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Strategies & Market Trends : Value Investing

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To: hoyasaxa who wrote (19097)	4/16/2004 11:27:04 AM
From: Paul Senior	Read Replies (1) of 78748

hoyasaxa. I've sold DIS because I don't see where the Comcast bid is going. It's still under the price DIS is trading for. Even if they make the bid better for stockholders - increasing the bid price or maybe more likely, increasing the cash component, I don't see a large rise in DIS stock from that. DIS is selling around 24x expected '04 earnings. I see where analysts say theme parks are doing better and cash flow is good. Depending on how far back one goes, DIS's no bargain based on p/bk or p/sales (post 9/01), although current numbers are much better (favorable) if one looks at '94-'00. S&P has a 12 mo. target on DIS of $28. (Stock's at $24+ now.) What is to be expected with a purchase of DIS now? (I ask this in the context of other entertainment stocks that are out there. To me, looking at and owning several of these, Disney at current price is not as attractive on a value basis.) The picture I see is that DIS is fairly valued at current price. Jmo, I could be wrong. Paul Senior

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