By Dan Weil Bill Nygren says Netflix is ‘very cheap,’ trading at less than 25 times expected earnings and about five times revenue. Video-content titan Netflix (NFLX) – Get Netflix, Inc. Report has seen its stock slide 36% so far this year, after announcing a price increase and issuing guidance for slower subscriber growth. But famed value investor Bill Nygren, manager of Oakmark Select Fund, still likes it. “We think Netflix is a very, very cheap stock. If you look at traditional metrics, it’s at less than 25 times expected earnings, about five times revenue, [and] under $800 per subscriber f…