The Walt Disney Company
MBA 648 Company Research Project
Megan Burke, Candace Longo, Irini Pertesis

Table of Contents
Executive Summary3
Products and Services4

Financial Planning and Analysis6
Operating Performance of the Firm6
Financial Statement Analysis 7 Financial Forecasting………..………………………………………….…………………...11 Sustainable Growth Rate………...………………………………………………………....13 Additional Funds Needed…………………………………………………………………...13 Cost of Capital……………………………………………………………………………….14 WACC………………………………………………………………………………………..14

Dividends and Stock Policies………………………………………………………………….15

Objectives of Business Corporations 16

Working Capital Management: 19

Cash and Marketable Securities Management: 21

Accounts Receivable Management…………………………………………………………….26 Financing Activities…………………………………………………………………………...26

Overall Analysis………..……………………………………………………………………….27

Executive Summary “I knew if this business was ever to get anywhere, if this business was ever to grow, it could never do it by having to answer to someone unsympathetic to its possibilities, by having to answer to someone with only one thought or interest, namely profits. For my idea of how to make profits has differed greatly from those who generally control businesses such as ours. I have blind faith in the policy that quality, tempered with good judgment and showmanship, will win against all odds.”—Walt Disney The Mission: The Walt Disney Company's objective is to be one of the world's leading producers and providers of entertainment and information, using its portfolio of brands to differentiate its content, services and consumer products. The company's primary financial goals are to maximize earnings and cash flow, and to allocate capital toward growth initiatives that will drive