Disney results:
Last week’s big story was about tech, starting with Disney, a stock recommended here back in September at ±$80.
- Key financials: Linear networks revenue up 9%, Direct-to-consumer up 12%, Parks up 16%
- Direct-to-consumer still incurred a loss of $400 million
- Consumer products, content sales licensing, and ESPN performance discussed
- Overall, not a knockout result but not terrible; I remain a satisfied shareholder
$DIS Disney Q1 FY24:
• Revenue +0% Y/Y to $23.5B ($0.3B miss).
• Non-GAAP EPS $1.22 ($0.18 beat).Segment operating margin:
🍿 Entertainment: 9% (+6pp Y/Y).
🏈 Sports: -2% (+1pp Y/Y).
🏰 Experience: 34% (+1pp Y/Y).FY24 EPS guidance +20% Y/Y. pic.twitter.com/khKExTvGYk
— App Economy Insights (@EconomyApp) February 7, 2024
Meta (formerly Facebook) Earnings:
- Advertising revenue up 24% year on year to 38.7 billion
- Other segments discussed, including Reality Labs (MetaQuest)
- Net profit $14 billion, up 35%; stock surged 20%
- Mark Zuckerberg’s dividend income from the declared 50-cent dividend discussed
- Positive sentiments about Meta’s performance, particularly in comparison to other tech giants
Canal+ Offer for MultiChoice:
- Canal+ made an offer for MultiChoice at 105 Rand per share
- Market reaction, initial excitement, and stock movement
- Simon’s caution about potential risks and timing of the deal
- MultiChoice’s response: Board concluded the offer significantly undervalues the group
- Canal+ continued to buy MultiChoice shares, now owning 35.1%
- Discussion on the mandatory offer threshold and potential scenarios
- Regulatory considerations: Foreign ownership rules and competition commissions
- The price of the mandatory offer must be equal to;
(i) identical to, or where appropriate, similar to the highest consideration paid by the bidder for those acquisitions and
(ii) accompanied by a cash consideration, at not less than the highest cash consideration paid if the shares that carry 5% or more of the voting rights were acquired for cash.
- The price of the mandatory offer must be equal to;
- Simon’s conclusion: Canal+ likely to succeed, potential challenges, and market dynamics
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Thursdays are all about hard-core investing and trading with Simon Brown’s famous JSE Direct podcast. JSE Direct started life on ClassicFM in July 2008 and became a podcast in 2011. Every week Simon shares his views on the state of global economies, individual shares and events moving markets.
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JSE – The JSE is a registered trademark of the JSE Limited.
JSE Direct is an independent broadcast and is not endorsed or affiliated with, nor has it been authorised, or otherwise approved by JSE Limited. The views expressed in this programme are solely those of the presenter, and do not necessarily reflect the views of JSE Limited.
