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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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      "kind": "callout",
      "text": "Disney's overall ROIC significantly underperforms its self-selected \"media industry\" peers despite generating 70% of its operating income from its Experiences business",
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      "kind": "callout",
      "text": "Disney's overall ROIC significantly underperforms its self-selected “media industry” peers despite generating 70% of its operating income from its Experiences business",
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      "text": "Disney's Self-Selected \"Media Industry\" (Proxy) Peers Return on Invested Capital (FY 2023)",
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      "text": "ROIC: 6%",
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      "text": "Disney's current return on invested capital (\"ROIC\") of 6% is materially below its weighted average cost of capital (WACC) of ~9%, suggesting that the Board and management have been poor stewards of shareholder capital.",
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      "kind": "paragraph",
      "text": "According to Disney, \"over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.\"",
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      "kind": "quote",
      "text": "“over the last 5 years, return on invested capital has nearly doubled in [its] domestic parks and [it has] seen sizable increases over that same time frame across the total Experiences portfolio.” — Disney",
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      "kind": "source-note",
      "text": "Source: SEC filings, Company transcripts, FactSet. Note: \"Media Industry (Proxy) Peers\" represents \"Media Industry Peers\" as defined in Disney's 2024 Definitive Proxy Statement and consists of Alphabet, Amazon, Apple, Comcast, Meta, Netflix, Paramount, and Warner Bros. Discovery. Peer results adjusted to align with Disney's September fiscal year end. For this analysis, we calculated Return on Invested Capital for each peer based on the same methodology Disney outlines in its 2024 Definitive Proxy Statement.",
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      "kind": "title",
      "text": "Almost Every One of Disney's Self-Selected \"Media Industry\" Peers Have Better Returns on Invested Capital",
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