Wall Street brokerages stuck to a positive outlook on Netflix Inc on Thursday, b...
The April-to-June period tends to be seasonally weak for Netflix in the United States, where warmer weather and longer days keep viewers outdoors.
The relatively small price drop in the company’s $12.6 billion of junk bonds affirmed the view that the second-quarter results are a blip. While all Netflix debt weakened on Thursday, the biggest price moves were just 2.5%, like on the 6.375% bond coming due in May 2029 worth $800 million 64110LAR7=, according to Refinitiv data.
Netflix bond prices did not fall enough to attract bargain hunters. “I’d be looking for a 300 basis point spread or so in a new 10-year deal as fair value,” said John McClain, portfolio manager at Diamond Hill Capital Management. The spread on the 6.375% bond due in 2029 is around 275, he noted, “so I’d want a 325 basis point spread to get interested.”
“By 2025, based on Disney projections, it looks like Netflix will be spending at least five times as much on content as Disney+,” said Pivotal Research Group analyst Jeff Wlodarczak. The company raised prices in Britain, Switzerland, Greece and Western Europe in the quarter, testing the waters in some of its wealthiest markets at a time when it is still spending massively more than it earns to win the content battle.
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