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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "Uses a quote from Disney management to highlight the contradiction between their narrative and the financial data.",
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      "kind": "callout",
      "text": "The market appears to lack confidence in Disney’s $7.5 billion cost reduction plan; Wall Street consensus estimates for FY 2024 and FY 2025 are now lower than they were when the commitments were made in February 2023.",
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      "kind": "chart",
      "text": "FY 2025 Consensus Earnings per Share (\"EPS\") Evolution Since Disney's Initial Announcement of Cost Savings",
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      "text": "How does a company allow itself to get to a point where it has $7.5 billion of costs to cut? What went wrong? Is Disney cutting the \"right\" costs (inefficient spend & overhead) or the \"wrong\" costs (quality / growth / content spend) that can hurt long-term growth?",
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      "text": "FY 2025 EPS: -17%",
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      "text": "The market appears to lack confidence in Disney’s $7.5 billion cost reduction plan; Wall Street consensus estimates for FY 2024 and FY 2025 are now lower than they were when the commitments were made in February 2023.",
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      "kind": "quote",
      "text": "“Our strategy is working, as evidenced by our strong financial results…” – Disney Letter to Shareholders, February 12, 2024",
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      "text": "\"Our strategy is working, as evidenced by our strong financial results...\" — Disney Letter to Shareholders, February 12, 2024",
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      "kind": "source-note",
      "text": "Source: FactSet as of 02/23/24, SEC filings.",
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      "kind": "title",
      "text": "Despite its So-Called \"Unprecedented Transformation,\" Earnings Estimates Have Fallen Materially",
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