We initiate coverage of Walt Disney Co (DIS) with a BUY rating. The company hardly needs an introduction; its brands are amongst the most well-known in the world, from Mickey Mouse to Marvel and Star Wars. Its empire spans across several sectors -- television and movies; sports (ESPN); parks (Disney World) and cruises. The company is a savvy aquirier of valuable assets, including Capital Cities/ABC, Pixar, Star Wars and the bulk of 20th Century Fox. There are few brands which can hold a candle to Disney. In terms of brand value it is perhaps only surpassed by Coca-Cola and Apple. The bulk of the company’s revenue comes from media (~2/3rds) and the remainder from parks and cruises.