Sum of the parts valuation

Value each segment on its own peers, charge corporate costs and bridge to equity value per share against the price. Every segment figure ties to the segment note

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XLSXDOCX14 steps

The problem

Three segments, four peer sets, one share price

Corporate costs of $1.6 billion in fiscal 2025 sit outside all three segments. Segment operating income includes equity income from stakes like A+E, which Disney has agreed to sell. Outside holders own 28% of ESPN, 57% of Shanghai Disney Resort and 52% of Hong Kong Disneyland. Apply one blended multiple, count A+E twice, or deduct minorities at book value, and the discount or premium is wrong

The request

Build a sum of the parts on Disney at the October 1 close. Value Experiences against Oriental Land, Royal Caribbean, Carnival, Norwegian, Viking, Six Flags and United Parks; SVOD against Netflix; the rest of Entertainment against Versant, Fox, Paramount Skydance and Warner Bros. Discovery; and Sports against Fox and Versant, cross checked to what the NFL's 10% of ESPN implied. NTM on our fiscal 2027 segment numbers and consensus, LTM alongside. Charge corporate costs to the segments, bridge to equity value per share through every minority, pensions, A+E and the India JV, and show the discount or premium. Tie every segment figure to the segment note, and don't drop a peer without asking me. Our model and consensus are attached.

Our DIS model.xlsx
Consensus Oct 1.xlsx

How Axe works

ApprovedChanges asked

Your reviewApprove, or say what to change

Approved or changes

Workbook and valuation noteWorkbook, note and tie out report

Final reviewApprove the revised files

Revised workbook and valuation noteRevised files and tie out

Step

Bridge to equity value

Prompt

Sent to the model at this step

Bridge from the sum of the segments to equity value per share. Deduct borrowings and add cash at June 27, 2026, and take the share count at the same date, or roll both forward for buybacks since; never mix dates. Leave lease liabilities out of the bridge, because lease cost sits above EBITDA. Deduct each minority at its share of each entity's equity value, after its own debt, including loans from Disney, never at book value: Hearst's 18% and the NFL's 10% of ESPN, valued from Sports, noting the NFL's conditional right to buy up to 4% more at 70% of fair value; Shendi's 57% of Shanghai Disney Resort and the Hong Kong government's 52% of Hong Kong Disneyland, after the royalties and management fees Disney collects; Fubo's public holders at Fubo's share price; and the outside holders of National Geographic. Deduct the after tax deficit on underfunded pension and retiree medical plans, and state whether any surplus is credited. Add the stakes kept out of segment EBITDA: A+E at the agreed sale price of about $1.2 billion until it closes, and the India joint venture and other investments at carrying value unless a recent transaction gives a better mark. Show equity value per share on our numbers and on consensus, the discount or premium to the October 1 close, the Entertainment multiple the share price implies with the other segments at peer multiples, and each segment multiple one turn up and down. Log the source of every bridge line.

Uses

Company
Valuation date
Attachments
Segment base
Peer spreads
Segment values

Produces

SOTP workbook

What you get back

XLSXSOTP workbookSummary, recast segments, a tab per peer set, minorities, bridge, sensitivity and tie out

DOCXValuation noteValue per share and discount or premium first, then segments, bridge and open items

Tie out reportEach figure marked tied, recalculated or open, with every correction

Make it yours

Change the peer sets, value a segment on a DCF instead of a multiple, or charge corporate costs on a different key. Every step and every prompt can be edited

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