Walt Disney (DIS) is one of the largest financial conglomerates in the entertainment world. It includes film studios (Marvel, Lucasfilm, Touchstone Pictures, DreamWorks, Pixar, etc.), television channels (ABC, Disney Channel etc.), cable channels, theaters, parks, resorts and shops.The company recently opened its first and largest store in China in Shanghai with total area of 9257 sq ft. Disney owns more than 200 stores throughout North America, more than 40 shops in Japan and about 70 stores in Europe. Disney plans to expand further its network of stores in Asia, which will promote sales growth and improve financial performance of the company.Notably, the company continues to deliver double-digit growth. According to the recently released financial report for Q2 2015, revenue increased 7.0% y-o-y to USD 12.46 bn, outpacing expectations by 1.7%. Adjusted EPS amounted to USD 1.23 (+10.8% y-o-y), outpacing the consensus by 11.8%. Media Networks (+13% y-o-y) became a revenue growth driver. In addition, the company continues to generate a significant cash flow, allowing it to pay generous dividends and buy back its own shares. Operating cash flow reached USD 4.77 bn (+27.7% y-o-y) over six months since the beginning of the fiscal year. Disney raised its annual dividend to USD 1.15 (+34% y-o-y), matching a 1.0%. The company spent USD 1.8 bn over the last six months.We believe the company will continue to grow rapidly in the coming quarters due to the release of new films. Premiere of the next episode of The Avengers: Age of Ultron has taken place recently. Tomorrowland, starring George Clooney and Brad Bird, was released in May. In summer, Ant Man and Inside Out will be released. The company held a shareholders meeting in March at which it announced it may soon start working on the production of Frozen 2, the 8th episode of Star Wars and a Star Wars spin-off film, Rogue One. Rogue One will premiere in December 2016.We believe that the company’s strong financial performance, higher dividend and the share repurchase will support growth of Disney’s market capitalization in the middle term. We left our mid-term fundamental valuation of the company unchanged at USD 120 and recommend the name as a Buy. The short-term technical target is USD 115.