$DIS (-0,71%) what's going on?💸💪
Walt DisneyUS2546871060DISDIS
08.08.2024 +
Munich Re increases profit more than expected + Decline in earnings at SMA Solar + Disney's streaming business in the black for the first time + Varta to be rescued
By the middle of the week, the DAX had made up for its heavy losses at the start of the week.
the beginning of the week. However, the New York stock market had already fallen again in the course of the week.
down again. The stock markets have been in a bumpy ride since the price slump triggered by recession worries in the
USA triggered by recession worries.
The Austrian entrepreneur Michael Tojner wants to use a financial injection of millions of euros to take over the crisis-ridden battery manufacturer Varta $VAR1 (-0,72%) as a single entity. "I am not in favour of selling off parts of the business, but of stabilizing the entire group in order to give it the chance to continue working with all business units and to preserve jobs," Tojner told the Frankfurter Allgemeine Zeitung. Varta AG needs around 100 million euros to secure production for the next few years. "Part of the new equity would come from us, the rest from banks and Porsche. However, we would also undertake to subscribe additional money if this should be necessary for the restructuring," Tojner continued. (FAZ)
The world's largest reinsurer Munich Re $MUV2 (+1,2%) remains cautious with its profit forecast, as expected, despite a very good result in the second quarter. "Our profit target for the year as a whole remains unchanged at 5.0 billion euros," said Group CEO Joachim Wenning on Thursday when presenting the figures for the second quarter in Munich. "However, the chances of achieving or even exceeding this target have increased further thanks to the strong half-year results." In the first six months of the year, Munich Re earned 3.76 billion euros, 55 percent more than a year ago, partly due to good business on the capital markets. The company thus exceeded experts' expectations.
The inverter manufacturer SMA Solar $S92 (-5,3%) performed better than expected in the first half of the year. Sales fell by 2.5 percent to a good 759 million euros, as the company announced on Thursday in Niestetal, Hesse. Operating earnings before interest, taxes, depreciation and amortization (EBITDA) even fell by more than a third to just under 81 million euros. The bottom-line profit fell even more sharply to a good 44 million euros. However, analysts surveyed by the Bloomberg news agency had expected a weaker performance. SMA confirmed the annual targets lowered in mid-June. Since then, the Managing Board has expected sales of €1.55 to 1.7 billion and EBITDA of €80 to 130 million for 2024.
Disney's $DIS (-0,71%) streaming and film business shifted up a gear in the past quarter, making up for the shortfall in the theme park division. The entertainment giant's streaming unit, which includes the flagship platform Disney+, Hulu and the sports-focused ESPN+, became profitable a quarter earlier than planned and generated an operating profit of 47 million US dollars on revenues of 6.38 billion dollars, according to Disney. Overall, Disney earned 2.62 billion dollars in the quarter under review, following a loss of 460 million dollars in the previous year, when the US group had to record considerable restructuring and impairment costs. Group sales rose by 3.7 percent to 23.16 billion dollars in the third quarter. This is more than analysts had expected: The Factset consensus estimate had been for a net profit of 1.94 billion dollars and sales of 23.08 billion dollars. Disney was more confident for the current financial year and raised its forecast for adjusted earnings per share growth to 30 percent from the previous 25 percent. The previous day, Disney had announced a new round of price increases for almost all of its streaming offerings, which will take effect in October.
Thursday: Stock market dates, economic data, quarterly figures
ex-dividend of individual stocks
Astrazeneca 0.7760 GBP
BP 0.0629 GBP
Unilever 0.3696 GBP
Quarterly figures / company dates USA / Asia
22:00 Expedia | News Corp Quarterly figures
Quarterly figures / Company dates Europe
06:45 Basler | Zurich Insurance Half-year figures
07:00 Allianz | Deutsche Telekom | Knorr-Bremse | Siemens quarterly figures
07:00 SMA Solar | Ströer | Aareal Bank | Grenke Quarterly figures
07:00 Hamborner Reit | Knaus Tabbert | Synlab quarterly figures
07:30 Munich Re | Prosiebensat1 | Rheinmetall | Scout24 | Bike24 quarterly figures
07:30 Deutz | Dürr quarterly figures
07:30 GFT Technologies | Instone | SGL Carbon | SNP Schneider quarterly figures
07:30 Uniper | SAF-Holland | United Internet quarterly figures
07:50 1&1 Half-year figures
08:00 Deutsche Beteiligungs AG | Leifheit | OHB | Westwing | CRH | Deliveroo quarterly figures | Siemens PK
08:30 Prosiebensat1 PK | Uniper Analyst Conference
09:00 Ionos half-year figures | Ströer | Deutz analyst conference | Munich Re PK
09:30 Siemens Analyst Conference
10:00 Deutsche Telekom PK
11:00 Allianz PK | Munich Re Analyst Conference
11:30 Grenke PK | United Internet BI-PK
13:30 SMA Solar Analyst Conference
14:00 Rheinmetall | SGL Carbon Analyst Conference
14:30 Allianz Analyst Conference
15:00 Scout24 | Dürr Analyst Conference
Economic Data
- 14:30 USInitial Jobless Claims (week) FORECAST: 240,000 Previous: 249,000
$DIS (-0,71%) - Disney Q3 Earnings:
- Adjusted earnings per share: USD 1.39 (estimated USD 1.19); increase of 35 % compared to the previous year
- Revenue: USD 23.16 billion (estimated USD 23.08 billion) ; increase of +3.7 % compared to the previous year
Outlook for the 4th quarter:
- A slight increase in Disney+ Core subscribers is expected.
- Operating income for the Experiences segment is expected to decline by a mid-single digit percentage year-over-year in the fourth quarter.
- Demand at Disney Cruise Line is expected to be strong, with upfront spending on Disney Adventure and Disney Treasure impacting fourth quarter results.
Forecast for the 2024 financial year:
- New adjusted EPS growth target: +30%
- The combined streaming businesses are expected to be profitable in the fourth quarter, with both Entertainment DTC and ESPN+ expected to be profitable.
Entertainment:
- Revenue: USD 10.58 billion (estimated USD 10.37 billion) ; +4.5% year-on-year increase
- Operating income: USD 1.20 billion (estimated USD 811.3 million); more than double the previous year's figure of USD 408 million
Direct to consumer:
- Sales: USD 5.81 billion (estimated USD 5.73 billion) ; increase of 15 % compared to the previous year
- Operating loss: USD 19 million (estimated loss USD 141 million) ; improvement of USD (505) million compared to the previous year
Sports:
- Sales: USD 4.56 billion (estimated USD 4.4 billion) ; increase of +5.1 % compared to the previous year
- Operating result: USD 802 million (estimated USD 757 million) ; decrease of -6.1 % compared to the previous year
Experiences:
- Sales: USD 8.39 billion (estimated USD 8.61 billion) ; increase of +2.3 % compared to the previous year
- Operating result: USD 2.22 billion (estimated USD 2.34 billion); decrease of -3.3 % compared to the previous year
Key figures:
- Total segment operating profit: USD 4.23 billion (estimated USD 3.84 billion); increase of 19% compared to the previous year
- Free cash flow: USD 1.24 billion; decrease of -24% compared to the previous year
Consumer metrics:
- Disney+ paid subscribers: 118.3 million; decrease of -7.7% year-over-year
- Total Hulu subscribers: 51.1m (estimated 50.44m); increase of +1.8% QoQ
- Disney+ ARPU: $7.22
- Hulu SVOD ARPU: $12.73 (estimated $12.47) ; up 7.5% QoQ
- Hulu Live TV + SVOD ARPU: $96.11 (estimated $95.05) ; up +1.2% QoQ
Comment from CEO Robert A. Iger:
- "Our performance in the third quarter demonstrates the progress we made on our four strategic priorities across our Creative Studios, Streaming, Sports and Experiences businesses. This was a strong quarter for Disney, driven by outstanding results in our Entertainment segment at both the box office and DTC, as we achieved profitability in our combined streaming businesses for the first time, exceeding our prior guidance by one quarter. Despite the weaker performance of our experiential segment in the third quarter, the Company's adjusted earnings per share increased 35% and with our complementary and balanced portfolio of businesses, we are confident in our ability to continue to deliver earnings growth through our collection of unique and high performing assets."
Further insights:
- The Entertainment segment saw significant improvements in direct-to-consumer and content sales/licensing.
- The success of "Inside Out 2" led to significant outperformance in content sales/licensing, including 1.3 million Disney+ sign-ups and over 100 million views globally.
- At ESPN, advertising revenues increased by 17% year-on-year and operating income by 4%, despite a decline in the sports segment due to lower results from Star India.