Disneys current stock price is $140.00 per share. The aver- age growth rate of the companys dividend has been 17.7% from 2004 through 2018.

Disneys return on equity is 28.0% and the company retains approximately 80.0% of its profits while paying out the remain- ing 20.0% in dividends.

The companys stock currently trades at 21.21 times its cur- rent year earnings estimate of $6.60 per share.

Analysts expect the company to earn $6.19 per share in 2020 and $6.93 in 2021.

Disneys peers in media networks trade at 25.5 times their current year earnings estimates while peers in parks, experi- ences and consumer products at 21.9; studio entertainment at 19.1 and DTCI at 14.1.

Assume the expected return for Disneys stock is 6.9%.

--What is Disney stocks intrinsic value using the multi-stage growth model?--