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1、EquityResearch11January2018U.S.MediaKannanVenkateshwar+12125287054U.S.InternetandMediakannan.venkateshwar@barclays.comBCI,USDivyaunshDivatia+12125269947NetflixInc.:Bingingdivyaunsh.divatia@barclays.comBCI,USShelleyYangrecommended;+12125260416shelley.yan
2、g@barclays.comBCI,USInitiateatOWU.S.InternetRossSandler+14152634470ross.sandler@barclays.comBCI,USBarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayh
3、aveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE48.Barclays
4、Netflix,Inc.Summaryofou
5、rRatings,PriceTargetsandEarningsChangesinthisReport(allchangesareshowninbold)CompanyRatingPricePriceTargetEPSFY1(E)EPSFY2(E)OldNew09-Jan-18OldNew%ChgOldNew%ChgOldNew%ChgU.S.MediaNeuNeuNetflixInc(NFLX)N/AOW209.31N/A245.00-N/A1.21-N/A2.32-Source:BarclaysR
6、esearch.SharepricesandtargetpricesareshownintheprimarylistingcurrencyandEPSestimatesareshowninthereportingcurrency.FY1(E):CurrentfiscalyearestimatesbyBarclaysResearch.FY2(E):NextfiscalyearestimatesbyBarclaysResearch.StockRating:OW:Overweight;EW:EqualWei
7、ght;UW:Underweight;RS:RatingSuspendedIndustryView:Pos:Positive;Neu:Neutral;Neg:NegativeValuationMethodologyandRisksU.S.MediaNetflixInc(NFLX)ValuationMethodology:Ourpricetargetis$245.WevalueNFLXdomesticsegmentat18.0x2020EEBITDA,Internationalat5.5x2020Ere
8、venues,andDVDat4x2020EEBITDA.RiskswhichMayImpedetheAchievementoftheBarclaysResearchValuationandPriceTarget:Riskincludeslowdowningrossadds,increasedchurn,continuedincreasesinlongtermcontentandmarketingspendduetofiercecompetitionfrominternetplayersaswella
9、slegacymediacompanies.Source:BarclaysResearch.11January20182Barclays
10、Netflix,Inc.CONTENTSTHEME#1:WHYHASNETFLIXBEENSODISRUPTIVE?...................................4Overview..........................................................
