating and fair value estimate.
We detail three areas of interest for investors.
The wide-moat firm is preparing for its transformational leap into direct to consumer with the launch of Disney+ in November.
We are retaining our narrow moat rating and our fair value estimate of $135.
Company interplay generates several questions.
Bets on sports and news loom large for a firm that's now much smaller after its deal with Disney.
We initiate coverage of the Fox Corporation after the Disney merger.
Management is calling this a transition year, and we are lowering our fair value estimate.
We are maintaining our wide moat rating but are raising our fair value estimate.
The firm offered more insight on direct-to-consumer efforts, which are key for this year's transition.
The wide-moat firm is putting the focus on Fox media assets and direct-to-consumer efforts.
With the streamer burning cash and more competition looming, Neil Macker sees shares as meaningfully overvalued.
Operating margin came in below our projections, but we are retaining our narrow moat rating and are raising our fair value estimate.
The price increases are in line with the firm's need to generate additional revenue to help offset the ongoing cash burn.
Growth at over the top pay TV providers Sling and DirecTV has slowed creating an opportunity for Hulu and YouTube to gain subscribers.
Moonves is likely to sue the board over the investigation as the findings not only stop him from collecting his severance but make him almost unhirable.
The wide-moat firm is looking ahead to 2019 with the launch of its streaming service and completing the Fox deal.
We are maintaining our wide moat rating and our fair value estimate.
International subscribers boosted growth, but we still think the firm will have to spend heavily over time to fend off competition.
We still see the streamer as significantly overvalued despite better than expected subscriber growth.
The chairman and CEO has departed without severance amid an investigation into allegations of sexual assault and misconduct.
The board is in talks to settle with the Redstone family and ease out CEO Les Moonves.
Delays are inherent in the video game business and in this case create a slight deferral, not loss, of revenue.
As users gravitate to new services, Disney and others could benefit over the long haul.
The media conglomerate continues to drive fee growth at its core brands while expanding the subscriber base of its newer channels.