Netflix is currently NOT undervalued

I ran a 10-year FCFF DCF on Netflix using a fairly conservative base case, then bridged EV to equity value. Here are the results: Key assumptions Revenue 2026 growth: 16% 2027- 2030: decelerating 14.5% -> 10.0% 2031- 2035: fade to 3.5% Terminal growth : 2.5% Margins Starting EBIT margin 27%, expands to 35% by Year 10 (ads mix, operating leverage, lower content intensity) Reinvestment Capex: 2.0% of revenue with 1.5% terminal Working capital: modest negative “float” early, fading to neutral Tax Low cash taxes early (NOL/timing), normalising to 25% in later years. Discount rate WACC: 9.1% (Ke 9.28%, Kd 5% pre-tax, 96/4 equity/debt). Valuation outputs Terminal value Perpetuity method: TV = FCFF11 / (WACC - g) FCFF10 = 37,924m FCFF11 = 37,294m x 1.025 = 38,872m TV = 38,872 / (0.091 - 0.025) = 588,970 (i.e. $589B, undiscounted at Year 10). Discounted to present: PV(TV) = $246,516m Present value of explicit period PV(FCFF Years 1–10) = $163,494m Enterprise value EV = 163,494 + 246,516 = $410,010m Equity value bridge \+ Cash & cash equivalents: $9.3B (Sept 30, 2025) – Total debt: $14.5B Equity value = $404,810m Per-share intrinsic value Using \~4.24B shares outstanding (split-adjusted): Intrinsic value = $95.5, rounded to $96/share Margin of safety at current price is 8%. My "undervalued" threshold is 15%+ MoS, so this result is fairly valued / slight discount. Basically, Netflix is currently a wonderful company at a fair price. I'll be looking to buy <$80. Not an advice. What do you guys think of the analysis?