1. Netflix (Stock exchange: NFLX)
Patrick W. Leugers and Mallory M. Craig-Karim

2. OVERVIEW
Over 75 million members in over 190 countries enjoying more than 125 million hours of TV shows and movies per day, including original series, documentaries and feature films.

3. Thesis
Netflix’s growth trajectory is robust. It continues to hit its targets for subscriber growth in the U.S. and in global markets.

4. Variant Perception
The market is underestimating the realistic international growth potential.

5. International Growth, Original Programming Power
POSITIVES
International Growth, Original Programming Power

6. “Act in Netflix’s best interests.”
Management Team
“Act in Netflix’s best interests.”

7. Risks
Membership attraction, competitive offerings, fixed-cost nature of content, international operations, and licensing instability

8. Streaming Services, Cable Networks, and Broadcast Networks
Competition
Streaming Services, Cable Networks, and Broadcast Networks

9. Legal Analysis
Patent infingements

10. Valuation.