EP023: The Street Is Ahead of Itself on $DIS - park traffic seeing headwinds

Pitch The PM · Feb 12, 2026 · 42m

Doug Garber sits down with Sean Kumar (Humbucker Capital) to break down why Disney may be a value trap in disguise.

Despite Disney’s evergreen IP and brand cachet, Kumar believes the street is mispricing the economics of DTC, overestimating ARPU growth, and underestimating park fatigue. He walks through his short framework grounded in bottoms-up segment analysis and consensus vs. internal modeling.

📉 Bearish Bias: Kumar has followed $DIS on the sell side and the buy side. While he respects the brand, he sees it as a value trap with street expectations too high for 2026.

📊 Variant View:

Street…