Netflix (NFLX 0.00%) bull Whitney Tilson believes the Internet streaming giant could be undervalued by a huge factor if you think about it in terms of the world of cable companies, where competitors trade at $1,000 per subscriber. At current levels, Netflix trades at about $440 per subscriber, inviting the possibility for more upside to come if investors follow this logic. However, to compare Netflix to competitors in this way may not be a sensible approach. In this video, Fool contributor Steve Heller weighs in on the issue and why he thinks that Netflix probably shouldn't be valued this way.