Trian Partners Activist Presentation Deck
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FY 2023 Guidance Raises Serious Questions
. Can management forecast appropriately?
• Does Disney have the ability to effectively manage its business?
. Why didn't Disney's CFO issue a warning beforehand?
Revenue Guidance ($mm)
$94,192
FY2023E
Consensus
5%
Lower
$89,340
FY2023E
Guidance
Operating Income Guidance ($mm)
13%
Lower
$15,026
FY2023E
Consensus (¹)
$13,091
FY2023E
Guidance
"The biggest controversy from last night's Disney F4Q 2022 earnings call was management guidance that FY 2023
segment EBIT would grow in the high single digits vs. consensus growth of +25% and our own estimate of +34%.
Rarely have we ever been so incorrect in our forecasting of Disney profits. Given the company's confidence
that Parks trends appear resilient, it appears that the culprit for the massive earnings downgrade is much higher than
expected DTC losses and significant declines at Linear networks."
November 9, 2022
MOFFETTNATHANSON
Source SEC fings, Company transcripts, Wall Street research.
Note: (1) Represents Wall Street Consensus mean estimates before Disney's FY 2022 earnings release as of 10/01/2022 (2) FY2023E Guidance assumes FY 2022A revenue and operating income grow at a
high single-digt percentage rate versus fiscal 2022 per management commentary on Disney's FY 2022 earnings call held 11/08/2022. gures represent the midpoint of 7-9% growth
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