Disney (DIS) has just recently reported mixed second-quarter earnings results. While the revenue came in at more than $18 billion, beating the analyst estimates by $510 million, its EPS was only 26 cents, down as much as 93% from the same period last year. Although Disney's operating performance can get uglier in the next quarter, we still believe that Disney is still quite cheap at the current price.

In the second quarter of 2020, Disney's revenue has increased by nearly 21% to $18 billion, driven by 3.6x growth in Direct-to-Consumer & International (DTCI) segment and a 28% growth in Media Networks business. Media Networks segment's operating income was nearly $2.38 billion, a bit higher than the same period last year, due to the consolidation of 21st Century Fox assets.

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