$NFLX flipped from a growth stock to a value play

NFLX has taken an enormous drop with the user growth slowing as the market gets more competitive. This has resulted in a major repricing dropping it down to a 17 PE. While I do not foresee them resuming their high user growth in the future they will probably be able to resume a slower user growth trend and potentially surprise the market by increasing the value per user. At the current price is the risk-reward seems favorable although I am not in a rush to buy this name and think its worthwhile to let it base.

Pre pandemic they had 167 million users which has growth to 221 in two years. I believe the slowdown right now in user growth is more a "consolidation" from the surge they had in 2020 rather then an actual decline. Basically since they had above trend user growth in 2020-2021 they have lower growth in 2022 to average out to their previous growth trend they were at.