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.According to the results of Q1 2015, the company continues to demonstrate double-digit growth. Quarterly revenue increased by 8.8% y-o-y to USD 13.39 bn, outpacing expectations by 4.1%. Consumer Products (+22.5% y-o-y) became the key revenue growth driver. Adjusted EPS amounted to USD 1.27 (+23.3% y-o-y), outstripping the consensus by 18.9%. An increase of 2.0 pps y-o-y in operating margin also adds positivity and points to higher efficiencyThe company generates a significant cash flow, allowing it to pay generous dividends and buy back its own shares. Operating cash flow amounted to USD 1.86 bn in the reporting quarter (+53.1% y-o-y). The company raised annual dividend to USD 1.15 (+34% y-o-y), implying a 1.2% dividend yield. Disney spent USD 1.3 bn on its buyback program in Q1 2015.We believe that the company will continue to improve its financial performance in Q2 2015 due to a rebound in the US economy and growing demand in the entertainment industry.In our opinion, the company’s improving financial performance coupled with higher dividend and buyback programs will boost Disney shares in the mid-term. We raised our mid-term fundamental valuation of the company to USD 105 and confirm our Buy recommendation. The short-term technical target is USD 100.