Disney

At first blush, Walt Disney Company shares don’t seem to offer shareholders a whole lot of magic. The media company trades in line with its closest rivals. But investors who take the trouble to peek inside the Magic Kingdom’s ramparts may find Disney’s no Mickey Mouse stock. Consider the arithmetic. Disney’s theme parks are worth $20bn if their earnings are valued identically to rival operator Six Flags. Then there’s the ABC network. At 7 times Sanford Bernstein’s estimated 2009 earnings before...