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Major Indexes

Discounted Cash Flow (DCF) Analysis Unlevered


Tesla Inc.

Tesla Inc. (TSLA)

$816.88
-10.72 (-1.30%)

Operating Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,013.503,198.444,046.027,000.0311,758.6521,460.7024,576.8037,823.6958,210.6689,586.21137,873.18
Revenue (%)
EBITDA 53.96114.82-222.13366.8095.251,671.792,273.351,289.791,984.983,054.894,701.48
EBITDA (%)
EBIT -61.21-186.79-716.96-667.80-1,632.10-388.44-68.82-2,814.08-4,330.87-6,665.21-10,257.76
EBIT (%)
Depreciation 115.17301.61494.831,034.601,727.352,060.232,342.174,103.876,315.869,720.1014,959.24
Depreciation (%)

Balance Sheet Data

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Total Cash 845.871,905.631,196.813,392.913,367.683,684.806,267.0813,559.7920,868.5232,116.6649,427.53
Total Cash (%)
Account Receivables 49.13226.45169.12499.10515.03948.561,324.691,891.182,910.534,479.316,893.66
Account Receivables (%)
Inventories 340.28953.771,277.732,067.112,263.543,113.953,551.358,430.9012,975.1619,968.7730,731.93
Inventories (%)
Accounts Payable 304.04777.86916.021,860.612,390.533,403.673,770.087,572.3011,653.7717,935.1627,602.21
Accounts Payable (%)
Capital Expenditure 264.17969.771,635.001,281.003,414.712,101.001,332.067,908.9312,171.8518,732.4828,829.28
Capital Expenditure (%)

Weighted Average Cost Of Capital

Share price $ 816.88
Diluted Shares Outstanding 177.00
Cost of Debt
Tax Rate -29.62
After-tax Cost of Debt 1.53
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.08
Total Debt 956.00
Total Equity 144,587.76
Total Capital 145,543.76
Debt Weighting 0.66
Equity Weighting 99.34
Wacc

Build Up Free Cash

Year
A/P
2013
Actual
2014
Actual
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
2020
Projected
2021
Projected
2022
Projected
2023
Projected
Revenue 2,013.503,198.444,046.027,000.0311,758.6521,460.7024,576.8037,823.6958,210.6689,586.21137,873.18
EBITDA 53.96114.82-222.13366.8095.251,671.792,273.351,289.791,984.983,054.894,701.48
EBIT -61.21-186.79-716.96-667.80-1,632.10-388.44-68.82-2,814.08-4,330.87-6,665.21-10,257.76
Tax Rate -3.62%-3.30%-1.49%9.57%11.21%2.85%-29.62%-2.06%-2.06%-2.06%-2.06%
EBIAT -63.43-192.96-727.63-603.89-1,449.14-377.36-89.20-2,872.00-4,420.01-6,802.40-10,468.89
Depreciation 115.17301.61494.831,034.601,727.352,060.232,342.174,103.876,315.869,720.1014,959.24
Accounts Receivable --177.3257.33-329.98-15.93-433.53-376.13-566.50-1,019.35-1,568.78-2,414.35
Inventories --613.49-323.96-789.37-196.43-850.41-437.40-4,879.55-4,544.26-6,993.61-10,763.16
Accounts Payable -473.82138.16944.59529.931,013.14366.413,802.224,081.476,281.389,667.05
Capital Expenditure --705.60-665.23353.99-2,133.711,313.71768.94-6,576.87-4,262.92-6,560.63-10,096.80
UFCF 51.74-913.93-1,026.51609.95-1,537.942,725.772,574.80-6,988.83-3,849.20-5,923.92-9,116.92
WACC
PV UFCF -5,317.82-2,735.47-3,931.90-5,651.63
SUM PV UFCF -12,228.60

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.07
Free cash flow (t + 1) -9,481.59
Terminal Value -308,846.70
Present Value of Terminal Value -219,484.55

Intrinsic Value

Enterprise Value -231,713.15
Net Debt -5,311.08
Equity Value -226,402.07
Shares Outstanding 177.00
Equity Value Per Share -1,279.11