Her thesis is that traditional competitive “moats” are under siege. 

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Streaming has disrupted pay TV, on-demand services challenge fast-food convenience, and wellness trends are reshaping snack companies. 

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Yet in her view the 100-year-old NYSE-listed content giant is being unfairly painted as a casualty of this disruption. 

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Pay TV subscribers have fallen from 100 million to 65 million since 2015, streaming costs have ballooned, and sports rights keep climbing. 

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Consequently, Disney trades at the same 14.5x PE multiple it did a decade ago. But Ross argues this misses the real story. 

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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. 

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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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This article was originally posted by The Australian here. Licensed by Copyright Agency. You must not copy this work without permission.

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