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Conor Mac's avatar

Marvellous yet again. Really admire your ability to cut through the numbers and lather on the qualitative perspective with the data in support.

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Max Fakhre's avatar

Great post and thank you! How do you get comfortable with valuing the company on EBIT, given the disparity between earnings and cash flow (perhaps even less likely to resolve in the near term now given sub headwinds may force more content spend to maintain their market position)? I'm also still not sure where I sit on the idea that current content amortisation costs represent "maintenance" content spend and would love your take!

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