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The Walt Disney Company Message Board

yingand_yang 5 posts  |  Last Activity: Jan 27, 2015 12:25 PM Member since: Jun 29, 2006
  • yingand_yang by yingand_yang Jan 27, 2015 12:25 PM Flag

    Microsoft's MSFT second-quarter results were within our expectations, but profitability suffered due to geopolitical factors and a changing product mix. Microsoft's transition to a mobile and cloud services firm will weigh on margins over time relative to its traditional licensing model. We're comfortable with our $46 fair value estimate and wide economic moat rating. Quarterly revenue came in at $26.5 billion, up 4.8% from last year and in line with our estimate. A modest outperformance in the D&C business due to smartphone, tablet, and console sales helped offset slightly weaker-than-expected commercial licensing sales . The weakness was due partly to geopolitical factors, and a difficult comparison as XP end-of-support refresh sales ended. Due to these factors, we expect modestly weaker results in the commercial licensing segment through the second half of the fiscal year. On the bright side, cloud-based revenue continued its torrid growth, with commercial cloud revenue up 114% from Office 365, Azure, and Dynamics CRM, boosting annualized cloud revenue to $5.5 billion. Revenue mix weighed on profits, with gross margin at 61.7% and operating margin at 29.4%, down from last year's 65.9% and 32.5%, respectively. A larger mix of hardware sales combined with discounted Windows licensing, and higher cloud revenue weighed on margins. GAAP EPS was $0.71 for the quarter, below our $0.76 estimate, but in line with consensus. An IRS audit adjustment reduced earnings by $0.04. For the entire note, click here.
    Norman Young

  • Reply to

    obama economy

    by martikinz Dec 31, 2014 11:34 AM
    yingand_yang yingand_yang Dec 31, 2014 11:45 AM Flag

    Lighten up on the kool aid!

  • yingand_yang yingand_yang Nov 17, 2014 9:32 PM Flag

    Merrill Lynch, not yet,

  • yingand_yang by yingand_yang Nov 7, 2014 3:34 PM Flag

    Disney DIS ended fiscal 2014 with a strong fourth quarter, with results coming in slightly ahead of our expectations. We're raising our fair value estimate to $95 per share, as we have rolled over our model to include fiscal 2019. We're also maintaining our wide economic moat rating. While we remain impressed by Disney's execution, we would prefer a wider margin of safety in its share price before investing. Similar to its peers at Time Warner and Fox, Disney's management spent time on the call discussing the changing media landscape, and defending the cable bundle's value proposition. CEO Bob Iger remarked that, while millennials are taking longer to subscribe to a multichannel bundle, he does not foresee the demise of the bundle "anytime soon."Given Disne y's brands, content, and sports rights, the firm will be in a great position in digital-only or a la carte world. In those scenarios, Iger expects those channels with weaker brands, lower ratings, less original content to die off. As a result, Disney sees no reason introduce a product or products to challenge the multichannel bundle. ESPN will launch a NBA OTT product, but that will act as a supplement to TNT’s, and its current NBA slates. We agree with the proposition that the cable bundle still has strength, and that Disney owns some of the most valuable branded properties in the media space.
    Neil Macker, CFA

  • yingand_yang by yingand_yang Nov 4, 2014 3:30 PM Flag

    148 million traded with the normal 27 million trend. Hope Dodge and Cox held their position!

    Sentiment: Hold

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