Her thesis is that traditional competitive “moats” are under siege.
Streaming has disrupted pay TV, on-demand services challenge fast-food convenience, and wellness trends are reshaping snack companies.
Yet in her view the 100-year-old NYSE-listed content giant is being unfairly painted as a casualty of this disruption.
Pay TV subscribers have fallen from 100 million to 65 million since 2015, streaming costs have ballooned, and sports rights keep climbing.
Consequently, Disney trades at the same 14.5x PE multiple it did a decade ago. But Ross argues this misses the real story.
Linear TV’s decline is now overshadowed by profitable streaming growth, ESPN’s scale advantage, and a 16,000-acre Experiences portfolio generating over 60 per cent of free cash flow.
A rapidly expanding cruise business—from four ships to thirteen—adds a further growth lever. With 10 per cent compounding earnings growth forecast and a potential re-rating, Ross sees a 20 per cent annual return opportunity hiding in plain sight.
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