References:

1.General characteristics of the company:

Finance http://www.finance.yahoo.com

MarketLine database. Available at: http://www.marketlineinfo.com/ - The Wall Disney company. Available at: http://thewaltdisneycompany.com The Walt Disney Company annual report 2011. Available at: http://financials.morningstar.com

2. Bonds valuation:

Bonds. Available at: <http://cxa.gtm.idmanagedsolutions.com/finra/BondCenter/Default.aspx>.

CNN Money. Available at: <http://cnnfn.cnn.com/2001/07/23/deals/fox_disney/>.

Disney Walt Co Mtns Be 2.75% | Maturity:2021. <http://quicktake.morningstar.com/StockNet/Bondsquote.aspx?bid=bc3786e01cbadd283004f3f452d560fa&bname=Disney+Walt+Co+Mtns+Be+2.75%25+|+Maturity%3a2021&ticker=DIS&country=USA&clientid=dotcom>

The Walt Disney Company. Fact Book 2011. Available at: <http://cs6271.userapi.com/u358451/docs/43032052530a/2011-fact-book.pdf>.

Yahoo finance/ Bond Screener. <http://reports.finance.yahoo.com/z1?b=1&is=Disney&sf=i&so=d>.

http://www.morningstar.com/Cover/Bonds.aspx

3. Stocks valuation:

Yahoo finance <http://reports.finance.yahoo.com/z1?b=1&is=Disney&sf=i&so=d>.

4.Estimating cost of Capital:

Table of Figures

Table 1 Brief Description of Walt Disney's Businesses by Segment 4

Table 2 Brief summary of the Disney’s activity 6

Table 3 Walt Disney’s Competitors by Segment 6

Table 4 Bonds Valuation, bonds are sorted by maturity date 8

Table 5 Industry Credit Rating 13

Table 6 Composite rates compared to YTMs 14

Table 7 Walt Disney Stocks 16

Table 8 Dividend History 16

Table 9 Stocks Evaluation 18

Table 10 Stock Evaluation 2 19

Table 11 Liabilities of Walt Disney Company 21

Table 12 Book values, market values and target capital structure 22

Table 13 Bonds issued by Disney Company 23

Table 14 Historical average growth in dividends 27

Table 15 Stock Price Data 30

Table 16 Stock's Growth Rate 30

1 Calculated in the attached spreadsheet.

2 CNN Money. Available at: <http://cnnfn.cnn.com/2001/07/23/deals/fox_disney/>.

3 Disney Walt Co Mtns Be 2.75% | Maturity:2021.

<http://quicktake.morningstar.com/StockNet/Bondsquote.aspx?bid=bc3786e01cbadd283004f3f452d560fa&bname=Disney+Walt+Co+Mtns+Be+2.75%25+|+Maturity%3a2021&ticker=DIS&country=USA&clientid=dotcom>

4 PRICE function - Excel - Office.com. http://office.microsoft.com/en-gb/excel-help/price-HP005209219.aspx

5 http://finance.yahoo.com/bonds/composite_bond_rates

6 Composite rate for this maturity date does not exist.

7 Nicole Bullock. Disney takes advantage of low bond rates. Financial Times. http://www.ft.com/intl/cms/s/0/e783a456-c916-11e0-bc80-00144feabdc0.html

8 http://thewaltdisneycompany.com/content/shareholder-faqs#faq-topic-169

9http://4.bp.blogspot.com/-grI-phvYgLE/TXDdeSU0gfI/AAAAAAAAAF8/0ZTWGy-aKfQ/s1600/Gordon%2Bgrowth%2Bvaluation.png

10 http://thewaltdisneycompany.com/sites/default/files/reports/q4-fy12-earnings.pdf

11 This approach was suggested in the student book “Financial management: theory and practice”, Michael C. Ehrhardt, Eugene F. Brigham, - South-Western, 13 ed.

12 Financial management: theory and practice, Michael C. Ehrhardt, Eugene F. Brigham

13 http://corp.delaware.gov/frtax.shtml

14 http://www.taxrates.cc/html/us-tax-rates.html

15 http://inflationdata.com/inflation/Inflation_Rate/HistoricalInflation.aspx

16 Brigham (уч)

17 http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2084213 (page 10)

18 http://dividata.com/stock/DIS/dividend

19 dividendshttp://www.christinalrussell.com/documents/DisneyFinanceProject_000.pdf

20 http://ycharts.com/companies/DIS/retained_earnings

21 http://www.bloomberg.com/news/2012-03-01/indicated-dividend-yield-rankings-of-s-p-500-company-correct-.html

22 http://www3.valueline.com/dow30/f2768.pdf http://www3.valueline.com/dow30/f2768.pdf

23 Учебник

7