Billionaire value investor Mario Gabelli said on Thursday's "Halftime Report" that investors should be buying shares of Walt Disney, as he believes the stock could climb to $200 per share in two years.

The longtime investor is a Disney shareholder and explained that the company has a combination of strong earnings growth, minor capital expenditures, and an attractive multiple that will push the stock higher.

Disney's stock price has increased slightly over the course of 2018, primarily due to investor focus on the company's new online streaming media service and the acquisition of assets from Fox.

On Tuesday, Disney's $71.3 billion offer to buy Twenty-First Century Fox's entertainment assets won approval from the European Commission, subject to Disney selling interests in factual TV channels in Europe.

Meanwhile, the company is expected to post fourth quarter results after the close Thursday. Analysts are expecting a 25 percent year-over-year increase in adjusted EPS to $1.34, with revenue growing by 7.5 percent to $13.73 billion, according to Refinitiv data.

Disney has beaten analyst expectations in 5 of its most recent 8 quarters.

That said, Disney's cable segment has suffered lackluster results for the past three years, in part to increasing cord-cutting among viewers, and any updates on the company's streaming strategy will be at the top of investors' minds.