Business Cost of EquityAfter-tax cost E/(D+E) D/(D+E) Cost of capital

Media Networks 10.10% 3.29% 78.98% 21.02% 8.67%

Parks and Resorts 9.12% 3.29% 78.98% 21.02% 7.90%
Studio Entertainment 10.43% 3.29% 78.98% 21.02% 8.93%
Consumer Products 10.39% 3.29% 78.98% 21.02% 8.89%
Disney 10.00% 3.29% 78.98% 21.02% 8.59%
st of capital
Riskfree rate = 4%
Risk Premium = 4.82%
Market value of Equity = $55,101
Market value of Debt = $14,668
Marginal tax rate = 37.30%

Business Unlevered BetaD/E Ratio Levered Beta Cost of Equity

Media Networks 1.0850 26.62% 1.2660 10.10%
Parks and Resorts 0.9105 26.62% 1.0625 9.12%
Studio Entertainment 1.1435 26.62% 1.3344 10.43%
Consumer Products 1.1353 26.62% 1.3248 10.39%
Disney 1.0674 26.62% 1.2456 10.00%
Business Comparable firms Number of firms
Media Networks Radia and TV broadcasting companies 24
Parks and Resorts Theme park & Entertainment firms 9
Studio Entertainment Movie companies 11
Consumer Products Toy and apparel retailers; Entertainment software 77
Average levered beta Median D/E Unlevered beta Cash/Firm Value
1.22 20.45% 1.0768 0.007543532343
1.58 120.76% 0.8853 0.027668227634
1.16 27.96% 0.9824 0.140843947663
1.06 9.18% 0.9981 0.120816436296
Unlevered beta corrected for cash
1.0850 1.0850
0.9105 0.9105
1.1435 1.1435
1.1353 1.1353
Business Revenues in 200 EV/Sales Estimated ValFirm Value Pr Unlevered beta
Media Networks $10,941 3.41 $37,278.62 49.25% 1.0850
Parks and Resorts $6,412 2.37 $15,208.37 20.09% 0.9105
Studio Entertainment $7,364 2.63 $19,390.14 25.62% 1.1435
Consumer Products $2,344 1.63 $3,814.38 5.04% 1.1353
Disney $27,061 $75,691.51 100.00% 1.0674

Disney Unlevered beta (without cash) $75,691.51

levered beta
 Ticker Exchange CodShort Name Industry Subgroup
ROMN US Equity ROMN US FILM ROMAN INC Broadcast Serv/Program
MDLK US Equity MDLK US MEDIALINK WORLDW Broadcast Serv/Program
AMCM US Equity AMCM US AM COMM INC Broadcast Serv/Program
WGNR US Equity WGNR US WEGENER CORP Broadcast Serv/Program
PTSX US Equity PTSX US POINT.360 Broadcast Serv/Program
NOOF US Equity NOOF US NEW FRONTIER MED Broadcast Serv/Program
WWE US Equity WWE US WORLD WRESTLING Broadcast Serv/Program
WWMO US Equity WWMO US WORLD WIDE MOTIO Broadcast Serv/Program
DGIT US Equity DGIT US DIGITAL GENERAT Broadcast Serv/Program
HTVNQ US Equity HTVNQ US HISPANIC TV NET Broadcast Serv/Program
FOX US Equity FOX US FOX ENTERTAINM-A Broadcast Serv/Program
KDE US Equity KDE US 4KIDS ENTERTNMT Broadcast Serv/Program
NTN US Equity NTN US NTN COMM Broadcast Serv/Program
CCU US Equity CCU US CLEAR CHANNEL Broadcast Serv/Program
FSCI US Equity FSCI US FISHER COMMUNICA Broadcast Serv/Program
CRWN US Equity CRWN US CROWN MEDIA HL-A Broadcast Serv/Program
NLPN US Equity NLPN US NATIONAL LAMPOON Broadcast Serv/Program
GTN US Equity GTN US GRAY TELEVISION Broadcast Serv/Program
FILM US Equity FILM US INTELEFILM CORP Broadcast Serv/Program
Average
Median
Wtd average
Beta D/E EV/Sales EV/EBIT Std Dev Of ErAlpha Total Debt (S
2.531 0.00% 0.06311464 NA 20.303 -1.839 0
0.363 31.89% 0.43964535 NA 11.01 0.628 6.58
0.491 47.38% 0.64475505 18.8821122 14.501 0.364 6.01
1.289 0.05% 0.64494757 11.5499771 12.488 1.467 0.01
0.583 129.09% 0.70138424 25.3908519 16.041 1.428 29.16
0.69 15.95% 0.95398531 13.8572964 9.951 0.015 5.62
0.678 1.39% 1.59254609 22.0505475 4.923 -0.064 9.9
-0.232 25.82% 2.38053 7.9351 22.052 0.156 0.11
1.042 6.66% 2.38213607 22.5911016 10.314 0.115 10.02
5 1165.59% 2.39419516 NA 1044.551 107.326 1.45
1.235 3.51% 2.84782622 NA 4.302 0.475 942
1.041 2.18% 3.45917764 18.3088347 6.725 0.384 5.61
0.663 5.34% 3.58024717 NA 7.247 1.268 4.71
1.387 34.64% 4.0312906 21.6818716 4.893 0.076 8778.62
0.722 69.49% 4.47919333 NA 5.446 -0.057 292.61
1.645 115.95% 5.60232346 NA 17.068 0.3 484.51
0.89 6.75% 5.81167447 NA 20.303 0.67 0.41
0.326 102.77% 6.47281414 22.9887323 4.883 0.048 658.22
3.1265 158.56% 8.654475 NA 223.318 25.196 1.67
1.21986842 0.20445236 3.40724067 11237.22
0.89 0.25815173 2.39419516 20.2819919
Total SharehoCurrency Adj Interest Expe EBITDA(Earn Sales/Revenu Operating Inc Net Income/Ne
-3.78 5.512864 0 40.11 43.3 -5.59 -2.11
27.2 20.636 0.28 2.09 47.37 -0.52 -1.87
7.3 12.68447 #N/A N.A. 1.43 28.7 0.98 0.67
15.08 20.24047 0.06 3 23.46 1.31 0.81
31.07 22.58871 #N/A N.A. 9.2 68.42 1.89 2.82
33.93 35.23896 1.84 11.95 36.75 2.53 -11.89
341.96 714.5963 0.78 36.3 374.26 27.03 -19.2
9.8 0.426106 0 0.09 0.2 0.06 0.06
70 150.4218 1.54 14.38 66.29 6.99 -126.59
-4.52 0.124401 #N/A N.A. -19.27 0.62 -24.07 -38.51
12973 26809.11 241 413 9725 -103 581
132.67 256.9207 #N/A N.A. 25.26 53.14 10.04 6.99
3.77 88.28013 0.85 2.54 25.61 -2.47 -2.19
14256.16 25339.21 432.79 2191.92 8421.06 1565.72 -16053.7
237.79 421.1089 19.45 36.15 154.09 -1.27 -1.99
714.15 417.8601 #N/A N.A. 16.66 161.01 -234.06 -313.03
2.53 6.072974 0 -0.87 0.94 -1.11 -1.61
408.61 640.4498 35.67 79.98 198.64 55.93 -27.89
-1.56 1.053253 0.42 -5.26 0.28 -6 -12.64
54962.5359 19429.14 1294.39
S&P LT Local Capital Expen Cash Changes in WoEPS Growth
0 -0.12 2.78 -5.58 #N/A N.A.
0 -1.35 6.39 -1.99 #N/A N.A.
0 -1.02 0.19 -0.69 #N/A N.A.
0 -0.15 5.12 2.51 #N/A N.A.
0 -3.08 3.76 -28.71 0.362
0 -2.77 5.8 -5.44 #N/A N.A.
0 -10.59 128.47 -47.34 8.909
0 0 0.06 -0.09 #N/A N.A.
0 -0.72 2.53 1.59 0.703
0 -3.17 0.09 -8.79 #N/A N.A.
0 -80 56 -1198 1.965
0 -2.62 78.71 7.97 #N/A N.A.
0 -0.95 1.3 -0.85 #N/A N.A.
0 -548.64 170.09 131.41 2.053
-4.47 -39.68 23.52 51.44 #N/A N.A.
0 -4.24 0.34 -45.98 #N/A N.A.
0 -0.01 1.02 1.58 #N/A N.A.
-4.35 -14.97 12.91 14.45 4.733
0 -0.05 0.3 -0.54 #N/A N.A.
499.38
 Ticker Exchange CodShort Name Industry Sub Raw Beta
MVSN US EquitMVSN US MACROVISION CORP Motion Pictur 1.735
ZOMX US EquitZOMX US ZOMAX INC /MN Motion Pictur 1.174
BDE US EquityBDE US BRILLIANT DIGITA Motion Pictur 1.469
OPIX US Equity
OPIX US ODYSSEY PICTURES Motion Pictur 0.197
FMLY US Equity
FMLY US FAMILY ROOM ENT Motion Pictur 0.707
DISK US Equity
DISK US IMAGE ENTERTAIN Motion Pictur 1.054
MGM US EquityMGM US METRO-GOLDWYN Motion Pictur 1.04
LPAC US Equity
LPAC US LASER-PAC MEDIA Motion Pictur 1.347
VACM US EquitVACM US VALCOM INC Motion Pictur 1.726
1.161
D/E EV/Sales EV/EBIT Std Dev Of ErAlpha Total Debt (S Total Shareho
0.00% 9.54260708 25.8087014 8.327 -0.237 0.02 296.86
3.30% 0.24187925 NA 7.762 -0.38 3.74 130.55
14.96% 14.0247037 NA 25.467 2.663 3.48 -5.68
27.76% 30.3221235 NA 26.497 1.035 1.12 1.2
36.89% 4.85082439 NA 24.976 0.515 1.08 0.79
37.81% 0.50927479 23.0537406 9.938 0.429 15.85 31.66
38.36% 2.16360438 NA 5.167 -0.123 1156.72 2514.47
64.67% 0.74719276 8.8851573 8.939 0.354 11.94 18.81
671.67% 3.12459378 NA 20.71 -1.43 6.92 6.22
0.27962033 2.6330991 1200.87
3.12459378 23.0537406
Currency Adj Interest Expe EBITDA(Earn Sales/RevenuOperating Inc Net Income/NeDividends Pai
1074.497 0 49.57 102.26 37.81 12.09 0
113.2786 0.23 5.9 185.5 -2.45 -0.68 0
23.26669 3.6 -2.36 1.89 -2.58 -6.35 0
4.034761 0.16 -0.36 0.17 -0.54 -1.92 0
2.927676 0.06 -3.68 0.82 -3.7 -4.22 0
41.91844 1.45 9.43 108.19 2.39 -4.22 0
3015.228 79.93 -64.03 1654.1 -101.14 -142.25 0
18.46337 0.78 7.37 31.75 2.67 1.18 0
1.030271 0.61 -1.33 2.41 -1.52 -2.13 0
4294.64481 2087.09
Capital Expen Cash&Near CaChanges in WoIBES PEG Ratio
-3.87 98.69 47.19 1.595
-2.95 72.15 0.07
0 0.24 -0.95
-0.02 0 0.18
-0.02 0.03 -1.32
-1.85 2.67 0.94
-23.05 593.13 530.29
-2.64 6.68 0.2
-0.4 0.42 -0.9
774.01
 Ticker Exchange CodShort Name Industry Sub Raw Beta
TRV US EquityTRV US THOUSAND TRAILS Resorts/Them 0.062
FUN US EquityFUN US CEDAR FAIR -LP Resorts/Them 0.415
GET US EquityGET US GAYLORD ENTMNT Resorts/Them 0.915
MTN US EquityMTN US VAIL RESORTS Resorts/Them 1.15
BXG US EquityBXG US BLUEGREEN CORP Resorts/Them 1.656
ILX US Equity ILX US ILX RESORTS INC Resorts/Them 1.872
PKS US EquityPKS US SIX FLAGS INC Resorts/Them 2.491
MPTT US EquitMPTT US MPTV INC Resorts/Them 2.457
AESK US EquitAESK US AMERICAN SKIING Resorts/Them 3.204
1.58022222
D/E EV/Sales EV/EBIT Std Dev Of ErAlpha Total Debt (S Total Shareho
0.00% 1.16040567 14.5854338 7.501 1.246 0 20.66
27.50% 3.45482748 13.5279551 2.705 0.291 375.15 305.32
48.07% 2.29422048 NA 4.603 -0.003 340.64 789.46
119.79% 1.77628547 21.6454229 5.206 -0.002 602.79 532.74
158.04% 1.07636716 18.139411 6.478 1.185 205.26 152.75
179.02% 1.27444472 68.6899694 8.265 1.04 44.73 27.75
355.88% 2.82035205 15.5991048 10.374 0.008 2313.8 1639.68
789.48% 622.3131 NA 24.761 -1.157 5.63 0.35
9199.76% 1.16716763 NA 15.692 -0.862 321.04 105.75
1.20763936 2.37186005 4209.04
1.77628547 16.8692579
Currency Adj Interest Expe EBITDA(Earn Sales/RevenuOperating Inc Net Income/NeDividends Pai
100.0063 0.03 9.57 82.58 6.57 8.33 0
1364.28 24.97 170.1 502.85 128.42 71.42 -83.45
708.6232 46.96 34.47 414.36 -22.15 95.14 0
503.1974 39.27 117.52 615.26 50.49 7.57 0
129.8813 13.02 24.07 266.1 15.79 11.73 0
24.98617 2.07 2.14 52.82 0.98 3.08 -0.05
650.168 231.25 339.51 1037.93 187.66 -105.7 -20.84
0.713131 0.7 -2.7 0.01 -2.7 -3.4 0
3.489655 50.14 35.08 272.12 -2.49 -173.92 0
3485.34516 3244.03
Capital Expen Cash&Near CaChanges in Wo
IBES PEG Ratio
-4.65 4.18 -1.58
-55.28 2.17 -7.27 2.188
-185.65 98.63 124.47
-76.23 13.11 -15.51
-12.94 48.72 -21.44
-4.93 2.4 2.23
-146.24 36.64 42.09
0 0.12 -0.58
-7.53 6.92 -24.26
212.89
 Ticker Exchange CodShort Name Industry Sub Raw Beta
KCP US EquityKCP US KENNETH COLE-A Retail-Appare 1.007
PLCE US EquityPLCE US CHILDRENS PLACE Retail-Appare 1.239
AEOS US EquitAEOS US AMER EAGLE OUTF Retail-Appare 1.501
BKE US EquityBKE US THE BUCKLE INC Retail-Appare 0.786
ANN US EquityANN US ANNTAYLOR STORES Retail-Appare 1.034
JAKK US EquityJAKK US JAKKS PACIFIC Toys 0.788
TOO US EquityTOO US TOO INC Retail-Appare 1.052
CACH US Equit CACH US CACHE INC Retail-Appare 0.403
ROST US EquitROST US ROSS STORES INC Retail-Appare 0.838
ATVI US EquityATVI US ACTIVISION INC Entertainment 0.96
JOSB US EquityJOSB US JOS A BANK CLOTH Retail-Appare 1.373
GPS US EquityGPS US GAP INC/THE Retail-Appare 1.185
THQI US EquityTHQI US THQ INC Entertainment 1.122
TLB US EquityTLB US TALBOTS INC Retail-Appare 1.159
CLE US EquityCLE US CLAIRE'S STORES Retail-Appare 1.116
HAS US EquityHAS US HASBRO INC Toys 0.847
ATAR US EquitATAR US ATARI INC Entertainment 1.286
TTWO US Equit TTWO US TAKE-TWO INTERAC Entertainment 1.43
BEBE US EquitBEBE US BEBE STORES INC Retail-Appare 1.044
PSUN US EquitPSUN US PAC SUNWEAR CAL Retail-Appare 1.048
URBN US Equit URBN US URBAN OUTFITTER Retail-Appare 1.374
ANF US EquityANF US ABERCROMBIE & FI Retail-Appare 1.253
APII US EquityAPII US ACTION PROD INTL Toys 1.04
MAT US EquityMAT US MATTEL INC Toys 0.489
HOTT US EquitHOTT US HOT TOPIC INC Retail-Appare 0.79
CBK US EquityCBK US CHRISTOPHER & B Retail-Appare 1.537
CHS US EquityCHS US CHICO'S FAS INC Retail-Appare 1.362
ERTS US EquitERTS US ELECTRONIC ARTS Entertainment 0.551
MVL US EquityMVL US MARVEL ENTERPRIS Toys 0.611
1.05764286
D/E EV/Sales EV/EBIT Std Dev Of ErAlpha Total Debt (S Total Shareho
0.00% 0.73591133 7.05370518 7.389 0.439 0 164.9
0.00% 0.78781981 29.320959 9.58 0.501 0 229.01
1.49% 0.82244283 8.52894606 6.707 -0.208 20.58 577.48
0.00% 0.83085249 7.27717187 4.364 0.36 0 264.67
9.61% 0.85091783 8.70374046 5.23 0.633 121.65 714.42
0.02% 0.86691923 6.94476227 7.258 0.249 0.08 360.58
0.00% 0.88438714 7.41236634 6.166 0.231 0 253.66
0.00% 0.88861248 12.3834451 9.661 1.728 0 45.29
0.76% 0.8915984 9.52315649 4.105 0.837 25 643.19
0.25% 0.99169444 9.03471798 6.259 0.118 2.82 597.74
4.24% 1.02808454 12.6722481 8.365 2.31 10.52 65.65
20.16% 1.1656083 16.6383872 6.153 0.017 3395.77 3658.21
0.00% 1.19834953 23.5229943 7.519 -0.17 0 408.87
5.39% 1.2105884 9.84999235 5.361 0.018 100 567.68
8.53% 1.21359307 9.98818309 4.885 0.792 110.92 501.25
35.11% 1.29998722 16.695075 4.143 0.465 1080.17 1191.37
68.67% 1.37014175 68.6791746 14.416 1.032 236.21 -115.33
0.02% 1.39215471 9.00703227 9.957 1.398 0.3 356.44
0.00% 1.40909361 10.9954476 8.066 0.087 0 180.54
0.42% 1.55359113 16.1859183 6.124 0.922 5.69 302.39
0.00% 1.57723832 14.6867291 7.852 1.766 0 224.38
0.00% 1.6486602 8.41553963 7.03 0.144 0 749.53
29.60% 1.66862815 -17.588982 12.946 1.156 2.56 3.21
9.51% 1.73760905 11.1968911 3.852 0.238 847.55 1978.71
0.01% 1.87153299 15.2268172 6.309 0.681 0.12 160.93
0.00% 2.68403442 14.7676385 7.445 1.278 0 143.3
0.00% 4.07472652 20.2652683 6.196 1.093 0 240.13
0.00% 4.10526379 18.9529628 4.679 0.509 0 1788.66
11.52% 4.70640027 21.5305033 8.901 2.185 150.96 275.65
0.09176204 1.62729696 5959.94
0.02% 1.21359307 11.0961693
Currency Adj Interest Expe EBITDA(Earn Sales/RevenuOperating Inc Net Income/NeDividends Pai
410.2364 52.48 433.05 45.18 26.14 0
565.6001 53.78 671.41 18.04 8.93 0
1377.299 191.75 1463.14 141.09 88.73 0
426.2017 58.12 401.06 45.79 32.06 0
1266.262 6.89 182.7 1380.97 135.01 80.16 0
337.0923 47.9 310.02 38.7 31.27 0
673.9053 2.35 96.14 647.46 77.25 47.34 0
187.4971 0 19.28 199.42 14.31 8.94 0
3274.196 0 396.8 3531.35 330.62 201.18 -14.85
1139.673 0.93 207.14 864.12 94.85 66.18 0
248.1469 1.1 25.39 243.44 19.75 10.95 0
16841.27 248.6 1793.51 14454.71 1012.63 477.46 -78.35
708.7429 122.55 480.53 24.48 12.99 0
1856.858 3.26 255.18 1595.33 196.07 120.76 -20.61
1300.022 4.43 160.31 1001.54 121.69 77.74 -7.58
3076.263 77.5 403.13 2816.23 219.29 -170.67 -20.77
343.9779 11.96 13.82 419.05 8.36 -10.93 0
1213.413 0.48 134.98 793.98 122.72 71.56 0
569.2954 0 50.62 316.42 40.55 26.48 0
1345.694 113.69 846.39 81.24 49.68 0
738.9075 63.61 422.75 45.4 27.41 0
3021.906 369.54 1595.76 312.62 194.94 0
8.649279 0.15 0.03 6.43 -0.61 -1.31 0
8908.301 113.9 950.07 4885.34 758.14 230.1 -21.87
879.887 0.02 69.79 443.25 54.48 34.63 0
917.5235 0 70.96 338.76 61.57 38.48 0
2172.878 122.94 531.11 106.79 66.76 0
11140.25 0 629.3 2482.24 537.66 317.1 0
1310.179 41.67 71.14 299.05 65.37 22.61 0
64949.9483 43575.26
Capital Expen Cash&Near CaChanges in Wo
IBES PEG Ratio
-7.27 91.55 27.39 0.987
-48.54 36.65 1.93 35.956
-61.41 194.53 60.7 1.224
-25.63 92.98 -1.36 1.189
-45.45 212.82 113.28 1.205
-6.59 68.41 12.7 0.855
-39.74 101.3 66.73 0.978
-7.34 10.29 6.46 1.135
-133.17 150.65 70.33 1.121
-11.88 285.55 89.3 1.265
-7.62 8.39 3.65 1.381
-303.28 3388.51 1990.58 1.745
-7.79 132.9 0.98 2.36
-99.15 25.57 -11.31 1.174
-45.5 195.48 48.71 0.973
-58.66 495.37 -145.25 2.232
-8.57 6.03 5.47
-10.47 108.37 104.76 0.647
-21.95 123.43 26.41 1.534
-40.42 36.44 30.41 1.309
-22.25 72.13 60.19 1.269
-92.98 391.04 148.07 0.892
-0.1 0.48 -0.46
-167.39 1267.04 244.6 1.418
-33.88 50.45 8.01 1.193
-20.45 8.28 23.8 1.11
-64.74 8.75 47.53 1.349
-59.11 950 640.7 1.353
-2.07 53.69 2.61 0.736
8567.08
 EBIT(2002) EBIT Avg (20 Capital (2001 ROC Average ROC
Media Networ 1213 1319 26038 0.04658576 0.05065673
Parks and Res 957 1237.33333 11305 0.08465281 0.1094501
Studio Entert 620 384.333333 7879 0.07869019 0.04877946
Consumer Pro 384 393 1125 0.34133333 0.34933333
Revenues: 2003 2002 2001 2000
Media Networks 10,941 9,733 9,569 9,836
Parks and Resorts 6,412 6,465 7,004 6,809
Studio Entertainment 7,364 6,691 6,009 5,918
Consumer Products 2,344 2,440 2,590 2,762
$27,061 $25,329 $25,172 $25,325
Operating Income
Media Networks 1213 986 1,758 1,985
Parks and Resorts 957 1,169 1,586 1,615
Studio Entertainment 620 273 260 126
Consumer Products 384 394 401 386
3,174 2,822 4,005 4,112

Capital Invested
Media Networks 25883 26038 20374
Parks and Resorts 11067 11305 11369
Studio Entertainment 7832 7879 6675
Consumer Products 966 1125 1041

Capital expenditures
Media Networks 203 151 207 249
Parks and Resorts 577 636 1278 1524
Studio Entertainment 49 37 36 50
Consumer Products 44 58 70 73

Depreciation
Media Networks 169 180 176 169
Parks and Resorts 681 648 604 582
Studio Entertainment 39 46 47 54
Consumer Products 63 58 90 109