{
  "docId": "019dd923-622b-71dc-a6db-74a0f9f25c29",
  "docSlug": "f5c008b9a0d4",
  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-01-12 00:00:00",
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  "pageNumber": 23,
  "pageCount": 35,
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  "nDataPoints": 22,
  "notes": "Uses a combination of a transaction table and a bar chart to illustrate the financial impact of a hypothetical deal.",
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      "kind": "callout",
      "text": "We estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018",
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      "kind": "chart",
      "text": "Disney Net Leverage chart showing progression from 0.9x (Standalone) to 3.7x (Disney + Fox & Sky) to 5.1x (Pro forma FY 2022).",
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      "text": "Had Disney purchased Sky on top of the Fox deal, Disney would have paid ~$100bn at a combined transaction multiple of ~20x EV/EBITDA\nPro forma, it would have added ~$67bn of net debt to its balance sheet\nWe estimate pro forma net leverage would be at ~5x today, reflecting Disney’s lower run-rate EBITDA compared to FY 2018",
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      "kind": "metric",
      "text": "net leverage: 5.1x",
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      "kind": "source-note",
      "text": "Source: SEC filings, Company filings, FactSet. Note: (1) Sky valuation based on final reported bid... (2) Fox LTM EBITDA adjusted... (3) Pro forma net debt calculated...",
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      "kind": "table",
      "text": "Fox + Sky Transaction Overview (9/30/18 LTM) table showing Offer Price, Shares, Equity Purchase Price, Net Debt, Adj. EV, LTM EBITDA, and EV/EBITDA multiples.",
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      "kind": "title",
      "text": "...and Would Have Put Even More Stress on Disney’s Balance Sheet",
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      "evidence": "The slide argues against a hypothetical alternative scenario to demonstrate the superiority of the current path.",
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