Aswath Damodaran 396
Disney: Historical Data
Period Operating Income Firm value
2003 $ 2 , 713 $ 68 , 239
2002 $ 2 , 384 $ 53 , 708
2001 $ 2 , 832 $ 45 , 030
2000 $ 2 , 525 $ 47 , 717
1999 $ 3 , 580 $ 88 , 558
1998 $ 3 , 843 $ 65 , 487
1997 $ 3 , 945 $ 64 , 236
1996 $ 3 , 024 $ 65 , 489
1995 $ 2 , 262 $ 54 , 972
1994 $ 1 , 804 $ 33 , 071
1993 $ 1 , 560 $ 22 , 694
1992 $ 1 , 287 $ 25 , 048
1991 $ 1 , 004 $ 17 , 122
1990 $ 1 , 287 $ 14 , 963
1989 $ 1 , 109 $ 16 , 015
1988 $ 789 $ 9 , 195
1987 $ 707 $ 8 , 371
1986 $ 281 $ 5 , 631
1985 $ 206 $ 3 , 655
1984 $ 143 $ 2 , 024
1983 $ 134 $ 1 , 817
1982 $ 141 $ 2 , 108
Disney has changed changed considerably over time in terms of its business
mix. For instance, in 1996, Disney acquired ABC.
The firm value is the market value of equity plus the book value of debt
outstanding in each year. ( I would have preferred to use market value of debt,
but book value seems like a reasonable proxy)
In doing this table, we reverted back to reported EBIT, rather than using the
adjusted EBIT that we have been working with so far.
