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In a note published today, they remind investors that takeover premiums have historically been 30-40% above the public trading price for media companies with AAA libraries. In this context, Disney “a) owns the best assets in the media business; b) has no controlling shareholder to block a takeover; and, c) has no permanent CEO or CFO that has a conflicting agenda vs public shareholders.”
Back in March, the analysts wrote that Apple (NASDAQ:AAPL) and Disney are worth more together than separately.
“Offensively, as an upside value driver, strong distribution and world-class content are complementary networks. That is, they are worth more together than separately, we believe.”
“From a valuation point of view, many of AAPL’s most important assets are also resident at DIS. This implies that these key assets and value-drivers become stronger, and are not diluted, if the 2 companies are put together,” they wrote back then.
