Profits at Netflix (NFLX) are destined to soar in the years ahead as the internet television network currently generates much lower revenues from its increasingly valuable library of content than media peers, according to investment bank Morgan Stanley (MS).

In a study reported on by Variety, analysts led by Ben Swinburne calculated that the net value of Netflix’s content doubled in less than two years to $11 billion. That figure represents more than the combined content libraries of AMC Networks (AMCX), Discovery Communications (DISCA), Scripps (SNI) and Viacom (VIAB), valued at $1.5 billion, $2.4 billion, $1.1 billion and $4.9 billion, respectively. The Time Warner (TWX) program catalogue is worth an estimated $10 billion, according to the analysts/

Source: Stanley

Despite successfully investing billions to expand the number of TV shows and films it offers subscribers, Netflix has yet to reap the benefits, Swinburne noted. The company earns roughly $1 in revenue for $1 in net content value, representing much less than Time Warner, Viacom, Discovery, AMC and Scripps, which generally churn out between $2 to $4 from every $1 of content value.

That calculation, coupled with Swinburne’s conviction that Netflix is set to continue attracting more international subscribers, prompted the analyst to slap an overweight rating on the stock and raise his target price by 6 percent to $185 per share. (See also: Netflix to Report Q2 Earnings: What's in the Cards?)

“We see meaningful upside to revenues and margins if Netflix improves its content asset turnover ratio towards that of traditional media peers,” Swinburne wrote. “Netflix has already built an enormous content library and the recent shift towards self-produced original content reflects an investment for the significant global subscriber (and revenue) opportunity still ahead.”

Swinburne warns that there are no guarantees that Netflix will be able to monetize its content at the same rate as peers. However, he still expects the company’s revenues to rise from their current low base and for this to trigger “materially higher earnings power than the market appreciates today.” (See also: Goldman Identifies the Most Profitable Stocks for 2017.)

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