As a listener to the Disney Entertainment conference call ($DIS (-8,8%) ), I was able to learn many interesting details about the company's current strategy and future plans.

Analyst Benjamin Swinburne from Morgan Stanley conducted the call with Dana Walden, Co-Chairman of Disney Entertainment. She answered questions and gave insights into the organization, the creation of value through content, the streaming strategy, the focus on children's and family programming, technological development, advertising opportunities and the management of the company.

At the beginning of the interview, Dana Walden explained the structure of Disney Entertainment . Following the return of Bob Iger, the company was divided into three segments:

• Parks and Experiences under the leadership of Josh D'Amaro
• ESPN under the management of Jimmy Pitaro
• Disney Entertainmentwhich is jointly managed by Alan Bergman and Dana Walden

Alan Bergman is responsible for movie studios and branded series, while Dana Walden oversees global television . Together they are responsible for Disney+ and Hulu, including ad sales, technology and platform distribution. This structure is designed to empower creative executives and combine accountability for revenue and expenses. Bob Iger wanted to link those responsible for expenditure directly to revenue.

A central theme was the importance of content for the value creation of the entire company . Disney is known for its outstanding stories and characters, which are used in all areas of the company. Alan Bergman's film studios led the box office with a turnover of 5.5 billion dollars. Disney owns 50% of the top 10 streaming shows of the year. This content powers Disney+ and Hulu and is used in the parks, on cruise ships and in consumer products. The result is a value chain that permeates the entire company.

In the area of streaming Disney has made considerable progress. Having previously lost over 1 billion dollars per quarter, the company is now profitable and generating increasing revenues with the prospect of double-digit margins. An important step was the integration of Hulu into Disney+ for subscribers of both services. This increases customer loyalty and reduces churn. Disney plans to continue releasing high-quality content such as "Moana 2" and "Mufasa". Dana Walden is particularly proud of the 60 Emmy Awards that Disney series have won.

An important aspect of the streaming strategy is the international expansion. Disney is investing in local original productions to appeal to subscribers worldwide. One example is the Korean series "Moving", which has gained over 1.5 million subscribers.

Another focus is on ESPN and the planned direct-to-consumer offer. Although Dana Walden leaves the details to Jimmy Pitaro, she emphasized that sports is the most successful form of entertainment. The integration of an ESPN section into Disney+ with over 3,000 hours of programming and the daily "SportsCenter" show SC+ has already led to increased usage. Many subscribers are taking advantage of the opportunity to upgrade to the trio bundle (Disney+, Hulu and ESPN+).

An important area for Disney has always been children's and family entertainment. Disney is the number 1 brand for pre-school children. The most streamed program in the USA last year was "Bluey". Disney also produces thousands of videos for YouTube to reach kids where they consume content. Disney is working on technologies that enable children to interact with content in a contemporary way. Live channels on Disney+ such as Disney Playtime are also very popular.

Dana Walden emphasized that technology is of great importance to Disney. The company has invested in technology experts, including Adam Smith from YouTube and Andre Rohe from YouTube and Meta. They are to drive forward algorithmic programming, personalization and the use of AI. An important goal is to make password sharing to combat password sharing.

In conclusion, Dana Walden emphasized the the stability and talent of the Disney leadership team. of Disney. She praised the cooperation with Bob Iger and emphasized that the company is in good hands. Despite the challenges of recent years, she is confident that Disney will continue to be successful in the future.

Overall, the conversation gave me a detailed insight into the strategy and future plans of Disney Entertainment. The clear priorities, the focus on content, technology and international expansion make me optimistic about the company's future.

Do any of you have Walt Disney in your portfolio?

Saudi Aramco plans takeover of BP's Castrol

Saudi Aramco $2222 is in the early stages of planning to make an exciting bid for BP's lubricants division Castrol $BP. (-6,19%) lubricants division. According to a source with insight into the situation, BP is reviewing all options for its Castrol business. This strategic review could potentially lead to a sale. Analyst Ashley Kelty estimates the value of the business at around 6 to 8 billion dollars. This could be a significant development in the oil and energy sector. BP has also set itself ambitious targets, with the company planning to sell $20 billion worth of assets by 2027. This should help to reduce capital expenditure and regain investor confidence. While talks between the two giants are still in their infancy, BP shares rose 1% to 412.15p, highlighting market interest in this potential takeover.

Disney lays off almost 6% of employees

In the USA, the Walt Disney Co. $DIS (-8,8%)plans to lay off around 200 employees, which corresponds to almost 6% of the total workforce of ABC News Group and Disney Entertainment Networks. According to reports in the Wall Street Journal, an official announcement could be made to employees as early as Wednesday. Disney, like many companies in the entertainment sector, is facing a drastic decline in cable network viewership. In addition, the number of subscribers to the Disney+ streaming platform has steadily declined in recent quarters. This has led to Disney's shares falling by 4% over the last 12 months, while Netflix has seen an impressive increase of almost 60%. Despite the challenges, Disney has performed better than expected in recent reporting, even if the decline in Disney+ subscribers cannot be ignored. The developments show how dynamic and challenging the market for entertainment and media has become.

Sources:

https://finance.yahoo.com/news/saudi-aramco-exploring-initial-bid-134415735.html

https://finance.yahoo.com/news/disney-lay-off-nearly-6-133014116.html

Pair of sizes $NOVO B (-2,25%) and a new position $HL (-5,76%) . We will see :)

Walt Disney surprises positively thanks to streaming business + Siemens Healthineers increases profit + Trump's tariffs could cost US industry billions

Walt Disney $DIS (-8,8%)surprises positively thanks to 'Moana 2' and streaming business

• Thanks to a strong streaming business and the success of the animated film "Moana 2", the US media company Walt Disney has exceeded market expectations at the start of its new financial year.
• Sales and profits were higher than expected, according to the figures presented by Disney in Burbank on Wednesday.
• In other business areas, however, including the TV business and the operation of the theme parks, things were less rosy.
• The stock market also criticized the fact that the forecast was not raised.
• The share price fell in pre-market US trading. In the first quarter to the end of December, Disney's turnover rose by 5 percent to 24.7 billion US dollars (23.9 billion euros) compared to the same period in the previous year.
• Adjusted operating profit rose by almost a third to 5.1 billion dollars.
• The profit attributable to shareholders climbed even more strongly to just under 2.6 billion dollars.
• The quarter was a strong start to the financial year, said Disney CEO Bob Iger according to the press release.
• He remains confident about the growth strategy.

Siemens Healthineers $SHL (-6,79%)American demand and restructuring

• The medical technology group Siemens Healthineers has made a surprisingly good start to the new fiscal year.
• In the three months to the end of December, total sales climbed by almost six percent to just under 5.5 billion euros, as the Siemens subsidiary announced in Erlangen on Thursday.
• Excluding currency and portfolio effects, the increase amounted to 5.7 percent.
• Business in the Americas and in the Asia, Pacific, Japan region grew in particular.
• In China, however, revenue fell by a mid-single-digit percentage due to the ongoing delays in the awarding of orders.
• Adjusted for special effects, earnings before interest and taxes (EBIT) increased by eleven percent to 822 million euros, mainly due to cost savings in connection with restructuring in the Diagnostics division.
• Sales and operating profit thus exceeded analysts' expectations.
• The bottom line for Siemens Healthineers shareholders was a profit of 474 million euros after 431 million in the previous year.
• Group CEO Bernd Montag maintained the targets for the fiscal year.

Trump's tariffs could cost the US industry billions

• Ford$F (-6,67%) -Ford CEO Jim Farley has warned the White House that long-term punitive tariffs of 25 percent on deliveries from Mexico and Canada would hit the US car industry hard.
• This would cost American manufacturers billions of dollars in profits and have serious consequences for jobs in the USA, Farley said after presenting quarterly figures.
• US car giants such as Ford and General Motors $GM (-2,99%)had expanded production in neighboring countries in recent years.
• US President Donald Trump recently imposed additional tariffs of 25 percent on goods from Mexico and Canada - but then quickly postponed them for 30 days.

Thursday: Stock market dates, economic data, quarterly figures

• ex-dividend of individual stocks
• Ascencio SCA EUR 4.30

• Quarterly figures / company dates USA / Asia
• 12:30 Honeywell quarterly figures
• 13:00 Philip Morris | Conocophillips Quarterly figures
• 22:00 Expedia Group quarterly figures
• 22:05 Amazon | Verisign quarterly figures
• No time specified: Yum! Brands | Hershey | Air Products and Chemicals | Eli Lilly | Bristol Myers Squibb | Intercontinental Exchange | KKR & Co | Sonos | Warner Music quarterly figures

• Quarterly figures / Company dates Europe
• 06:30 Societe Generale annual results
• 07:00 Aurubis | Siemens Healthineers | Rational | Arcelormittal | ING Groep | Volvo Car Annual results
• 07:30 Hannover Re Renewals 2025 | Siemens Healthineers PK
• 08:00 Astrazeneca | A.P. Moeller-Maersk Annual Results
• 08:30 Siemens Healthineers Analyst Conference
• 09:00 Hannover Re PK
• 10:00 Qiagen annual results press conference
• 12:00 Linde quarterly figures
• 15:00 Kion Pre-Close-Call | Linde PK
• 16:00 Qiagen Analyst Conference
• 17:45 Vinci annual results
• 18:00 LOreal annual results

Economic data

• 08:00 DE: New orders December seasonally adjusted FORECAST: +2.0% yoy previous: -5.4% yoy
• 11:00 EU: December Eurozone Retail Sales PROGNOSE: -0.1% yoy previous: +0.1% yoy
• 13:00 UK: BoE, outcome and minutes of the Monetary Policy Council meeting and Monetary Policy Report Bank Rate FORECAST: 4.50% previously: 4.75%
• 14:30 US: Initial jobless claims (week) FORECAST: 214,000 previously: 207,000
• 14:30 US: Productivity ex Agriculture (1st release) 4Q annualized PROGNOSE: +1.4% yoy Q3: +2.2% yoy Unit labor costs PROGNOSE: +3.3% yoy Q3: +0.8% yoy
• 20:30 US: Fed Governor Waller, speech at the Atlantic Council at 'Navigating the Future of Payments' event

Walt Disney (NYSE: $DIS (-8,8%)) has been buoyed by a strong streaming business and the success of the animated film Moana 2 at the start of the new financial year exceeded market expectations. As the figures from the Burbank-based company show, both sales and profits rose significantly more than expected in the first quarter of the year. Nevertheless, there was criticism on the stock market that Disney had not adjusted its forecasts, which led to a fall in the share price in pre-market trading.

In the period up to the end of December, Disney's turnover rose by 5 percent to 24.7 billion US dollars (approx. 23.9 billion euros) compared to the same period in the previous year. Adjusted operating profit increased by almost a third and reached 5.1 billion dollars. The profit was particularly positive for shareholders: At just under 2.6 billion dollars, it fell even more sharply than the operating profit.

Disney CEO Bob Iger was satisfied with the results and described the quarter as a "strong start" to the new financial year. The success of the streaming business, which continues to act as a growth driver, was particularly emphasized. The animated film Moana 2which enjoyed great success in cinemas, also made a significant contribution to the good figures.

However, other business areas, such as the TV business and theme park operations, performed less well. These sectors, which were among Disney's major revenue drivers in the past, were not quite able to keep pace with expectations and slowed down the company's overall performance somewhat.

Despite the positive quarterly figures, the company's forecast remained unchanged, which raised concerns among investors and analysts. They had hoped for an increase in the outlook, particularly in view of the continued strong growth in the streaming segment. As a result, Disney's shares fell in pre-market trading, reflecting the initial disappointment.

Despite this short-term reaction, Bob Iger remains confident about the company's long-term growth strategy. Disney will continue to focus on strengthening its existing businesses and expanding in the streaming market to continue its growth in the coming quarters.

• $DIS (-8,8%)
  Revenue: $24.69 billion vs. analyst estimates of $24.63 billion (4.8% year-on-year growth, in line with expectations)

• Adjusted EPS: $1.76 vs. analyst estimates of $1.43 (22.9 % exceeded)

• Disney+ subscribers: 1% decline, warns of further "modest decline" in subscribers next quarter

• Adjusted EBITDA: $6.24 billion vs. analyst estimates of $4.96 billion (25.3% margin, 25.9% beat)

• Operating margin: 20.5 %, compared to 13.2 % in the same quarter last year

• Free cash flow margin: 3 %, similar to the same quarter last year

$NFLX (-1,34%)

Netflix has gained more new subscribers than in any other quarter in its history.

Netflix subscribers over time.

$DIS (-8,8%) , $AMZN (+0%) , $WBD (-12,33%) , $PARA (-4,45%) , $FUBO

$NFLX (-1,34%)

• Sales: USD 10.25 billion (estimated USD 10.11 billion); increase of +16 % compared to the previous year
• Earnings per share: USD 4.27 (estimated USD 4.18); increase of +102 % compared to the previous year
• Paid streaming net admissions: +18.91 million (estimated +9.18 million) ; increase of +44% compared to the previous year
• Total number of paid streaming memberships: 301.63 million (estimated 290.93 million); increase of 16% compared to the previous year
• Operating income: USD 2.27 billion (estimated USD 2B); increase of 52% compared to the previous year
• Operating margin: 22.2 % (estimated 21.9 %)
• Free cash flow: USD 1.38 billion (estimated USD 1.06 billion); decrease of -13% compared to the previous year

Segment performance:

United States and Canada (UCAN):

• Sales: USD 4.52 billion; increase of 15 % compared to the previous year
• Paid net additions: +4.82 million (estimated +1.75 million); increase of +72% compared to the previous year
• Average revenue per membership (ARM): $17.26; increase of 4% compared to the previous year

Europe, Middle East and Africa (EMEA):

• Revenue: USD 3.29 billion; increase of 18 % compared to the previous year
• Paid net additions: +5 million (estimated +3.09 million); decrease of -1% compared to the previous year
• ARM: $11.11; increase of 3% compared to the previous year

Latin America (LATAM):

• Sales: $1.23 billion; decrease of 7% compared to the previous year
• Paid net additions: +4.15 million (estimated +1.5 million); increase of +77% compared to the previous year
• ARM: $8.00; decrease of -7% compared to the previous year

Asia-Pacific (APAC):

• Sales: USD 1.21 billion; increase of 26% compared to the previous year
• Paid net additions: +4.94 million (estimated +2.70 million); increase of +70% compared to the previous year
• ARM: $7.34; unchanged compared to the previous year

Content performance:

• "Squid Game" Season 2 and "Carry-On" have reached significant milestones and "Squid Game" is well on its way to becoming one of the most-watched original series.
• With the fight between Jake Paul and Mike Tyson, Netflix delivered the most-streamed sporting event of all time.
• Record-breaking NFL viewing figures on Christmas Day.

Forecast for the first quarter of 2025:

• Revenue: USD 10.42 billion (estimate: USD 10.48 billion)
• Earnings per share: USD 5.58 (estimate: USD 6.01)
• Operating income: USD 2.94 billion (estimate: USD 3.13 billion)
• Operating margin: 28.2% (estimate: 29.8%)

Forecast for the full year 2025:

• Sales: USD 43.5-44.5 bn (estimate: USD 43.59 bn); increase of 12-14% compared to the previous year
• Operating profit margin: 29% (previously: 28%)
• Free cash flow: approx. USD 8 billion (estimated: USD 8.51 billion)

CEO's comment:

• "2024 marked a renewed acceleration in growth with a 16% increase in sales compared to the previous year. We are entering 2025 with strong momentum and are preparing for the return of hit series such as 'Squid Game', 'Wednesday' and 'Stranger Things'. Our live programs and ad-financed plans are the main drivers of this growth."

Strategic updates:

• Focus on ad-supported plans. 55% of new sign-ups in ad-supported regions opt for ads.
• Investment in live event programming, including exclusive rights to the FIFA Women's World Cup (2027 and 2031).
• Enhanced ad tech platform to be launched in Canada and rolled out in the US in April 2025.

$DIS (-8,8%)
$AMZN (+0%)
$WBD (-12,33%)
$PARA (-4,45%)