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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2023-01-12 00:00:00",
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      "text": "In FY24, Disney is expected to have ~90% of Netflix's current LTM revenue... but still lose money",
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      "text": "Disney vs Netflix Revenue and Operating Profit comparison",
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      "text": "Disney is guiding to DTC operating profit “breakeven” in 2024, when the market expects the business to generate ~$29bn of revenue\nWe are surprised that Disney’s best-in-class IP, franchises, and scale have not led to in-line, if not superior, unit economics compared with Netflix, which generally lacks high quality, franchise IP",
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      "text": "operating margin: 18.2%",
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      "text": "Source: SEC filings, FactSet Wall Street estimates as of 1/10/23. Note: (1) Disney Operating Profit and Margin adjusted to include allocations of corporate expense based on % of FY 2022A Sales.",
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      "kind": "title",
      "text": "Disney Does Not Leverage its Substantial Scale in Streaming",
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