William Blair analyst Ralph Schackart says his content analysis solidifies his view that Netflix's (NFLX) competitive advantage with original programming is expanding at an increasing rate. At a subscription price of $9-$16 per month, the average household receives "outsized value" on a Netflix subscription relative to competing offerings/channels, Schackart tells investors in a research note.

Further, the analyst sees little impact on Netflix's global growth resulting directly from over-the-top competition, including Disney's (DIS) forthcoming stand-alone OTT product. His model suggests Netflix could be self-funded, meaning it won't need debt to finance content spend, as soon as early 2025. Schackart assumes Netflix has 302.7M total subscribers and earnings per share of $24.65 in 2025. He thinks the shares have an upside of about 22% by the end of 2019 and keeps an Outperform rating on the name.