I’m still not buying NFLX. Why not $DIS?

If Netflix is considered a steal at roughly a $400B market cap trading at 35x+ earnings, it is hard to reconcile why Disney at roughly a $200B market cap and about 17x earnings is treated as dead money. The entire downside narrative around Disney comes back to streaming. That is the consistent downward pressure on the stock. Fine. Let’s concede the streaming argument entirely and value it conservatively. Give Disney’s streaming division (Disney+, Hulu, ESPN+) a $50B market cap. That is an extreme discount when you look at public comps: •Warner Bros. Discovery trades roughly $20–30B. •Netflix was reportedly willing to pay significantly more than $50B for WBD assets. Paramount offered $80B. So assume $50B and move on. That leaves an implied value of $150B for everything else Disney owns. Parks, Cruise, Studio Entertainment, IP and Licensing, and Sports/ESPN. The market is treating Disney as a fledgling streaming company or a depressed conglomerate. In reality it is a combination of brand behemoths like Hilton, Royal Carribbean, Six Flags, Hasbro, Warner Bros, Fox Sports. It’s severely discounted especially when you account for disney premium pricing when it comes to purchasing power. It’s been dead in the water for the past decade and been weighing down my portfolio. But it’s a catalyst away from being weighted appropriately. Post Iger era, ground breaking of international expansions, realization of new cruise ship revenue, or even a spin off of ESPN. Its trading at a discount, much more so than NFLX imo.