Equity Analysis /
United States of America

Netflix Inc: Scaling to higher margins and cash flow

  • PATMI to increase 62% YoY FY21e, led by rising membership, increased subscription prices, stable content cost per member

  • Runway for growth intact with global market penetration at only 20% of broadband households

  • Initiate coverage with an ACCUMULATE recommendation and DCF target price (WACC 9.0%) of US$724.00

Jonathan Woo
Jonathan Woo

Research Analyst

PhillipCapital
15 October 2021
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