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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 115 slides",
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  "authorName": "Blackwells Capital",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-03-01 00:00:00",
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  "pageNumber": 40,
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      "text": "1. Wall St. research forecasts (based on management guidance)\n2. Historical average (the average EBITDA of the last 5-yrs applied to the forecast period)\n3. Historical growth case (the 5-yr EBITDA CAGR applied to the forecast period)",
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      "text": "Net Debt is held constant throughout the period and in Case 2 and 3 there is a forecasted 25% capital spending overrun. The results also show that Wall St. research forecasts are extremely rosy with regards to Disney's future earnings (EBITDA nearly doubling over 5 years). Any deviation from the current earnings environment at Disney in combination with capital expenditure overruns, would have a significant negative impact on Disney",
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      "text": "To fully understand the impact of Disney's large capital spending over the next 10 years ($60 billion), we have performed a capital analysis on three forecasts:",
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      "text": "CAPITAL PLANNING",
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