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  "documentTitle": "Trian Partners | Activist Presentation Deck | 133 slides",
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  "authorName": "Trian Partners",
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  "presentationDate": "2024-03-01 00:00:00",
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  "notes": "Uses analyst quotes to validate the activist's argument that the market is reacting to uncertainty rather than the investment itself.",
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      "text": "Share Price Performance on Parks Investor Day (09/19/23)",
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      "text": "How will the capital expenditures be allocated by Park? What is the expected annual cadence of spend? If the investment is back-end weighted over a decade, why commit to it now? What is the target return investors can hold you accountable to?",
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      "text": "Disney's stock price underperformed the S&P 500 by over 3% on the day the Company announced a $60 billion, 10-year capital expenditure plan. In our view, Disney's shareholders support increased capital expenditures in the Parks but were concerned with the lack of details on how, where and when the capital will be spent.",
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      "kind": "quote",
      "text": "Following the announcement, Disney's shares are down ~3.5% intraday. Since it will take time before DIS sees the EBIT benefit from higher DPEP capex, we suspect investors are concerned about the potential near-term pressure to FCF.",
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      "kind": "quote",
      "text": "DIS's stepped-up Parks investment has the potential to drive significant returns, however investors likely need more insight into how DIS intends to allocate this capital across its resorts and cruise lines to factor this upside potential into estimates and valuation.",
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      "kind": "title",
      "text": "Investors Would Benefit From Detail Around Target Returns on the $60 Billion of Announced Parks CapEx & Overall Growth",
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