Morningstar

Morningstar, Inc.

Equity Bottom-Up

Netflix posted another weak second quarter as subscriber growth came well below guidance and our expectations. Despite the subscriber miss, revenue came in line with our projection. The free cash flow loss for the quarter hit $594 million, up from a loss of $559 million a year ago. Management maintained its 2019 free cash flow loss target of $3.5 billion and continues to insist that the cash burn will “inflect” in 2020. We are retaining our narrow moat rating and our fair value estimate of $135…

Netflix started 2019 with stronger-than-expected subscriber growth as the firm continues to benefit from global expansion. Despite the subscriber beat, revenue came in line with our projection. The free cash flow loss for the quarter hit $460 million, up sharply from a loss of $287 million a year ago. Management raised its 2019 free cash flow loss target to $3.5 billion, up from the previous target of $3 billion. We retain our narrow moat rating and fair value estimate of $135
Revenue of $4.5…

Kaustubh Sanjay​ ​Jagtap

NUS Investment Society

We are initiating coverage of NFLX with a Buy rating and a $350 12M price target.
3Q18 Earnings Review
• Streaming revenue increased by 36% in the third quarter from the year earlier.
• Revenue in the third quarter of $4 billion met the $4 billion estimate as per Refinitiv consensus; EPS was at $0.89, above the $0.68 estimate.
• Subscriber addition was at 6.96 million, with 1.09 million coming from domestic subscribers and 5.87 million coming from international regions, beating out estimates of…

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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