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Euro Disney: A Mickey Mouse project?

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  • Mills, Roger
  • Debono, James Dimech
  • Debono, Victoria Dimech

Abstract

In this Case Study of Walt Disney's investment in a theme park near Paris, Roger Mills, James and Victoria Dimech Debono document the unfavourable economic conditions and over-optimistic projections that caused the successful launch of the project in 1992 to quickly turn sour. By using a Shareholder Value Analysis model they then show how estimates of shareholder value per share, based on information in the original prospectus, are drastically revised downwards as more realistic assumptions, like total debt owed, are built into the valuation model. In March 1994, a major financial restructing plan was agreed with Euro Disney's banks -- but was this another Disney fantasy?

Suggested Citation

  • Mills, Roger & Debono, James Dimech & Debono, Victoria Dimech, 1994. "Euro Disney: A Mickey Mouse project?," European Management Journal, Elsevier, vol. 12(3), pages 306-314, September.
    • Handle: RePEc:eee:eurman:v:12:y:1994:i:3:p:306-314
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