Netflix Inc


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SKU: NFLX Category:


Netflix reported a notable miss on subscriber additions in its first quarter with four million net new subscribers whereas management’s guidance had called for six million. The management believes that the dip in subscriber growth is a result of the pull-forward Netflix had been referencing since the start of the pandemic and expects growth to normalize in the second half of the year. Nevertheless, the company beat Wall Street estimates on its bottom line in Q1 2021 and remains on track for steady positive free cash flow, reduced borrowing, and $5 billion in share buybacks. Moreover, the company’s churn rates have continued to be much stable than many competitors. Overall, we believe that despite increasing competition from companies like Apple, Disney, ViacomCBS, AT&T, Discovery, and Comcast, Netflix remains strongly positioned to continue leading the market in the long-term owing to its solid content portfolio and international growth. We maintain our ‘Outperform’ rating on the stock and revise our target price.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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