Subject: Re: DIS Intrinsic Value $56.69?
The key chart (for me at least) is the question of Margins - can they get back to 2018 levels?

            2018      2019     2020    2021    2022
Gross Margin     45%       40%      33%     33%     34%    
EBIT Margin      25%       17%       6%      5%      8%
Net Margin       21%       16%      -4%      3%      4%

The gross margin is most concerning; has the shift to streaming fundamentally changed the business model.

tecmo
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