Walt Disney Company (DIS) is one of the largest financial conglomerates in the entertainment world, which includes studios (such as Marvel, Lucasfilm, Touchstone Pictures, DreamWorks, Pixar, etc.), TV channels (ABC, The Disney Channel, etc.), cable TV, theaters, parks, resorts, and shops.The Q4 2014 report shows that the company continues to show double-digit growth. Quarterly revenue increased by 7.1% y-o-y to USD 12.39 bn, adjusted EPS amounted to USD 0.89 (+15.6% y-o-y), outstripping the consensus by 0.7%. A significant increase in efficiency also adds positivity, which pushed up the operating margin by 0.7 y-o-y. The revenue locomotive was Studio Entertainment (+18.1% y-o-y). Rapid growth in sales of Studio Entertainment was driven by success in the wide release of the following animated films: Maleficent and Guardians of the Galaxy.The company pays out strong dividend, which amounted to USD 0.86 (+14.7% y-o-y) last year, matching a 0.9% dividend yield. Furthermore, Disney continues to buy back its own shares, and the company spent USD 6.7 bn (+60% y-o-y) for this purpose over FY14.We expect that the company will continue to improve its financial performance in Q1 2015 due to successful release in wide production of a new film Into the Woods starring Meryl Streep and Johnny Depp. We believe that Walt Disney’s improved financial performance alongside higher dividend payments and the ongoing buyback program will boost the company’s share price in the mid-term. We left our mid-term fundamental valuation unchanged at USD 100, and the short-term technical target is USD 97.