Look at value of ongoing US operations vs. that of the international expansion which is driving the spending.
1. Remove international operations: US standalone is values at $87.17 per share based on modest domestic growth (US 2013 EPS of $3.49 at P/E of 25)
2. Total Neflix including international Losses: $57.69 (International loss of $1.18 at P/E of 25)
Therefore international expansion (marketing) is removing about $30 from the 2013 analysis. If they could breakeven on international (or close/sell it) the company is worth $87+. If you beleive that International will generate positive cash flow at some point, then $87 should be the floor if US operations remain on the track they are.