Trian Partners Activist Presentation Deck
Confidential-Not for Reproduction or Distribution
Earnings and FCF are Not Expected to Recover to 2018 Levels for Another 3+ Years
Disney's Adj. Diluted EPS - Consensus (FY)
Despite benefiting from significant price
inflation across its divisions, Disney's EPS has
consistently remained lackluster
$7.08
$5.76
$2.29
$2.02
$3.53
$4.14
$6.37
$5.29
'18A '19A 20A 21A 22A 23E 24E 25E
Source SEC fings FactSet Wall Street estimates as of 1/1023
Disney's Free Cash Flow - Consensus (FY)
Disney's free cash flow profile has deteriorated to
the point that it had to eliminate its dividend and has
provided no timetable to when it will be reinstated
$10.6
$9.8
$1.1
$3.6
$2.0
$1.1
$4.9
$7.3
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We believe that Disney no longer values free cash flow and that needs to change
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