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ŠKODA AUTO VYSOKÁ ŠKOLA O.P.S. Valuation of Netflix, Inc. Diploma ŠKODA AUTO VYSOKÁ ŠKOLA o.p.s. Course: Economics and Management Field of study/specialisation: Corporate Finance in International Business Valuation of Netflix, Inc. Diploma Thesis Bc. Alena Vershinina Thesis Supervisor: doc. Ing. Tomáš Krabec, Ph.D., MBA 2 I declare that I have prepared this thesis on my own and listed all the sources used in the bibliography. I declare that, while preparing the thesis, I followed the internal regulation of ŠKODA AUTO VYSOKÁ ŠKOLA o.p.s. (hereinafter referred to as ŠAVŠ), directive OS.17.10 Thesis guidelines. I am aware that this thesis is covered by Act No. 121/2000 Coll., the Copyright Act, that it is schoolwork within the meaning of Section 60 and that under Section 35 (3) ŠAVŠ is entitled to use my thesis for educational purposes or internal requirements. I agree with my thesis being published in accordance with Section 47b of Act No. 111/1998 Coll., on Higher Education Institutions. I understand that ŠAVŠ has the right to enter into a licence agreement for this work under standard conditions. If I use this thesis or grant a licence for its use, I agree to inform ŠAVŠ about it. In this case, ŠAVŠ is entitled to demand a contribution to cover the costs incurred in the creation of this work up to their actual amount. Mladá Boleslav, Date ......... 3 I would like to thank doc. Ing. Tomáš Krabec, Ph.D., MBA for his professional supervision of my thesis, advice, and information. I also want to thank the ŠAVS management for their support of the students’ initiative. 4 Contents List of Abbreviations and Symbols ......................................................................... 8 Introduction ........................................................................................................... 10 1 Theoretical Essence of Business Valuation ................................................... 12 1.1 Valuation Standards ............................................................................... 12 1.1.1 International Valuation Standards ................................................... 12 1.1.2 European Valuation Standards ....................................................... 12 1.2 Basic Definitions..................................................................................... 13 1.3 Imperfections During the Valuation ........................................................ 14 1.4 Business Valuation Purposes................................................................. 15 1.5 Bases of Value ....................................................................................... 17 1.5.1 Market Value ................................................................................... 18 1.5.2 Market Rent .................................................................................... 19 1.5.3 Equitable Value ............................................................................... 19 1.5.4 Investment Value ............................................................................ 19 1.5.5 Synergistic Value ............................................................................ 20 1.5.6 Liquidation Value ............................................................................ 20 1.5.7 Fair Value........................................................................................ 20 1.6 Valuation Measures ............................................................................... 21 1.6.1 Equity Value .................................................................................... 21 1.6.2 Enterprise Value ............................................................................. 22 1.7 Recommended Valuation Steps ............................................................. 22 1.8 Data Analysis ......................................................................................... 23 1.8.1 Strategic Analysis ........................................................................... 23 1.8.2 Financial Analysis ........................................................................... 26 1.9 Valuation Approaches Overview ............................................................ 27 1.10 Comparable Companies Method............................................................ 30 1.10.1 Step 1. Select the Universe of Comparable Companies ................. 30 1.10.2 Step 2. Locate the Necessary Financial Information ....................... 31 1.10.3 Step 3. Spread Key Statistics, Ratios, and Trading Multiples ......... 33 1.10.4 Step 4. Benchmark the Comparable Companies ............................ 38 1.10.5 Step 5. Determine Valuation ........................................................... 38 1.11 Discounted Cash Flow Method .............................................................. 39 1.11.1 Step 1. Study the Target and Determine Key Performance Drivers 40 1.11.2 Step 2. Project Free Cash Flow ...................................................... 40 5 1.11.3 Step 3. Calculate Weighted Average Cost of Capital ...................... 47 1.11.4 Step 4. Determine Terminal Value .................................................. 53 1.11.5 Step 5. Calculate Present Value and Determine Valuation ............. 54 2 Strategic Analysis of Netflix, Inc. .................................................................... 57 2.1 Historical Development of Netflix, Inc. .................................................... 57 2.2 Business Model Canvas ......................................................................... 59 2.2.1 Key Partners ................................................................................... 59 2.2.2 Key Activities ................................................................................... 60 2.2.3 Key Resources ................................................................................ 61 2.2.4 Value Propositions .......................................................................... 61 2.2.5 Customer Relationships .................................................................. 62 2.2.6 Customer Segments ....................................................................... 62 2.2.7 Cost Structure ................................................................................. 62 2.2.8 Revenue Streams ........................................................................... 63 2.3 PESTLE Analysis ................................................................................... 64 2.3.1 Political Factors ............................................................................... 64 2.3.2 Economic Factors ........................................................................... 65 2.3.3 Social Factors ................................................................................. 66 2.3.4 Technological Factors ..................................................................... 67 2.3.5 Legal Factors .................................................................................. 68 2.3.6 Environmental Factors .................................................................... 69 2.4 Porter's Five Forces Analysis ................................................................. 70 2.4.1 Competition in the Industry ............................................................. 70 2.4.2 Power of Suppliers .......................................................................... 73 2.4.3 Power of Customers ....................................................................... 73 2.4.4 Potential of New Entrants into the Industry ..................................... 74 2.4.5 The Threat of Substitute Products .................................................. 74 2.5 SWOT Analysis ...................................................................................... 74 2.5.1 Strengths......................................................................................... 74 2.5.2 Weaknesses ................................................................................... 75 2.5.3 Opportunities ................................................................................... 75 2.5.4 Threats ............................................................................................ 76 2.6 Financial Analysis .................................................................................. 76 2.6.1 Assets Vertical & Horizontal Analysis ............................................. 76 2.6.2 Liabilities Vertical & Horizontal Analysis.......................................... 77 2.6.3 Income Statement Vertical & Horizontal Analysis ........................... 77 6 2.6.4 Ratios Analysis ............................................................................... 77 3 Valuation of Netflix, Inc. ................................................................................. 81 3.1 Comparable Companies Method............................................................ 81 3.2 Discounted Cash Flow Method .............................................................. 84 3.2.1 Value Drivers Projections ................................................................ 84 3.2.2 Financial Plan Projections ............................................................... 95 3.2.3 Free Cash Flow Calculation ............................................................ 96 3.2.4 WACC Calculations ........................................................................ 97 3.2.5 Determine Valuation ....................................................................... 99 3.2.6 Sensitivity Analysis ........................................................................101 3.2.7 Final
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