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《大行報告》大摩升Netflix(NFLX.US)目標價至275美元 評級「與大市同步」
阿思達克 12-19 16:30
摩根士丹利發表研究報告指,Netflix(NFLX.US)自7月起股價表現可人,同時市場對用戶淨增的預測亦已上升。考慮外匯變動,該行上調其目標價,由250美元升至275美元,相當於預測市盈率21倍,及預測企業價值對EBITDA約16倍;但認為市場對其預測及估值上調過快或帶來風險,評級「與大市同步」。 報告稱,市場對Netflix廣告分級及付費分享帶來潛在用戶淨增及ARPU(每月每用戶收入)向上的預期,已反映於股價,市場料用戶淨增將由今年不足600萬戶,加快至明後兩年分別料淨增1,500萬及1,600萬戶,亦預期撇除外匯影響後ARPU增長達中單位數。 大摩稱,留意到Netflix內容效率改善,是支持未來股價進一步跑出及獲市場給予溢價的關鍵。現時其估值相當於預測市盈率近30倍,及預測明年企業價值對EBITDA約22倍,投資者已押注於牛市情境。該行料未來數年Netflix收入增長健康但已成熟。因此,為避免估值壓抑,該行正關注Netflix能否更好地利用其內容投資以驅動強勁經營槓桿。
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