The analyst performs a fundamental valuation of Netflix (NFLX) using a 5-year discounted earnings model. Key inputs include a 2025 net income of $10.98 billion and an expected EPS growth rate of 19% over the forecast period. The analysis assumes no share buybacks are conducted, impacting future share count. By calculating a forward P/E multiple of 28 based on current market capitalization of $390 billion and projected 2026 net income of $13.76 billion, the fair value of NFLX is estimated at approximately $81.99. At a current share price of $85.36, the analyst concludes that NFLX is trading slightly above its calculated fair value. The strategy advised is to acquire shares when the price is at or below $82, further aiming to reduce the cost basis by selling covered calls, implying a long-term bullish outlook from the desired acquisition price.