Netflix’s rivals’ actions
As it has been already mentioned, Netflix faces both direct and indirect competition. Direct competition comes from companies that apply the same distribution channel (online rental). These companies can be considered as Netflix’s key rivals. More particularly, these companies are Blockbuster Video, Wal-Mart and Movie Gallery, but the immediate competitor is Wal-Mart.
Wal-Mart developed a rental DVD offer nearly identical of that of Netflix. In terms of pricing, it offers one price that corresponds for unlimited service, while Netflix offers a range of prices corresponding for a number out of time in each price point. Wal-Mart envelopes and movie selections were also nearly identical to Netflix’s. In terms of distribution, Wal-Mart operated only 7 distribution centers, compared to 15 of Netflix’s, but planned to open more centers and other Wal-Mart facilities. In terms of software, Wal-Mart was also still working out the bugs with its online software, whereas Netflix had already spent several years debugging its software.
Blockbuster Video although it was the world leader in the videocassette, DVD and video game rental industry, it has only recently began to investigate the online DVD rental market. In order to enter that market, it acquired a small company that was one of Netflix’s smaller competitors.
Movie Gallery had not implemented any online DVD rental service. However, being a large company and having a diverse geographic spread, its entry in online rental industry was not expected to be far away.
Conclusions
Netflix currently offers more services in quantitative and qualitative terms than its competitors do. Based only on case study data, it is obvious that Netflix tries to exploit positive DVD market conditions through offering superb services and focusing on customers needs. On the contrary, the other firms just seem to view online rental as another attractive channel without focusing on how to better serve customer than competitors do.
Summarizing, Netflix seems to be a customer-oriented company applying a strategy to enlarge it’s subscribe base by offering several benefits. In order to compete effectively, it offers unique services like the dates absence of due dates, the recommendation system and the faster distribution. Finally, it scans the environment in order to detect competition that comes from different distribution channels of DVDs rented and competition from other companies entering online movie rental business.
Through the strategy, Netflix tries to achieve a competitive advantage in terms of better services provided via recommendation system and absence of date due, in terms of faster distribution provided by the sophisticated distribution system.
3. Internal Analysis
A company’s internal environment consists of its resource capabilities, relative cost position and competitive strength versus competitors. Internal environment is considered as a controlled variable (Johnson & Scholes, 1999), as its elements depend fully on the company’s activities.
Therefore, given the external environment, which consists of macro-environment (Papadakis, 1999) and industry environment (Johnson & Scholes, 1999; Tompson et al, 2005), a company should exploit its strengths and improve its weaknesses in order to grow or even to survive. It is obvious that strengths and weaknesses characterized company’s internal environment.
3.1 Operational Strengths & Weaknesses
Netflix is a pioneer in online DVD movies rental business. Therefore, it possesses the first mover’s advantage in a sense that it has the highest accumulated experience and, thus, it has the chance to offer first innovative products and services, and retain being the leader in this niche market without extra effort that other companies possibly need.
Its business model can be considered as strong enough. It gives the company the opportunity to compete with other distribution channels of rental movies at far lower costs. Concerning the direct competition inside the niche market, company’s business model offers the fastest services, the broadest series of movies and the familiar recommendation system loved and used by it’s customers. Actually, this system is generating around half of company’s sales, according to Netflix’s top executives. Moreover, the absence of dates due and late fees is another strong point of Netflix’s business model.
Netflix has focused business. Actually, online DVD rental system is its sole passion. Therefore, the company has the opportunity to be specialized in this kind of job and works for further improvements and new developments compared to both direct and indirect competitors.
Concerning its core operations, due to distribution system construction, Netflix has managed to maintain inventory availability for more of the movies to be requested. Moreoever, it has created a wish list in order for customers to be served immediately at a future point as soon as a requested movie is being available (that current is not).
Concerning Netflix’s operational current weakness is the absence of instant delivery. Customer ordering online must wait for one day for the DVD delivery compared to other channels’ instant delivery. This is a market structural inefficiency that Netflix tries to solve by launching in the future of Internet delivery.
Another weakness is possible inventory lacks in demand peak points of time. As company delivers hardcopy DVD’s it may lack several movies sometimes and, thus the customer may prefer another channel.
3.2 Financial Strengths & Weaknesses
Financial statements often reveal some useful things concerning the performance of a company related with the strategy application. Concerning Netflix’s financial statements, they are presented in the following exhibit and figures.
Exhibit 3.1: Netflix’s Summarized Financial Statements, 1999-2002 (in $ millions)
Source: Netflix’s annual report (2004) & Thompson et al (2005)
Having a first look at this data, it is obvious that there is an increasing trend for all the amounts presented. More particularly, in the next figures this trend is revealed.
Figure 3.1, Sales
Sales follow a highly increased trend. Actually, the pattern of this increase could be characterized as exponential indicating possibly an increasing rate of annual increase. Sales’ increase can be considered as a very positive insight for Netflix’s performance, as sales is a key driver for profit and shareholders’ value. This growth in sales can be reflected also on the company’s growth strategy results.
Figure 3.2, Net Income
Only since 2003 Netflix became a profitable business. However, taking into consideration that it was found in 1997, it is not so unusual to have losses the first years of operations. Another important point is that since 2000, Netflix has started to reduce substantially the losses ending up profiting in year 2003 and increasing profitability in 2004.
Figure 3.3, Total assets
Total assets were in low level in the beginning of 21st century. They started to grow at a fast rate since 2002. Currently, they are five times more than the year 2000.
Figure 3.4, Total Shareholders’ Equity
Following the low level of sales and total assets along with some respective losses, shareholder’s equity was turn into deficit for 2000-2001 periods. However, since 2001 shareholder’s equity was turned into positive amounts that were also growing over time.
It is obvious, from those financial data, that Netflix was facing some problems until 2001. Low sales levels were resulting to losses, low level of assets and deficit of shareholders position. However, since 2002 results of growth strategy started to be noticed. Sales were growing faster and faster, total assets and shareholders equity were also growing while the company was turned into a profitable one. Some other data, indicating company’s growth strategy based on investment in new technology and innovation, are presented in the following exhibits.
Exhibit 3.2, Other Netflix’s data
These figures have also an increasing trend.
Figure 3.5, R&D expenditures
It is obvious that R&D expenditures are in the same level, around 15-20 $ millions, since 2000. This indicates that technology and innovation are strong means of strategy implementation for Netflix.
Figure 3.6, Subscribers’ number
Subscribers’ number remains in a low level until 2001. In 2002 this number has an increasing trend. This pattern seems very similar to sales and total assets pattern. Moreover, this pattern of subscribers’ number is a key issue for Netflix growth strategy that can be implemented through acquisition of more and more subscribers across time.
3.3 Organizational Strengths & Weaknesses
There is strong evidence of good management. This evidence comes from the exploitation of capital rising which took place in 2002 through Initial Public Offering (IPO) of new shares of stock. After that point company’s figures, in terms of sales, profit, assets, subscribers performed great increase. Therefore, Netflix seemed to well-manage these financial resources.
Since Netflix operates for some years now dedicated only to online rental DVD business it has accumulated strong experience of that business. Moreover, it has acquired deep organizational experience of how to do that business.
Moreover, Netflix creates a culture of innovation. Although currently it is the leader in online rental movie business it has not stopped to think of launching new technologies concerning product, services and distribution level. Evidence for that is the fixed and respective amounts dedicated to research and development (R&D) department.
3.4 Marketing Strengths & Weaknesses
In terms of marketing product mix, the company seems to have developed an attractive package of product and services been demanded from Americans. Moreover, the company has built an exceptional brand strength inside this niche market that can be effectively exploited in the future as well. Finally, in terms of product mix, company is thinking of launching new products and services along with the expansion of its titles provided.
In terms of pricing, the company offer competitive prices compared to competitive channels due to its reduced operational costs.
In terms of distribution, they have developed a sophisticated distribution system that offers faster services than direct competitors operating in the same niche market of online rental. However, it lacks distribution speed compared to other channels’ rivals.
In terms of promotion, the company exploits its qualitative services and brand name with word-of-mouth free charge advertising. This creates satisfied customers that encourage new customers to join the company’s subscribers’ base.
Finally, Netflix is not a diversified business, in the sense that it offers only online rental movies services. However, this means that the company has an increased business risk, as it heavily depends on only one niche market development and growth.
3.5 Competitive position of Netflix across time
Currently, Netflix has a competitive advantage over rivals, as it has the first mover’s advantage, a strong subscribers base, a brand recognition, a positive word-of-mouth which come from company’s innovative services like the recommendations and distribution system.
However, are those competitive advantages sustainable? Generally speaking, nothing is sustainable in business life without continuing effort for quality improvement and new products and services providing. Therefore, Netflix should improve all its services in order to face both internal and external competition.
Of course, Netflix has built the entire necessary infrastructure, both in software and hardware terms, in order to have competitive advantage in the future as well. It has the only passion ranging only on the online DVD rental business. It has a recognized brand and a strong subscribers base. Its business model has been resulted effective enough so far. Netflix is eager to invest more in order to improve its products and services through innovation. This can be considered as a sign that Netflix can sustain a competitive advantage although the tough coming competition both from internal rivals entering online movie rental business and from external rivals trading through competitive channels.
The key point in facing competition and in sustaining competitive advantage is to continue to offer better products and services than competitors (Johnson & Scholes, 1999; Kotler, 2000). Netflix seems to have recognized this stuff. Therefore, combining the past and current advantages along with accumulated experience in the market, Netflix has good prospects to sustain and possibly expand its completive advantage.
4. External Analysis
4.1 Economic Characteristics
Starting from the DVD market, it is worthwhile to mention that the DVD player was one of the most successful consumer electronic products of all time. Growth of DVD rental was characterized by three-digit figures from 1999 until 2001, while growth rates are expected to decrease until 2006 maintaining over 10% values. On the contrary VHS rental growth rates were one-digit figures and even negative in 2000 indicating the dominance of DVD. Moreover, the DVD rental market share is expected to grow substantially since 2002 dominating the market.
This growth was attributed to dramatically falling components prices. This price falling made DVD available to more and more households. Moreover, more advanced devices like DVD recorders are expected to surpass sales of play-only DVD players by 2007 being essential drivers of DVD market. It is also worthwhile to mention that the total rental market was growing with one-digit figures indicating that renting and watching a movie indoors was a usual habit that could offer opportunities to movie’s rental companies, like Netflix.
Exhibit 4.1: Revenues, Growth, and Market Share for DVD and VHS Rentals
Exhibit 2 shows clearly that DVD penetration is faster growing since 2000. Particularly, this penetration will dominate households since 2004. These figures indicate that DVD demand will be increasing more and more.
Exhibit 4.2: DVD Growth and Penetration
Given that movies rental market has a relative stable market with a slight growth rate, rental movie companies should think what is the most effective channel of distributing their products and services. Online movie rental companies need first, the demand of people watching movies through DVD. This demand seemed to be fair enough as it has been described and presented. The point is how many other channels exist and how competitive they are. More particularly, except online rental, movie fans have DVD’s available though a variety of channels presented in the next exhibit.
Exhibit 4.3: DVD movies channels
It is easy to notice that DVD growth favors online movie rental business, as this business is driven by DVD demand. Moreover, too few players currently exist in this business. Therefore, online rental business face more indirect competition generated from the existence of the other channels.
According to case, the major advantage of online rental is that there are no due dates, no late fees, and no shipping fees. This offers renters enough flexibility and no stress concerning the date they have to return back the DVD’s. This surely was considered as the major advantage of online rental service compared to physical retail rental stores. Moreover, there are far less operational costs for online rental business. This offers the possibility for low charges and free of charges services providing.
4.2 Competitive Analysis (Porter 5 Forces)Figure 4.1, Online Rental DVD Movies Business Competitive Analysis
4.3 Competitive Positions of Major Companies
As it has been already mentioned, Netflix faces both direct and indirect competition. Direct competition comes from companies that apply the same distribution channel (online rental). These companies can be considered as Netflix’s key rivals. More particularly, these companies are Blockbuster Video, Wal-Mart and Movie Gallery. The immediate competitor is Wal-Mart.
Wal-Mart developed a rental DVD offer nearly identical of that of Netflix. In terms of pricing, it offers one price that corresponds for unlimited service, while Netflix offers a range of prices corresponding for a number out of time in each price point. Wal-Mart envelopes and movie selections were also nearly identical to Netflix’s. In terms of distribution, Wal-Mart operated only 7 distribution centers, compared to 15 of Netflix’s, but planned to open more centers and other Wal-Mart facilities. In terms of software, Wal-Mart was also still working out the bugs with its online software, whereas Netflix had already spent several years debugging its software.
Blockbuster Video although it was the world leader in the videocassette, DVD and video game rental industry, it has only recently began to investigate the online DVD rental market. In order to enter that market, it acquired a small company that was one of Netflix’s smaller competitors. Blockbuster Video performs sales10 time higher than Netflix. However, Blockbuster Video is a company of a larger size and has revenue sources from a variety of markets concerning home entertainment. According to case study, company’s executives consider that online movie rental is only a niche market. Although Blockbuster Video’s higher sales, this company is not profitable for the period 1999-2002. There is not any other data available. However, a key issue is a big loss of 2002 and that losses have an increasing trend for that period.
Movie Gallery had not implemented any online DVD rental service. However, being a large company and having a diverse geographic spread, its entry in online rental industry was not expected to be far away. Movie Gallery is a company with a similar to Netflix size in terms of sales and total assets figures. Its sales and total assets (and shareholders equity) have an increasing trend for the period 2000-2003.
Given that Movie Gallery Company has good financial prospects and increasing figures, it can be considered o have the financial capabilities to invest its entry into the online rental industry. Concerning Blockbuster Video, its effort to enter into the same -niche- market is limited to acquire a small competitor. Due to its financial deficits, it is a questionable issue whether it will dedicate time and money in order to grow in this market. Therefore, Movie Gallery Company seems to be the major future rival in the online movie rental business, along with the current player Wal-Mart.
Finally is that Netflix currently offers more services in quantitative and qualitative terms than its competitors do. Based only on case study data, it is obvious that Netflix tries to exploit positive DVD market conditions through offering superb services and focusing on customers needs. On the contrary, the other firms just seem to view online rental as another attractive channel without focusing on how to better serve their customers than competitors do.
4.4 Competitor Analysis (Competitors’ possible actions)
Usually, it is not an easy task to predict competition in terms of what will be the real actions of competitors in order to react in actions of another company (Johnson & Scholes, 1999; Thompson et al, 2005). However, it is possible to state some possible competitors actions stem from market condition and Netflix’s actions. It is supposed that these actions will be the recommendation mentioned previously.
A usual phenomenon in competition situation is one company copies another in terms of all elements of marketing mix. Especially, if there are capabilities of companies to copy each other, then this phenomenon is far more likely to happen. Therefore, in this context, Netflix’s competitors may have the following actions:
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Diversification in terms of products offers: especially Blockbuster Video, which is a world leader in video games, among other products, it is very likely to pay special attention to rent video games and not to compete more directly such an established company like Netflix. The other rivals may not implement such diversification, as they have been specialized more in movies industry and they may not have the capabilities and competencies to compete with such a giant like Blockbuster Video. They may prefer competing with a smaller company like Netflix.
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New products and services: as newcomers in online DVD rental market, Blockbuster Video and Movie Gallery are pressured to launched innovative products, services. However, not having background experience will be a questionable issue whether these products will be actual innovative and not a simple copy of Netflix’s products. Wal-Mart, having such an experience in online DVD rental business, may launch innovation. However, it does not have the same capabilities compared to Netflix.
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Price competition: the easy means of competing, as a new entrant, is to offer lower prices. However, Netflix has both built strong brand awareness and has further availability to cut prices in order to face price competition.
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Brand image creation: Blockbuster Video and Movie Gallery, operating for many years in movie industry, have built strong brand image and recognition. It is expected that they will exploit their brand when entering online DVD rental system. This could be a respective threat for Netflix.
4.5 Key Success Factors
In today’s business, the key to success is to serve the customers better than competitors do. Therefore, Netflix has to first think about how to make consumers to select online rental system, in case they want to see movies at home, and, then, to think about how to better serve consumers that select to online rent movies. Key factors that may determine success in the online movie rental industry can be considered the following:
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Consumers habits: as consumers continue to enjoy watching movies at home and, thus, need to rent them, opportunities for online movie rental business growth will exist
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Consumer’s willingness to pay for watching movies: if most consumers are eager to pay in order to rent movies and don’t pirate them, then online rental industry may have opportunities for successful business.
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Consumers’ patience to wait for one day delivery of the movie: if consumers don’t have any special problem to wait for one day in order to receive and watch the movie they ordered, then online movie rental industry will continue to have success.
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Additional services provided through online movie rental: as the industry grows, consumer will demand more and more. Therefore, online movie rental business should think of providing additional services and improving the quality of existing services.
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Focusing on customer satisfaction: companies should investigate what else customers need from such a business and how satisfied they are from current services.
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Brand Building: if a company manages to maintain a strong brand image and brand recognition it is expected to benefit from both, by more easily attracting new consumers and, most important, by retaining existing customers and enhancing brand loyalty.
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Technology: a very crucial key factor is technology, with more concern focused on Internet technology. Such developments should be exploited effectively by online movie rental business in order to manage to offer more and better services.
Concerning Netflix case, technology is very important to its success. For its current business technology offers to the company opportunity to apply innovations like the recommendations system and distribution system. Similarly, in order to improve these services, technology may help Netflix to improve the recommendation system. For example, this system may make better and more suitable recommendations not only for current movies available, but also for future movies available either on Netflix’s inventory or maybe in theaters releases. Technology also may help Netflix to improve distribution system making distribution as faster as possible. Another example could be the implementation of an inventory management system so that the proper number of copies of certain movies is available in Netflix’s inventory, in order to better serve customers’ demand.
4.6 Industry Prospects and Overall Attractiveness
Netflix doesn’t seem to face strong competition from direct competitors on the short run. However, indirect competition is actually stronger. More particularly, there are some changes happening that will affect the whole online movie rental industry. These changes have to do mostly with the development and improvement of other DVD rental channels and with some socio-economic factors. However, such factors may positively affect online movie rental industry. The underlying forces of change that impact the industry are the following:
- Consumers were becoming more comfortable with the Internet, as with the widespread adoption of broadband technologies it was possible to do more on the Internet then ever before.
- The ongoing Internet evolving it could be possible to reach consumers in new innovative ways provided strong advantages
- The hardware improvement and the costs reductions caused the growth of DVD use as the preferred medium for at-home entertainment.
- Ownership of DVDs had become more mainstream
- Online DVD rental was reaching a wider socioeconomic range
- Love of Americans for movies was ongoing
Concerning new channels of movies distribution, Netflix should carefully take into consideration that the following channels have been developed with several advantages over it.
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Walt Disney’s movies on demand: this was a new technology that includes a service transmitting a digital quality movie to a receiver by paying a monthly equipment service and a charge per movie.
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Movielink’s Downloadable Movies: by this technology, consumers could watch movies by downloading them directly on their PC’s. A disadvantage was that consumer should have broadband Internet connection and had to wait a very long for the movie to be downloaded.
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DVD recorders: these machines allow consumers to record TV programs and watch them whenever they want.
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Piracy: The technology used to pirate movies (as music files). There are some web sites that are used more and more to download movies that sometime were not released in theaters yet. Of course, piracy has the same disadvantages to Downloadable movies described before.
It is sure that these alternative channels will negatively affect the online movie rental business. However, the degree of affection depends on the way online rental business will act in the context of exploiting technology to offer better services in terms of speed, easiness, flexibility and quality.
5. SWOT Analysis
SWOT analysis is a very powerful strategy analysis tool that combines the internal and the external environments of a company. By this analysis the strengths and weaknesses of a company are revealed along with an analysis of opportunities and threats that exist in the market.
Based on case study data and data from Netflix’s 2004 Annual report, a SWOT analysis of company is conducted. Results are presented in the figure below.
Figure 5.1, SWOT analysis for Netflix
Figure 5.1, continued…
Sources: Netflix’s Annual Report (2004)
Thompson et al, (2005)
It is obvious that, concerning the internal environment, Netflix has numerous of strengths compared to its weaknesses. Most of its weaknesses come from external environment threats and not from structures inside the company. However, the external environment seems to offer far more opportunities than threats. From this analysis, Netflix is considered to have the required resources and competencies in order to exploit market opportunities and face effectively market threats.
6. Recommendations
In order to sustain and strengthen competitive position for a business is actually to realize the concept of continuous improvement and new offers. However, the other important thing is the effective implementation. This means that each business should carefully understand internal and external environment, then formulate the right actions and finally apply them efficiently and effectively.
Concerning Netflix, it would be a huge mistake to underestimate the entrance of Blockbuster Video and Movie Gallery, along with existence of Wal-Mart in the online DVD rental market. Netflix should instead think of possible actions in order to face this direct competition.
Actually, the company is thinking of growing further its subscriber base offering them the possibility to have a choice either mail or internet delivery innovating the distribution system investing in new technology software and hardware. This action offers flexibility to consumer and decreases the delivery time making the company competitive, in terms of distribution, not only compared to direct competitors, but also compared to indirect competitors that distribute products almost immediate through Internet services to several home devices. However, Netflix is recommended to think of several other actions like:
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Slight diversification in order to reduce business risk, stock price volatility and have greater availability to funds. This diversification can be implemented through offer not only movies, but also another means of home entertainment like games and other similar.
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New products including new offers for old subscribers, in terms of pricing, wider movie range, new pricing scheme that offers reduced prices for increased volume etc.
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Strategic alliances with companies with complementary products. For example, subscribers could be delivered, along with preferred DVDs, their favorite pizzas, with special prices and offers.
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Brand image creation though promotion cambaing in order to more effectively communicate company’s benefits and value over rivals.
7. Decision About Stock Purchase
According to company’s Annual Report (2004), stock price, for that year, had experienced a decline. According to Netflix’s CEO, this decline is considered to be more attributed to investors’ uncertainty about the actual and potential entry of large and aggressive competitors. In the next figure, stock price movements are presented for the time range since May 2004 until May 2005.
Figure 7.1, Stock price movements (May 2004 – May 2005)
Source:
It is easy to notify that a great volume in middle of October 2004 resulted in a huge decline in stock price. From that point of time, stock price seems to move without any special trend around the level of 10. This pattern can be attributed to a lack of sufficient trading volume.
Executing a simple technical analysis, through moving average movements, short-term future price movement can be predicted. 20-days moving average was selected, as this range represents around one-month transactions.
Figure 7.2, 20 days moving average movements (May 2004 – May 2005)
Source:
The red line of 20-days moving average becomes almost flat indicating no trend on the short-term. This stock seems that has no risk. Therefore it seems suitable for investors with low risk profile. However, it doesn’t seem to offer high returns. Therefore, it doesn’t suit speculative investors.
Technical analysis can be taken into consideration for the short-term horizon. However, fundamental analysis can reveal more opportunities and risks for the long run (Bodie et al, 1999).
Netflix’s prospects seem to be good in the future. Given the strategic analysis taken place previously, the company provides strong evidence that it will be ready to face competition by applying innovations and setting ambitious goals in terms of increasing subscribers base. Moreover, if one takes into consideration that stock price was due to investors’ fears for strong competition, the conclusion could be that as soon as investors realize that Netflix reacts effectively to competition and sustains its competitive advantage, then stock price will start to rise. In other words, current level of stock price can be considered as low. Therefore, it is strongly recommended to buy now Netflix’s stock. In the next figures, analysts’ opinions are presented.
Figure 7.3, Analysts’ opinions
Source:
Netflix is above average in 1-5 scale of buy-sell. Therefore, analysts think that stock price will fall. This analysis is opposite to our recommendation. However, our recommendation has a long-term horizon, as it is believed that the current level of stock price doesn’t reflect future business likely performance.
Figure 7.4, Analysts’ estimates
Source:
Indeed, sales and earnings figures predictions seem to be promising for future price increasing level. However, P/E ratio of Netflix remains extremely high compared to industry figure (185 compared to 18.28) indicating a high current price that will starts to fall. However, P/E can start falling in order to converge to industry ratio by increasing EPS. Therefore, it is not possible to draw a unique conclusion through P/E study. However, we still believe that on the long run, Netflix price level will be higher than the current. Therefore, we recommend for buying company stock.
Bibliography
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Bodie, Z. Kane, A. Marcus, A.J. (1999) “Investments” 4th edition, Irwin McGraw Hill
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Johnson, G. Scholes, K. (1999) “Exploring Corporate Strategy” 5th edition, Prentice Hall
- Netflix ® 2004 Annual Report (2004)
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Netflix: Welcome to Netflix – Rent DVD Online – Try Free (2005), , accessed in April 10th 2005
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NFLX: Profile for NETFLIX INC – Yahoo! Finance (2005), , accessed in April 10th 2005
- Papadakis, V. (1999) “Business Strategy” Benos Editions
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Thompson, A.A. Strickland, A.J. Gamble, J.E. (2005) “Crafting and Executing Strategy: The Quest for Competitive Advantage: Concepts and Cases” 14th edition, McGraw Hill International Edition