Why would it make sense to triple the amount of outstanding common shares right after reducing via share repurchases? Makes more sense that this will set-up a dividend increase and therefore get to a reasonable payout percentage faster.
A stock split is pretty unlikely as historically, the stock trades at over $100 a share before doing so. But, and let me fair and honest..........Disney is one of those companies that a lot of young people buy stock for their children (can you blame them?) and so a "family company" would indeed generate more buys say in the 20-30 range as opposed to where it is now.
All of that granted............
However, first and foremost, Disney is a BUSINESS whose purpose is to MAKE MONEY.. They answer to analysts of large firms and while I can appreciate your passion for a split, those small kids whose parents buy them 10-20 shares of their hard earned money, are pushed all the way to back compared to the pension funds, mutual funds and large individual investors who want to keep things...........just as they are.
Fundamentally and personally, I agree with you. Just think that it won't happen anytime soon.
There will be a stock buy back and an increase in the dividend from 75 cents probably up to 90 cents (my personal opinion). That'll have to do.............for now.