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se the 10K or Annual report based on review owhat we are looking for. Who knows what / how a site like yahoo Fnance or google Fnance is doing thaleasing would be included. Other LT liabili±es would only be included, or a part of, based on inspec±on The other challenge is that the equity por±on is o²en not calculated correctly.

Levered Beta 2Income B4 Tax 3Income Tax Exp. 4Tax
Rate 5
(mrq) 6
(mrq) 7
 Ratio (mrq)
Asset Beta
Disney (Walt) Co. (The) 11.6312,246 4,242 34.6%13,713 48,178 0.28          1.37
Media Networks        
Parks & Resorts 0.15    = Avg Asset Beta from Pure Play Companies * (1 + (1-Tax Rate)*(Debt/Equity)
Studio Entertainment  
Consumer Products        
Interactive Media        
Six Flags (SIX)1.32160 47 29.1%1,396 224 6.23          0.24  
SeaWorld Entertainment, Inc. (SEAS)0.2479 29 36.6%1,612 580 2.78          0.09
Cedar Fair (FUN)0.82114 10 8.7%1,559 96 16.20          0.05
       Average         0.13  
Parks & Resorts Div. Cost of Capital = Rf + (B)(MRP)
Risk Free Rate 82.2% 
Beta for Division0.15 
MRP 95.0% 
2  Estimated consensus from evaluation of six different sources
3  Income Before Tax for most recent year end per Annual Report
4  Income Tax Expense for most recent year end per Annual Report
5  Calculation of “Income Tax Expense” / “Income Before Tax”
6  Debt = Current portion of Long Term Debt + Long Term Debt for most recent year end per Annual Report
7  Equity = Total Stockholder Equity for most recent year end per Annaul Report
8  10 Year Treasury Note as of 9/1/15 retrieved from
9  Per Class Lectures
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