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Discounted Cash Flow (DCF) Analysis Levered


Tesla Inc.

Tesla Inc. (TSLA)

Consumer Cyclical

Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,013.503,198.444,046.027,000.0311,758.6521,460.7034,716.9856,161.6690,852.72146,972.44237,757.32
Revenue (%)
Operating Cash Flow 257.93-57.25-524.36-123.90-61.142,098.86319.40516.69835.841,352.152,187.37
Operating Cash Flow (%)
Capital Expenditure 264.17969.771,635.001,281.003,414.712,101.008,158.4913,197.9921,350.3934,538.5255,872.97
Capital Expenditure (%)
Free Cash Flow 522.10912.511,110.631,157.103,353.574,199.868,477.8913,714.6822,186.2335,890.6758,060.34

Weighted Average Cost Of Capital

Share price $ 799.91
Diluted Shares Outstanding 170.53
Cost of Debt
Tax Rate 2.85
After-tax Cost of Debt -0.09
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.08
Total Debt 9,403.67
Total Equity 136,404.65
Total Capital 145,808.32
Debt Weighting 6.45
Equity Weighting 93.55
Wacc

Build Up Free Cash Flow

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Projected
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,013.503,198.444,046.027,000.0311,758.6521,460.7034,716.9856,161.6690,852.72146,972.44237,757.32
Operating Cash Flow 257.93-57.25-524.36-123.90-61.142,098.86319.40516.69835.841,352.152,187.37
Capital Expenditure 264.17969.771,635.001,281.003,414.712,101.008,158.4913,197.9921,350.3934,538.5255,872.97
Free Cash Flow 522.10912.511,110.631,157.103,353.574,199.868,477.8913,714.6822,186.2335,890.6758,060.34
WACC
PV LFCF 7,928.4511,994.6218,146.1727,452.5941,531.89
SUM PV LFCF 79,903.28

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.93
Free cash flow (t + 1) -22,921.13
Terminal Value -782,291.04
Present Value of Terminal Value -559,590.75

Intrinsic Value

Enterprise Value -589,643.97
Net Debt 5,718.87
Equity Value -595,362.84
Shares Outstanding 170.53
Equity Value Per Share 9,079.92