$NFLX · Parkev Tatevosian, CFA · 2026-11-02
NFLX 被显著低估，说话者给出的合理价值为 120，而市价约 62；这是他的最大持仓，只要股价维持在当前水平附近，他就会继续加仓。他承认用户参与度下滑且市场情绪偏负面，但超过 30% 的利润率且仍在上升，加上有线电视向流媒体迁移，应能抵消部分挑战，并在未来许多年推动现金流与盈利能力增长。
逐段跳播
我接下来要重点介绍的、现在可以买入的九大股票之一是 Netflix。我计算出的该股公允价值是120，而当前市场价格大约是它的一半，为62。在我看来它被严重低估了，而且 Netflix 是我投资组合中最大的持仓。
我有兴趣向我的投资组合中加仓更多 Netflix 股票。
The next stock I'm going to highlight as one of the top nine stocks you can buy right now is Netflix. I calculated the fair value of the stock at 120, while the current market price is roughly half that at 62.
It is significantly undervalued in my opinion, and Netflix is the largest position in my portfolio. I am interested in adding more Netflix shares to my portfolio.
Netflix 便宜的原因与前几家公司便宜的原因不同，后者是围绕消费者行为的担忧。人们花在 Netflix 上观看内容的时间在减少，这个参与度数字让投资者担忧。投资者对这家公司的情绪已经转为负面，而且人们怀疑会有什么催化剂推动 Netflix 股价上涨。
The reason Netflix is cheap is different from the reason why the first few companies were cheap, which is the concern surrounding consumer behavior. People are spending less time watching content on Netflix, and this engagement rate figure is worrying investors.
Investor sentiment towards the company has turned negative, and it is doubtful what catalyst will drive Netflix's stock up.
不过，只要股价维持在这些水平附近，我就会继续向我的投资组合中加仓 Netflix。这家公司有十多年制作人们爱看的内容的经验。而且，它知道如何以经济的方式做到这一点。它的营业利润率超过30%，并且还在上升。
此外，每年有数百万人取消有线电视订阅，转而使用流媒体内容。因此，我相信这些积极因素将抵消消费者行为变化带来的一些挑战，并推动 Netflix 的现金流和盈利能力在未来很多年继续增长。
However, as long as the stock stays around these levels, I will continue to add more Netflix to my portfolio. The company has over a decade of experience creating content that people love to watch .
Moreover, she knows how to do it in an economical way. It achieves operating profit margins exceeding 30% and increasing. In addition, millions of people each year cancel their cable subscriptions and switch to streaming content instead.
Therefore, I believe these positive factors will offset some of the challenges resulting from changing consumer behavior, and will drive Netflix's cash flow and profitability to grow for many more years.
这个频道对 $NFLX 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 12 条判断，这里只列相邻的几条。