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Salomon: 'Buy' Disney on WWII Film


Salomon Smith Barney upgraded Walt Disney Group (DIS) to buy from outperform.

Analyst Jill Krutick says the psychological impact of a film like Pearl Harbor could add credence to its turnaround story and could lift the gloom that has settled upon Disney by allowing its stock to catch up to its peers.

Krutick estimates Pearl Harbor could add anywhere from $0.02-$0.25 to Disney's EPS over the next two years. In addition, she says Disney will launch an aggressive new prime-time lineup for its ABC network, faces easy 2002 comparisons in consumer products and could benefit from the improving economic backdrop. She adds Disney's valuation undemanding at current levels, trading at an EV/EBITDA multiple of 14.1 times -- a 12% discount to the entertainment group average of 16 times.


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