True, the reopening of movie theaters and theme parks over the past couple of years has allowed Disney's earnings and revenue to recover. CEO Bob Iger has also indicated that he wants to reinstate the dividend, which Disney suspended in March 2020.
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With its 4-star rating, we believe Disney's stock is undervalued compared with our long-term fair value estimate. Our updated $145 fair value estimate for Disney (lowered from $155 in May) reflects slower subscriber growth and lower losses from streaming.
Is there any hope for Disney's stock? Despite Disney's stock's performance over the last five years, the company does have some bright spots. Most notably, operating income for its parks, experiences, and products segment is up 20% year over year to $7.6 billion in the first three quarters of fiscal 2023.