Daniel Payne

So we know exactly what happened a month or two later.

It's kind of hard to run a company

When the whole economy shuts down and discretionary spending comes to a halt.

So, you know, that might be kind of unfair to judge Chapik on that.

But there could be some nervousness with with investors by doing the same thing once again, putting the head of the experiences, which, again, is parks and cruise line and gaming ahead at the charge of the company.

So there might be some hesitancy there.

But I will say Disney over the past four years has nearly doubled their EPS, but yet the stock has been essentially flat.

So we've had massive valuation contraction.

And if they get the right person in charge that can pull the various levers of this company,

We can have a premium brand once again trading at a premium valuation.

So right now, the stock trades at roughly 17 times to 2026 earnings estimates, about 660.

You know, if a market multiple is placed upon this premium brand, the stock could get into the mid 150s with pretty much ease.

And so that is significant upside potential if the right person can make the right decisions moving forward.

And that's the problem with that side of the business.

There's significant operating leverage with the variable cost.

And you spend all that variable cost money up front and it's almost like you build it and you hope they show up.

And so if you get the formula right, you spend the money on the content and it's a success.

then that significant leverage for the earnings growth of the company.

And that's kind of the factor that investors are weighing right now, especially with this change in leadership, because it just adds uncertainty to the stock.

But, you know, once again, you know, uncertainty leads to opportunity and there are opportunities how you make money in the stock over a market cycle.