Abstract
In this study, the author first analyzes the market situation of advanced online video websites, and is interested in three important video websites: Bilibili, YouTube, and Netflix. He hopes to explore whether they are worth investing by analyzing the financial data of these three companies. By comparing the data of these three companies, this research shows that the market value of BiliBili's equity and debt is relatively low compared with YouTube and Netflix. YouTube's equity beta is significantly lower than that of BiliBili and Netflix, which indicates that its stock is not very sensitive to market fluctuations. Netflix and WACC have the lowest commercial risk among the three companies. YouTube has the highest expected return on all equity, and BiliBili's business model is the same as YouTube. However, due to China's immature system and relatively strict censorship system, its profitability is still very different from that of Youtube. For investors, Netflix is the company with the most stable returns, while YouTube is the company with the highest returns. Since BiliBili was established late, it still needs time to improve and adjust itself to achieve a more stable business model. Whether it is worth investing requires investors to further observe the changes in the market.
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