Equity Analysis Project

This project is related to Accounting and Finance.

Overall Project Objective

You are assuming the role of a stock analyst and analyzing the business operations of your firm and their financial performance to determine what the company is worth. Prepare a report in which you present:

an overview of the company’s business

their strengths and weaknesses

competitors and other risks

forecasts of the firm’s operations and financial performance

your estimate of the instrinsic stock value, and

whether you recommend buying, selling, or holding the stock.

You can draw on your previous experience with ratio analysis to support your equity valuation and discussion of strengths and weaknesses of the firm. You can use additional online resources (such as the corporate webpage and annual reports) for the introduction and background info on the firm. Be sure to include explanation of any assumptions used in your models.

Your presentation should include:

Key Findings/High Level Summary

Is the stock a buy, sell, or hold?

Target/Fair Price: $

Discuss your general findings, why you provided the buy/sell/hold rating that you did

Company Background & Industry Analysis

Discuss the company’s core business. What are its main sources of revenues? How large is the industry the firm is operating in? How large is the firm in context of the other players in the field? Do they dominate or are they an up and coming firm?

Industry analysis with overview of company’s business model, key stats or recent developments

Use industry analysis to describe your overall outlook on the growth of the industry and how your firm is positioned. Describe their main competitors and any strategic advantages they have that may help them compete.

Strengths & Risks

Strengths and weaknesses, opportunities and threats/risks: Can use SWOT analysis, Value Chain, or VRIO

Risks: Discuss the risks facing the company and how these affect the expected return – these might be from competition in the market, potential interruptions in the supply chain, mass adoption of new technology needed to scale sales or operations, geopolitical, regulatory or financial risks.

If you are ultimately suggesting a buy, I would recommend discussing the weaknesses in context as risks that can be mitigated or downplayed

If you are recommending a sell, you may want to highlight the risks more than the strengths

Financial Statement Analysis

Analyze your company’s financial statements to describe their operations, profitability, capital structure, and risks associated with leverage and debt financing. Compared the financial performance of your firm to a nearest competitor or overall industry. Use this analysis to support your overall perspective of the firm and to support your assumptions used in forecasting.

Use ratios to discuss financial strengths and weaknesses, and to inform your forecast

Forecasting & Valuation

Use the valuation models (Multiples and FCF method) in the text to determine a fair price for a share of your firm

For each model, be sure to explain your assumptions

Reconcile the models and discuss the pros and cons of each method (you will likely get a different value using different Which one is more reliable? You can average between them as well)

Include bullet points describing your assumptions, such as growth rate and why you chose that rate (is it based on an average historical growth rate or a benchmark from a similar firm, industry average, etc).

Discuss your valuation in context of overall economic trends – projections of global growth (where are the company’s customers located?), GDP, and other economic indicators. Are you assuming a booming, average, or lower growth economy going forward? You might consider different economic conditions (sensitivity analysis) and report for your fair valuation as a range of values.

Recommendation

Given the market stock price at the time of your analysis, would you recommend a buy, sell, or hold?

Please be sure to support your recommendation

Equity Report Examples/References

This website provides an overview of equity research reports: https://www.mergersandinquisitions.com/equity-research-report/

Links to an external site.

Example Equity Research Reports (your project does not need to be nearly this detailed, but I wanted you to see what a full report might include and how they present/discuss their analysis).

https://youtube-breakingintowallstreet-com.s3.amazonaws.com/JAZZ-Equity-Links to an external site.

Research-Report.pdf

Links to an external site.

https://youtube-breakingintowallstreet-com.s3.amazonaws.com/SHAW-Equity-Links to an external site.

Research-Report.pdf

Links to an external site.

I just gave you the instructions to understand what we are doing. We chose to present the Tesla and study its forecast. We already did the work and I am uploading the Excel sheet as well as the PowerPoint. What I want you to do is to view the Powerpoint – Slide 7 which is about the estimated future cash flows. Based on the instructions, we decided to sell the stock and you can see that through Slide 2. We have a presentation and I am supposed to present and explain slide 7. Please help me explain it and tell me how or what to do when I present (Help me on talking about how free cash flows support our choice to sell).

Financial Statement for: TESLA INC
Fiscal Years: 2018 to 2023
2018
BALANCE SHEET
ASSETS
Cash and Short-Term Investments
Cash
Short-Term Investments
Receivables
Receivables – Trade
Income Tax Refund
Current Receivables – Other
Inventories – Total
Inventories – Raw Materials
Inventories – Work in Process
Inventories – Finished Goods
Inventories – Other
Current Assets – Other
Prepaid Expense
Other Curr.Asst, Excl.Ppd.Exp.
Current Assets – Total
Prop.Plant & Equip.- Total (Net)
P.P.& E.- Total (Gross)
Deprec.Depl.& Amort.
Invest. & Advances – Eq.Meth.
Invest. & Advances – Other
Intangibles
Assets – Other
Deferred Charges
Other Asst., Excl.Def.Chg.
Assets – Total
LIABILITIES
Debt in Current Liabilities
Notes Payable
Debt – Due in One Year
Accounts Payable
Income Taxes Payable
Current Liabilities – Other
Accrued Expense
Other Curr.Liab., Excl.Accr.Exp.
Current Liabilities – Total
Long-Term Debt – Total
Debt – Convertible (Total)
Debt – Subordinated Convertible
Debt – Senior Convertible
Debt – Subordinated
Debt – Notes
Debt – Debentures
Long-Term Debt – Other
Debt – Cap. Lease Oblig.
Liabilities – Other
Def. Taxes and Invest.Tax Cred.
Deferred Taxes
Investment Tax Credit
Noncontrolling Interest – Redeemable
Liabilities – Total
SHAREHOLDERS’ EQUITY
Preferred Stock – Carrying Value
Pref. Stock – Redeemable
Pref. Stock – Nonredeemable
Common Equity – Total
Common Stock
3,878.169
3,685.618
192.551
949.022
949.022
0.000
0.000
3,113.446
1,234.692
296.991
1,581.763
0.000
365.671
.
365.671
8,306.308
19,691.231
23,343.447
3,652.216
0.000
421.548
350.651
969.876
.
969.876
29,739.614
2,629.460
0.000
2,629.460
3,404.451
348.663
3,609.562
1,121.670
2,487.892
9,992.136
9,454.055
2,206.621
0.000
2,206.621
0.000
3,831.068
25.190
2,347.611
1,043.565
3,979.819
0.000
0.000
0.000
555.964
23,981.974
0.000
0.000
0.000
4,923.243
0.173
Capital Surplus
Retained Earnings
Less: Treas.Stock – Total $ Amt.
Shareholders Equity – Parent
Noncontrolling Interest – Nonredeemable
Shareholders Equity – Total
Total Liabilities and Shareholders Equity
INCOME STATEMENT
Sales (Net)
Cost of Goods Sold
Selling, General, and Administrative Expense
Operating Income Before Depreciation
Depreciation and Amortization
Amortization of Intangibles
Depreciation Expense (Schedule VI)
Depletion Expense (Schedule VI)
Operating Income After Depreciation
Interest Expense
Nonoperating Income (Expense)
Special Items
Pretax Income
Pretax Income – Domestic
Pretax Income – Foreign
Income Taxes – Total
Deferred Taxes (Income Account)
Deferred Taxes – Federal
Deferred Taxes – Foreign
Deferred Taxes – State
Income Taxes – Federal
Income Taxes – Foreign
Income Taxes – State
Income Taxes – Other
Minority Interest
Income Before Extraordinary Items
Dividends – Preferred
Income Before Extraordinary Items – Available for Common
Common Stock Equivalents – Dollar Savings
Income Before Extraordinary Items – Adjusted for Common Stock Equivalents
Extraordinary Items and Discontinued Operations
Extraordinary Items
Discounted Operations
Net Income Adjusted for Common Stock Equivalents
Net Income (Loss)
STATEMENT OF CASH FLOWS
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items
Depreciation and Amortization
Extraordinary Items and Discontinued Operations
Deferred Taxes
Equity in Net Loss (Earnings)
Sale of Property, Plant, and Equipment and Sale of Investments – Loss (Gain)
Funds from Operations – Other
Accounts Receivable – Decrease (Increase)
Inventory – Decrease (Increase)
Accounts Payable and Accrued Liabilities – Increase (Decrease)
Income Taxes – Accrued – Increase (Decrease)
Assets and Liablities – Other (Net Change)
Operating Activities – Net Cash Flow
INVESTING ACTIVITIES
Increase in Investments
Sale of Investments
10,249.120
-5,326.050
0.000
4,923.243
834.397
5,757.640
29,739.614
21,461.268
15,531.461
4,294.861
1,634.946
1,887.786
66.000
.
.
-252.840
717.971
101.299
-135.233
-1,004.745
-412.133
-506.121
57.837
32.324
0.000
32.324
0.000
-0.901
23.622
2.792
0.000
-86.491
-976.091
0.000
-976.091
0.000
-976.091
0.000
0.000
0.000
-976.091
-976.091
-1,062.582
2,046.516
0.000
0.000
0.000
161.361
894.556
.
-1,023.264
1,722.850
.
-641.635
2,097.802
0.000
0.000
Short-Term Investments – Change
Capital Expenditures
Sale of Property, Plant, and Equipment
Acquisitions
Investing Activities – Other
Investing Activities – Net Cash Flow
FINANCING ACTIVITIES
Sale of Common and Preferred Stock
Purchase of Common and Preferred Stock
Cash Dividends
Long Term Debt – Issuance
Long Term Debt – Reduction
Changes in Current Debt
Financing Activities – Other
Financing Activities – Net Cash Flow
Exchange Rate Effect
Cash and Cash Equivalents – Increase (Decrease)
DIRECT OPERATING ACTIVITIES
Interest Paid Net
Income Taxes Paid
ADDITIONAL SCHEDULES
Acquisitions – Income Contribution
Acquisitions – Sales Contribution
Adjustmnet Factor-Cum, Ex-Date
Advertising Expense
Average Short Term Borrowing Rate
Average Short term Borrowing
Common Shareholders (# of)
Common Shares Traded (Calendar Yr)
Compensating Balance
Convertible Debt and Preferred Stock
Debt (Long Term) Maturing Due in 2 Years
Debt (Long Term) Maturing Due in 3 Years
Debt (Long Term) Maturing Due in 4 Years Years
Debt (Long Term) Maturing Due in 5 Years
Debt – Long-Term Debt – Tied to Prime
Debt – Mortgages and Other Securities
Debt – Unamortized Debt Discount and Other
Dividends (Cash)per Share Ex-Date
Dividends (Cash) – Common
Dividends (Cash) – Preferred
Employees (# of)
Equity in Earnings – Unconsolidated Subs
Foreign Currency Translation Adj – Bal. Sheet
Foreign Currency Translation Adj – Inc. Stmnt.
Interest Capitalized (in fiscal yr)
Interest Capitalized – Net Income Effect
Interest Expense on Long Term Debt
Investment Tax Credit
Labor Related Expenses
LIFO Reserve
Order Backlog
Preferred Stock – Dividends In Arrears
Preferred Stock – Liquidation Value
Preferred Stock – Redemption Value
Present Value – Noncapitalized Leases
Price – Calendar Year Close
Price – Calendar Year High
Price – Calendar Year Low
Price – Fiscal Year Close
Receivables – Estimated Doubtful
Rental Commitments – Minimum Year+1
.
2,319.516
.
17.912
0.000
-2,337.428
295.722
0.000
0.000
6,176.173
6,087.029
.
188.889
573.755
-22.700
311.429
380.836
35.409
.
.
15.000
70.000
.
.
1.145
2,152,223,801.000
.
2,206.621
.
.
.
.
2,340.293
.
0.000
0.000
0.000
0.000
48.817
29,739.614
-8.407
1.500
54.900
.
.
0.000
.
0.000
.
0.000
0.000
0.000
.
332.800
387.460
244.590
332.800
.
275.654
Rental Commitments – Minimum Year+2
Rental Commitments – Minimum Year+3
Rental Commitments – Minimum Year+4
Rental Commitments – Minimum Year+5
Rental Expense
Rental Income
Research and Development Expense
Tax Loss Carry Forward
Treasury Stock ($) – Common
Treasury Stock ($) – Preferred
Treasury Stock – # Shares
ADDITIONAL DATA
Receivables – Trade
Income Tax Refund
Receivables – Other – Current
Receivables – Total (Net)
Inventories – Raw Materials
Inventories – Work In Process
Inventories – Finished Goods
Inventories – Other
Inventories – Total
LESS: Debt (Long Term) Due In One Year
Debt – Convertible Subordinated
Debt – Senior Convertible
Debt – Subordinated
Debt – Notes
Debt – Debentures
Debt – Long Term – Other
Debt – Capitalized Lease Obligations
Long Term Debt Total
PROPERTY, PLANT AND EQUIPMENT (COST)
Beginning Balance
Capital Expenditures
Retirements
Other Changes
Ending Balance
ACCUMULATED DEPRECIATION ON PPE
Beginning Balance
Depreciation Expense
Depletion Expense
Retirements
Other Changes
Ending Balance
Deferred Taxes – Federal
Deferred Taxes – Foreign
Deferred Taxes – State
Income Taxes – Federal
Income Taxes – Foreign
Income Taxes – State
Income Taxes – Other
Income Taxes – Total
COMMON SHARES RESERVED FOR CONVERSION
Convertible Debt
Preferred Stock
Stock Options
Warrants and Other
Total
INPUTS INTO FINANCIAL STATEMENT
Cash & Equivalents
Receivables – Total (Net)
Inventories – Total
256.931
230.406
182.911
157.662
182.600
.
1,473.634
12,670.000
0.000
0.000
0.000
949.022
0.000
0.000
949.022
1,234.692
296.991
1,581.763
0.000
3,113.446
0.000
0.000
2,206.621
0.000
3,831.068
25.190
2,347.611
1,043.565
9,454.055
.
2,319.516
.
.
23,343.447
.
.
.
.
.
3,652.216
0.000
32.324
0.000
-0.901
23.622
2.792
0.000
57.837
.
.
.
.
.
3,878.169
949.022
3,113.446
Prepaid Expenses
Current Assets – Other
Current Assets – Total
Plant, Property & Equip (Gross)
Accumulated Depreciation
Plant, Property & Equip (Net)
Investments at Equity
Investments and Advances – Other
Intangibles
Deferred Charges
Assets – Other
TOTAL ASSETS
Accounts Payable
Notes Payable
Accrued Expenses
Taxes Payable
Debt (Long-Term) Due In One Year
Other Current Liabilities
Total Current Liabilities
Long Term Debt
Deferred Taxes (Balance Sheet)
Investment Tax Credit
Liabilities – Other
TOTAL LIABILITIES
Noncontrolling Interest – Redeemable
Preferred Stock
Common Stock
Capital Surplus
Retained Earnings (Net Other)
Less: Treasury Stock
Shareholders Equity – Parent
Noncontrolling Interest – Nonredeemable
TOTAL SHAREHOLDERS EQUITY
Sales (Net)
Cost of Goods Sold
Gross Profit
Selling, General, & Admin Expenses
Operating Income Before Depreciation
Depreciation, Depletion, & Amortization
Operating Income After Depreciation
Interest Expense
Non-Operating Income/Expense
Special Items
Pretax Income
Income Taxes – Total
Minority Interest
INCOME BEFORE EI&DO
Extraordinary Items
Discontinued Operations
Net Income (Loss)
Preferred Dividends
EPS – Primary – Excluding EI&DO
EPS – Primary – Including EI&DO
EPS – Fully Diluted – Excluding EI&DO
EPS – Fully Diluted – Including EI&DO
SHARES – for Primary EPS Calculation
STATEMENT OF CASH FLOWS
SHARES – for Fully Diluted EPS Calculation
SHARES – Outstanding at Fiscal Year End
Operating Activities – Net Cash Flow
Capital Expenditures
Sale of Property Plant and Equipment
Acquisitions
.
365.671
8,306.308
23,343.447
3,652.216
19,691.231
0.000
421.548
350.651
.
969.876
29,739.614
3,404.451
0.000
1,121.670
348.663
2,629.460
3,609.562
9,992.136
9,454.055
0.000
0.000
3,979.819
23,981.974
555.964
0.000
0.173
10,249.120
-5,326.050
0.000
4,923.243
834.397
5,757.640
21,461.268
15,531.461
0.000
4,294.861
1,634.946
1,887.786
-252.840
717.971
101.299
-135.233
-1,004.745
57.837
-86.491
-976.091
0.000
0.000
-976.091
0.000
-5.720
-5.720
-5.720
-5.720
170.525
170.525
172.603
2,097.802
2,319.516
.
17.912
Investing Activites – Net Cash Flow
Cash Dividends
CASH STATEMENT – SOURCE & USE
Interest Paid – Net
Income Taxes Paid
Funds From Operations – Total
Current Debt – Changes
Working Capital Changes – Other – Inc(Dec)
Adjustmnet Factor-Cum, Ex-Date
Advertising Expense
Dividends (Cash)per Share Ex-Date
Dividends (Cash) – Common
Dividends (Cash) – Preferred
Preferred Stock – Liquidation Value
Preferred Stock – Redemption Value
Price – Calendar Year Close
Price – Fiscal Year Close
Receivables – Estimated Doubtful
Rental Expense
Research and Development Expense
-2,337.428
0.000
380.836
35.409
.
.
.
15.000
70.000
0.000
0.000
0.000
0.000
0.000
332.800
332.800
.
182.600
1,473.634
2019
2020
2021
6,514.000
6,268.000
246.000
1,324.000
1,324.000
0.000
0.000
3,552.000
1,834.000
362.000
1,356.000
0.000
713.000
19,622.000
19,384.000
238.000
1,912.000
1,903.000
0.000
9.000
4,101.000
1,942.000
493.000
1,666.000
0.000
1,082.000
18,052.000
17,576.000
476.000
1,997.000
1,986.000
0.000
11.000
5,757.000
3,391.000
1,089.000
1,277.000
0.000
1,294.000
.
.
.
713.000
12,103.000
20,199.000
25,062.000
4,863.000
0.000
393.000
537.000
1,077.000
0.000
1,077.000
34,309.000
1,082.000
26,717.000
23,375.000
29,893.000
6,518.000
0.000
399.000
520.000
1,137.000
0.000
1,137.000
52,148.000
1,294.000
27,100.000
31,176.000
39,867.000
8,691.000
0.000
1,218.000
1,717.000
920.000
0.000
920.000
62,131.000
2,070.000
0.000
2,070.000
3,771.000
611.000
4,215.000
1,534.000
2,681.000
10,667.000
12,627.000
3,589.000
2,459.000
0.000
2,459.000
6,051.000
777.000
4,961.000
2,111.000
2,850.000
14,248.000
10,888.000
1,222.000
3,589.000
0.000
4,066.000
0.000
3,703.000
1,269.000
2,905.000
0.000
0.000
0.000
643.000
26,842.000
1,222.000
0.000
3,915.000
0.000
4,630.000
1,121.000
3,182.000
151.000
151.000
0.000
604.000
29,073.000
1,957.000
0.000
1,957.000
10,025.000
1,122.000
6,601.000
3,935.000
2,666.000
19,705.000
6,916.000
0.000
0.000
0.000
0.000
2,595.000
7.000
3,323.000
991.000
3,903.000
24.000
24.000
0.000
568.000
31,116.000
0.000
0.000
0.000
6,618.000
0.000
0.000
0.000
0.000
22,225.000
1.000
0.000
0.000
0.000
30,189.000
1.000
.
.
12,737.000
-6,119.000
0.000
6,618.000
849.000
7,467.000
34,309.000
27,260.000
-5,036.000
0.000
22,225.000
850.000
23,075.000
52,148.000
29,803.000
385.000
0.000
30,189.000
826.000
31,015.000
62,131.000
24,578.000
18,402.000
3,989.000
2,187.000
2,107.000
44.000
31,536.000
22,351.000
4,679.000
4,506.000
2,322.000
51.000
53,823.000
37,306.000
7,110.000
9,407.000
2,911.000
51.000
.
.
.
.
.
.
80.000
716.000
120.000
-149.000
-665.000
-287.000
-465.000
110.000
19.000
-4.000
23.000
0.000
0.000
86.000
5.000
0.000
87.000
-862.000
0.000
-862.000
-8.000
-870.000
0.000
0.000
0.000
-870.000
-862.000
2,184.000
691.000
-44.000
-295.000
1,154.000
-198.000
1,211.000
292.000
40.000
0.000
40.000
0.000
0.000
248.000
4.000
0.000
141.000
721.000
0.000
721.000
-31.000
690.000
0.000
0.000
0.000
690.000
721.000
6,496.000
348.000
271.000
-76.000
6,343.000
-130.000
6,348.000
699.000
-149.000
0.000
-149.000
0.000
0.000
839.000
9.000
0.000
125.000
5,519.000
0.000
5,519.000
5.000
5,524.000
0.000
0.000
0.000
5,524.000
5,519.000
-775.000
2,295.000
0.000
0.000
0.000
146.000
1,088.000
-367.000
-429.000
682.000
5,644.000
2,911.000
0.000
0.000
0.000
-235.000
2,405.000
862.000
2,502.000
0.000
0.000
0.000
117.000 .
2,278.000
-652.000
-422.000
2,102.000
.
-844.000
5,943.000
-2,221.000
11,497.000
0.000
0.000
0.000
0.000
0.000
0.000
.
.
2,424.000
-130.000
-1,709.000
4,578.000
.
.
1,432.000
.
.
.
.
.
.
.
.
.
.
.
.
45.000
41.000
-1,436.000
13.000
113.000
-3,132.000
0.000
-1,222.000
-7,868.000
1,111.000
0.000
0.000
10,669.000
9,871.000
12,686.000
0.000
0.000
9,713.000
12,201.000
707.000
0.000
0.000
8,883.000
14,615.000
.
.
.
-132.000
6,514.000
3,232.000
.
.
-380.000
1,529.000
8.000
2,506.000
-225.000
9,973.000
334.000
13,118.000
-178.000
-5,203.000
-183.000
-1,757.000
455.000
54.000
444.000
115.000
266.000
561.000
.
.
15.000
27.000 .
.
.
1.685
2,302,661,572.000
.
3,589.000
2,291.000
2,037.000
1,785.000
2,398.000
1,208.000
5,950.000
0.000
0.000
0.000
0.000
48.016
34,309.000
-36.189
48.000
31.000
.
.
0.000
.
0.000
.
0.000
0.000
0.000
.
418.330
435.310
176.992
418.330
.
296.000
.
.
3.000
3.000
.
.
.
5.353
18,893,292,605.000
7.051
6,864,259,744.000
.
1,222.000
1,935.000
2,406.000
1,851.000
1,979.000
2,233.000
6,527.000
0.000
0.000
0.000
0.000
70.757
52,148.000
363.000
-114.000
48.000
0.000
2,456.000
1,060.000
178.000
64.000
1,562.000
5,149.000
0.000
0.000
0.000
0.000
99.290
62,131.000
55.000
97.000
53.000
.
.
0.000
0.000
.
0.000
0.000
.
0.000
0.000
0.000
0.000
0.000
0.000
.
705.670
718.720
70.102
705.670
1,056.780
1,243.490
539.490
1,056.780
.
366.000
458.000
262.000
210.000
174.000
146.000
426.000
.
327.000
279.000
245.000
204.000
451.000
.
412.000
366.000
319.000
232.000
627.000
.
1,390.000
13,670.000
0.000
0.000
0.000
1,491.000
16,250.000
0.000
0.000
0.000
2,593.000
52,800.000
0.000
0.000
0.000
1,324.000
0.000
0.000
1,324.000
1,834.000
362.000
1,356.000
0.000
3,552.000
0.000
1,903.000
0.000
9.000
1,912.000
1,942.000
493.000
1,666.000
0.000
4,101.000
0.000
1,986.000
0.000
11.000
1,997.000
3,391.000
1,089.000
1,277.000
0.000
5,757.000
0.000
0.000
0.000
0.000
2,595.000
7.000
3,323.000
991.000
6,916.000
.
.
3,589.000
0.000
4,066.000
0.000
3,703.000
1,269.000
12,627.000
.
1,222.000
0.000
3,915.000
0.000
4,630.000
1,121.000
10,888.000
.
1,432.000
.
.
.
3,232.000
.
.
25,062.000
.
.
.
.
.
29,893.000
.
.
.
.
.
4,863.000
-4.000
23.000
0.000
0.000
86.000
5.000
0.000
110.000
.
.
.
.
.
39,867.000
.
.
.
.
.
6,518.000
0.000
40.000
0.000
0.000
248.000
4.000
0.000
292.000
.
.
.
.
.
6,514.000
1,324.000
3,552.000
6,514.000
.
.
8,691.000
0.000
-149.000
0.000
0.000
839.000
9.000
0.000
699.000
.
.
.
.
.
19,622.000
1,912.000
4,101.000
18,052.000
1,997.000
5,757.000
.
.
.
713.000
12,103.000
25,062.000
4,863.000
20,199.000
0.000
393.000
537.000
0.000
1,077.000
34,309.000
3,771.000
0.000
1,534.000
611.000
2,070.000
4,215.000
10,667.000
12,627.000
0.000
0.000
2,905.000
26,842.000
643.000
0.000
0.000
12,737.000
-6,119.000
0.000
6,618.000
849.000
7,467.000
24,578.000
18,402.000
0.000
3,989.000
2,187.000
2,107.000
80.000
716.000
120.000
-149.000
-665.000
110.000
87.000
-862.000
0.000
0.000
-862.000
0.000
-4.920
-4.920
-4.920
-4.920
177.000
1,082.000
26,717.000
29,893.000
6,518.000
23,375.000
0.000
399.000
520.000
0.000
1,137.000
52,148.000
6,051.000
0.000
2,111.000
777.000
2,459.000
4,961.000
14,248.000
10,888.000
151.000
0.000
3,182.000
29,073.000
604.000
0.000
1.000
27,260.000
-5,036.000
0.000
22,225.000
850.000
23,075.000
31,536.000
22,351.000
0.000
4,679.000
4,506.000
2,322.000
2,184.000
691.000
-44.000
-295.000
1,154.000
292.000
141.000
721.000
0.000
0.000
721.000
0.000
0.740
0.740
0.640
0.640
933.000
1,294.000
27,100.000
39,867.000
8,691.000
31,176.000
0.000
1,218.000
1,717.000
0.000
920.000
62,131.000
10,025.000
0.000
3,935.000
1,122.000
1,957.000
6,601.000
19,705.000
6,916.000
24.000
0.000
3,903.000
31,116.000
568.000
0.000
1.000
29,803.000
385.000
0.000
30,189.000
826.000
31,015.000
53,823.000
37,306.000
0.000
7,110.000
9,407.000
2,911.000
6,496.000
348.000
271.000
-76.000
6,343.000
699.000
125.000
5,519.000
0.000
0.000
5,519.000
0.000
5.600
5.600
4.900
4.900
986.000
177.000
181.000
2,405.000
1,432.000
1,083.000
960.000
5,943.000
3,232.000
1,129.000
1,033.000
11,497.000
6,514.000
.
.
45.000
.
13.000
0.000
.
.
.
.
-1,436.000
0.000
-3,132.000
0.000
-7,868.000
0.000
455.000
54.000
444.000
115.000
266.000
561.000
.
.
.
15.000
27.000 .
0.000
0.000
0.000
0.000
0.000
418.330
418.330
.
426.000
1,390.000
.
.
.
3.000
3.000
.
0.000
0.000
0.000
0.000
0.000
705.670
705.670
0.000
0.000
0.000
0.000
0.000
1,056.780
1,056.780
.
451.000
1,491.000
627.000
2,593.000
2022
2023
22,479.000
16,253.000
6,226.000
3,123.000
3,116.000
0.000
7.000
12,839.000
6,979.000
2,385.000
3,475.000
0.000
2,476.000
29,637.000
16,398.000
13,239.000
3,702.000
3,697.000
0.000
5.000
13,626.000
6,561.000
2,016.000
5,049.000
0.000
2,651.000
.
.
2,476.000
40,917.000
36,635.000
48,134.000
11,499.000
0.000
2,652.000
593.000
1,541.000
0.000
1,541.000
82,338.000
2,651.000
49,616.000
45,123.000
60,203.000
15,080.000
0.000
2,593.000
615.000
8,671.000
0.000
8,671.000
106,618.000
1,987.000
0.000
1,987.000
15,255.000
1,235.000
8,232.000
5,068.000
3,164.000
26,709.000
3,761.000
0.000
0.000
0.000
0.000
663.000
7.000
2,523.000
568.000
5,888.000
82.000
82.000
0.000
409.000
36,849.000
3,045.000
0.000
3,045.000
14,431.000
1,204.000
10,068.000
5,811.000
4,257.000
28,748.000
6,528.000
0.000
0.000
0.000
0.000
2,345.000
7.000
4,001.000
175.000
7,652.000
81.000
81.000
0.000
242.000
43,251.000
0.000
0.000
0.000
44,704.000
3.000
0.000
0.000
0.000
62,634.000
3.000
32,177.000
12,524.000
0.000
44,704.000
785.000
45,489.000
82,338.000
34,892.000
27,739.000
0.000
62,634.000
733.000
63,367.000
106,618.000
81,462.000
56,862.000
7,021.000
17,579.000
3,747.000
96,773.000
74,446.000
8,769.000
13,558.000
4,667.000
.
.
.
.
.
.
13,832.000
191.000
114.000
-36.000
13,719.000
5,524.000
8,164.000
1,132.000
-196.000
26.000
-223.000
1.000
0.000
1,266.000
62.000
0.000
31.000
12,556.000
0.000
12,556.000
27.000
12,583.000
0.000
0.000
0.000
12,583.000
12,556.000
8,891.000
156.000
1,238.000
9,973.000
0.000
9,973.000 EBT
3,196.000
6,800.000
-5,001.000
-6,349.000
-5,246.000
-450.000
-653.000
48.000
1,243.000
57.000
0.000
-23.000
14,997.000
0.000
14,997.000
2.000
14,999.000
0.000
0.000
0.000
14,999.000
14,997.000 Earnings
12,587.000
3,747.000
0.000
0.000
0.000
14,974.000
4,667.000
0.000
-6,349.000
0.000
0.000
2,212.000
-586.000
-1,195.000
.
.
2,298.000
-1,124.000
-6,465.000
6,029.000 .
.
-2,348.000
14,724.000
0.000
0.000
-467.000
13,256.000
0.000
0.000
-0.057563859
-0.165413534
5,024.000
-5.147061083
-0.251688619
-0.132330365
-5,813.000
7,163.000
.
.
-6,621.000
8,899.000
.
1,003.000
-11,973.000
64.000
0.000
-15,584.000
541.000
0.000
0.000
0.000
3,866.000
700.000
0.000
0.000
3,931.000
1,815.000
.
.
-202.000
-3,527.000
-444.000
-1,220.000
-227.000
2,589.000
4.000
265.000
152.000
1,203.000
126.000
1,119.000
.
.
.
.
1.000
.
.
.
1.000
.
.
.
8.686
21,709,934,700.000
.
9.300
34,150,523,840.000
.
0.000
685.000
39.000
35.000
25.000
0.000
1,553.000
0.000
0.000
0.000
0.000
127.855
82,338.000
-337.000
-89.000
.
.
.
0.000
1,667.000
494.000
276.000
44.000
0.000
2,850.000
0.000
0.000
0.000
0.000
140.473
106,618.000
-139.000
122.000
.
.
.
0.000
.
0.000
.
0.000
.
0.000
.
0.000
0.000
0.000
.
0.000
0.000
0.000
.
123.180
402.667
108.240
123.180
.
248.480
299.290
101.810
248.480
.
610.000
892.000
558.000
490.000
383.000
300.000
798.000
.
831.000
706.000
603.000
508.000
1,153.000
.
3,075.000
32,000.000
0.000
0.000
0.000
3,969.000
20,670.000
0.000
0.000
0.000
3,116.000
0.000
7.000
3,123.000
6,979.000
2,385.000
3,475.000
0.000
12,839.000
0.000
0.000
0.000
0.000
663.000
7.000
2,523.000
568.000
3,761.000
3,697.000
0.000
5.000
3,702.000
6,561.000
2,016.000
5,049.000
0.000
13,626.000
0.000
0.000
0.000
0.000
2,345.000
7.000
4,001.000
175.000
6,528.000
.
.
7,163.000
.
.
8,899.000
.
.
48,134.000
.
.
.
.
.
60,203.000
.
.
.
.
.
11,499.000
26.000
-223.000
1.000
0.000
1,266.000
62.000
0.000
1,132.000
.
.
.
.
.
15,080.000
-5,246.000
-450.000
-653.000
48.000
1,243.000
57.000
0.000
-5,001.000
.
.
.
.
.
22,479.000
3,123.000
12,839.000
29,637.000
3,702.000
13,626.000
.
.
.
.
2,476.000
40,917.000
48,134.000
11,499.000
36,635.000
0.000
2,652.000
593.000
0.000
1,541.000
82,338.000
15,255.000
0.000
5,068.000
1,235.000
1,987.000
8,232.000
26,709.000
3,761.000
82.000
0.000
5,888.000
36,849.000
409.000
0.000
3.000
32,177.000
12,524.000
0.000
44,704.000
785.000
45,489.000
81,462.000
56,862.000
0.000
7,021.000
17,579.000
3,747.000
13,832.000
191.000
114.000
-36.000
13,719.000
1,132.000
31.000
12,556.000
0.000
0.000
12,556.000
0.000
4.020
4.020
3.620
3.620
3,130.000
2,651.000
49,616.000
60,203.000
15,080.000
45,123.000
0.000
2,593.000
615.000
0.000
8,671.000
106,618.000
14,431.000
0.000
5,811.000
1,204.000
3,045.000
10,068.000
28,748.000
6,528.000
81.000
0.000
7,652.000
43,251.000
242.000
0.000
3.000
34,892.000
27,739.000
0.000
62,634.000
733.000
63,367.000
96,773.000
74,446.000
0.000
8,769.000
13,558.000
4,667.000
8,891.000
156.000
1,238.000
0.000
9,973.000
-5,001.000
-23.000
14,997.000
0.000
0.000
14,997.000
0.000
4.730
4.730
4.300
4.300
3,174.000
3,475.000
3,164.000
14,724.000
7,163.000
3,485.000
3,185.000
13,256.000
8,899.000
.
64.000
3,174.000
-11,973.000
0.000
-15,584.000
0.000
152.000
1,203.000
126.000
1,119.000
.
.
.
.
.
.
1.000
.
1.000
.
0.000
0.000
0.000
0.000
0.000
123.180
123.180
.
0.000
0.000
0.000
0.000
0.000
248.480
248.480
.
798.000
3,075.000
1,153.000
3,969.000
0.253032929
0.110200221
0.082513303
-0.501453926
0.03674447
0.305727897
0.558565772
0.506022877
0.044553812
Financial Statement for: TESLA INC
Fiscal Years: 2018 to 2023
BALANCE SHEET
ASSETS
Cash and Short-Term Investments
Cash
Short-Term Investments
Receivables
Inventories – Total
Current Assets – Other
Current Assets – Total
Prop.Plant & Equip.- Total (Net)
Invest. & Advances – Eq.Meth.
Invest. & Advances – Other
Intangibles
Assets – Other
Assets – Total
LIABILITIES
Debt in Current Liabilities
Accounts Payable
Income Taxes Payable
Current Liabilities – Other
Current Liabilities – Total
Long-Term Debt – Total
Liabilities – Other
Def. Taxes and Invest.Tax Cred.
Noncontrolling Interest – Redeemable
Liabilities – Total
SHAREHOLDERS’ EQUITY
Preferred Stock – Carrying Value
Common Equity – Total
Shareholders Equity – Parent
Noncontrolling Interest – Nonredeemable
Shareholders Equity – Total
Total Liabilities and Shareholders Equity
INCOME STATEMENT
Sales (Net)
Cost of Goods Sold
Selling, General, and Administrative Expense
Operating Income Before Depreciation
Depreciation and Amortization
Operating Income After Depreciation
Interest Expense
Nonoperating Income (Expense)
Special Items
Pretax Income
Income Taxes – Total
Minority Interest
Income Before Extraordinary Items
Dividends – Preferred
Income Before Extraordinary Items – Available for Common
Common Stock Equivalents – Dollar Savings
Income Before Extraordinary Items – Adjusted for Common Stock Equivalents
Extraordinary Items and Discontinued Operations
Net Income Adjusted for Common Stock Equivalents
Net Income (Loss)
EPS – Primary – Excluding EI&DO
EPS – Primary – Including EI&DO
EPS – Fully Diluted – Excluding EI&DO
EPS – Fully Diluted – Including EI&DO
SHARES – for Primary EPS Calculation
STATEMENT OF CASH FLOWS
SHARES – for Fully Diluted EPS Calculation
SHARES – Outstanding at Fiscal Year End
Operating Activities – Net Cash Flow
Capital Expenditures
Sale of Property Plant and Equipment
Acquisitions
Investing Activites – Net Cash Flow
Cash Dividends
2018.00
2019.00
2020.00
3878.17
3685.62
192.55
949.02
3113.45
365.67
8306.31
19691.23
0.00
421.55
350.65
969.88
29739.61
6514.00
6268.00
246.00
1324.00
3552.00
713.00
12103.00
20199.00
0.00
393.00
537.00
1077.00
34309.00
19622.00
19384.00
238.00
1912.00
4101.00
1082.00
26717.00
23375.00
0.00
399.00
520.00
1137.00
52148.00
2629.46
3404.45
348.66
3609.56
9992.14
9454.06
3979.82
0.00
555.96
23981.97
2070.00
3771.00
611.00
4215.00
10667.00
12627.00
2905.00
0.00
643.00
26842.00
2459.00
6051.00
777.00
4961.00
14248.00
10888.00
3182.00
151.00
604.00
29073.00
0.00
4923.24
4923.24
834.40
5757.64
29739.61
0.00
6618.00
6618.00
849.00
7467.00
34309.00
0.00
22225.00
22225.00
850.00
23075.00
52148.00
21461.27
15531.46
4294.86
1634.95
1887.79
-252.84
717.97
24578.00
18402.00
3989.00
2187.00
2107.00
80.00
716.00
31536.00
22351.00
4679.00
4506.00
2322.00
2184.00
691.00
101.30
-135.23
-1004.75
57.84
-86.49
-976.09
0.00
-976.09
0.00
-976.09
0.00
-976.09
-976.09
120.00
-149.00
-665.00
110.00
87.00
-862.00
0.00
-862.00
-8.00
-870.00
0.00
-870.00
-862.00
-44.00
-295.00
1154.00
292.00
141.00
721.00
0.00
721.00
-31.00
690.00
0.00
690.00
721.00
-5.72
-5.72
-4.92
-4.92
0.74
0.74
-5.72
-4.92
0.64
-5.72
-4.92
0.64
170.53
177.00
933.00
170.53
177.00
1083.00
172.60
181.00
960.00
2097.80
2405.00
5943.00
2319.52
1432.00
3232.00
.
.
.
17.91
45.00
13.00
-2337.43
-1436.00
-3132.00
0.00
0.00
0.00
2021.00
2022.00
2023.00
18052.00
17576.00
476.00
1997.00
5757.00
1294.00
27100.00
31176.00
0.00
1218.00
1717.00
920.00
62131.00
22479.00
16253.00
6226.00
3123.00
12839.00
2476.00
40917.00
36635.00
0.00
2652.00
593.00
1541.00
82338.00
29637.00
16398.00
13239.00
3702.00
13626.00
2651.00
49616.00
45123.00
0.00
2593.00
615.00
8671.00
106618.00
1957.00
10025.00
1122.00
6601.00
19705.00
6916.00
3903.00
24.00
568.00
31116.00
1987.00
15255.00
1235.00
8232.00
26709.00
3761.00
5888.00
82.00
409.00
36849.00
3045.00
14431.00
1204.00
10068.00
28748.00
6528.00
7652.00
81.00
242.00
43251.00
0.00
30189.00
30189.00
826.00
31015.00
62131.00
0.00
44704.00
44704.00
785.00
45489.00
82338.00
0.00
62634.00
62634.00
733.00
63367.00
106618.00
53823.00
37306.00
7110.00
9407.00
2911.00
6496.00
348.00
81462.00
56862.00
7021.00
17579.00
3747.00
13832.00
191.00
96773.00
74446.00
8769.00
13558.00
4667.00
8891.00
156.00
271.00
-76.00
6343.00
699.00
125.00
5519.00
0.00
5519.00
5.00
5524.00
0.00
5524.00
5519.00
114.00
-36.00
13719.00
1132.00
31.00
12556.00
0.00
12556.00
27.00
12583.00
0.00
12583.00
12556.00
1238.00
0.00
9973.00
-5001.00
-23.00
14997.00
0.00
14997.00
2.00
14999.00
0.00
14999.00
14997.00
FORECASTED EPS
Net Income (loss)
Estimated Shares (same as last year)
-2204.60
3485.00
5.60
5.60
4.02
4.02
4.73
4.73
4.90
3.62
4.30
4.90
3.62
4.30
986.00
3130.00
3174.00
1129.00
3475.00
3485.00
1033.00
3164.00
3185.00
11497.00
14724.00
13256.00
6514.00
7163.00
8899.00
.
.
.
0.00 .
64.00
-7868.00
-11973.00
-15584.00
0.00
0.00
0.00
2024 forecast
$33,989.21
$20,750.21
$13,239.00
$5,020.41
$16,107.23
$3,185.59
$57,794.80
$74,971.08
$0.00
$2,444.56
$615.00
$4,138.12
139963.56
6610.91
19704.04
2209.89
15869.95
45403.72
20216.26
10653.59
81.00
242.00
76596.56
0.00
62634.00
62634.00
733.00
63367.00
139963.56
20216.26
20216.26
assets
139,963.56
0.00
114961.74
102764.66
10273.35
1923.73
5604.64
-3680.90
119.54
1470.54
0.00
-2329.91
-102.52
-22.80
-2204.60
0.00
-2204.60
2.59
-2202.00
0.00
-2202.00
-2204.60
EPS
-0.63
% of sales
Plug
same as last year
% of sales
% of sales
% of sales
% of sales
% of sales
% of sales
% of sales
same as last year
% of sales
calc
% of sales
% of sales
% of sales
% of sales
% of sales
used as plug to get assets to equal liabilities
% of sales
Same as last year
same
calc
same as last year
same as last year
same as last year
same as last year
same as last year
Capital Structure:
89461.17
0.00
139,963.56
they think sales growth will be notibly lower, now using 2023 growth increase
2023 Value * average increase year over year
2023 Value * average increase year over year
calc
calc
2023 Value * average increase year over year
calc
USING 4.4% of pretax income
Same As Last Year
calc
2023 Value * average increase year over year
calc
Same As Last Year
calc
calc
EBIT
4.4% tax rate
NOPAT
CAPEX
FCF estimated
estimated
0.30
2018.00
0.18
2019.00
0.27
2020.00
0.62
0.04
0.14
0.03
0.50
0.65
0.00
0.02
0.04
0.15
0.02
0.39
0.92
0.00
0.02
0.05
0.14
0.03
0.49
0.82
0.00
0.02
0.06
0.13
0.03
0.85
0.74
0.00
0.01
0.04
0.05
0.04
0.04
0.06
0.17
0.02
0.14
0.39
0.25
0.09
0.03
0.02
0.00
0.12
0.16
0.02
0.17
0.47
0.44
0.19
0.00
0.03
0.00
0.08
0.15
0.02
0.17
0.43
0.51
0.12
0.00
0.03
0.00
0.08
0.19
0.02
0.16
0.45
0.35
0.10
0.52
0.02
2018.00
2019.00
0.00
2024.00 Average
114961.74
0.37
0.38
0.17
0.15
0.18
-0.07
0.20
5.55
-0.23
0.12
-1.32
0.00
0.19
-0.24
0.18
0.10
-0.17
-0.80
1.23
0.90
-2.01
-0.12
1.23
1.30
-0.12
-0.11
-3680.90
-3518.94
-3518.94
21264.68
-24783.62
2023.00
2024.00
Assets
assets
93379.00
126724.56
assets- short term investments
change in assets change in liabilities
33345.56
12080.88
CAPEX
21264.68
2021.00
0.34
2022.00
0.28
2023.00 Historical Average Excluding Highs and Lows
0.31
0.30
0.04
0.11
0.02
0.50
0.58
0.00
0.02
0.04
0.16
0.03
0.50
0.45
0.00
0.03
0.04
0.14
0.03
0.51
0.47
0.00
0.03
0.04
0.14
0.03
0.50
0.65
0.00
0.02
0.02
0.02
0.09
0.04
0.00
0.04
0.19
0.02
0.12
0.37
0.13
0.07
0.03
0.01
0.00
0.02
0.19
0.02
0.10
0.33
0.05
0.07
0.07
0.01
0.00
0.03
0.15
0.01
0.10
0.30
0.07
0.08
-0.02
0.00
0.00
0.06
0.17
0.02
0.14
0.39
0.25
0.09
0.03
0.02
2020.00
2021.00
2022.00
2023.00
0.28
0.21
0.17
0.71
0.67
0.52
0.51
0.52
-0.01
0.19
0.31
0.25
0.10
26.30
-0.03
0.25
1.97
-0.50
0.29
1.13
-0.45
0.25
-0.36
-0.18
-1.37
0.98
-7.16
-0.74
-0.58
-0.53
9.86
-1.00
1.65
0.62
-1.84
1.39
-0.11
6.65
0.62
-0.75
1.28
-5.42
-1.74
0.19
-1.84
2.88
-1.79
6.65
-1.16
7.01
1.28
4.40
1.28
0.19
-0.93
0.19
2023.00
liabil
e in liabilities
2024.00
liabilities
25703.00
37783.88
Excluding Highs and Lows
used last years growth rate
Include bullet points describing your assumptions, such as growth rate and why you chose that
INCOME STATEMENT
2018.00
2019.00
Sales (Net)
21461.27
24578.00
Cost of Goods Sold15531.46
18402.00
Selling, General, and4294.86
Administrative3989.00
Expense
Operating Income Before
1634.95
Depreciation
2187.00
Depreciation and Amortization
1887.79
2107.00
Amortization of 66.00
Intangibles 44.00
Interest Expense
717.97
716.00
Nonoperating Income 101.30
(Expense)
120.00
Nonoperating Income
76.77 (Expense)
76.00
– Excluding Inte
Pretax Income
-1004.75
-665.00
Pretax Income
-412.13
– Domestic -287.00
Deferred Taxes32.32
(Income Account)
19.00
Income Before Extraordinary
-976.09 Items -862.00
Dividends – Preferred 0.00
0.00
Income Before Extraordinary
-976.09 Items –862.00
Available for Comm
Common Stock Equivalents
0.00- Dollar Savings
-8.00
Income Before Extraordinary
-976.09 Items –870.00
Adjusted for Comm
Extraordinary Items and 0.00
Discontinued Operations
0.00
Extraordinary Items
0.00
0.00
Net Income (Loss) -976.09
-862.00
e and why you chose that rate (is it based on an average historical growth rate or a benchmark from a similar firm, industry average, etc)
2020.00
31536.00
22351.00
4679.00
4506.00
2322.00
51.00
691.00
-44.00
2021.00
53823.00
37306.00
7110.00
9407.00
2911.00
51.00 .
348.00
271.00
2022.00
81462.00
56862.00
7021.00
17579.00
3747.00
2023.00
96773.00
74446.00
8769.00
13558.00
4667.00
2018.00
2019.00
0.15
0.18
-0.07
13558.00
0.12
.
191.00
114.00
156.00
1238.00
0.00
0.18
-74.00
1154.00
-198.00
40.00
721.00
0.00
721.00
-31.00
690.00
0.00
0.00
721.00
215.00
6343.00
-130.00
-149.00
5519.00
0.00
5519.00
5.00
5524.00
0.00
0.00
5519.00
-183.00
13719.00
5524.00
-196.00
12556.00
0.00
12556.00
27.00
12583.00
0.00
0.00
12556.00
172.00
9973.00
3196.00
-6349.00
14997.00
0.00
14997.00
2.00
14999.00
0.00
0.00
14997.00
-0.01
9973.00
14997.00
-0.11
0.15
ndustry average, etc)
2020.00
0.28
0.21
0.17
2021.00
0.71
0.67
0.52
2022.00
0.51
0.52
-0.01
2023.00
0.19
0.31
0.25
0.10
0.25
0.29
0.25
2024.00
114961.74
102764.66
10273.35
1923.73
5604.64
-0.03
-1.37
-0.50
-7.16
-0.45
-0.58
-0.18
9.86
119.54
1470.54
calc
-1.97
-3.91
-1.85
-1.94
calc
calc
2.88
-1.79
-1.16
7.01
4.40
1.28
-0.93
0.19 calc
-161.00
-2329.91
0.00
-2202.64
0.00
-2202.64
2.59
-2200.05
0.00
-2202.64
Average Year Over Year
0.38
0.17
Notes
they think sales growth will be notibly lower, now using 2023 growth increase
0.89 2023 Value * average increase year over year
0.02
0.20
-0.23
0.19
-1.94
exclude latest yeat
Same As Last Year
1.30
1.31
Same As Last Year
-0.02
023 growth increase
competitor FORD
trailing
12.08 PE
forward PE
11.97
47.3
MB
Tesla
EPS
MB
EPS
4.3
MULTIPLE (ford PE*Tesla
FAIR
EPS)
Price
51.471 this is what Tesla would be valued at if using fords multiplier with our EPS
Teslas real stock price is:
EPS
PE
Stock Price
$4.30
23.78 $102.25 Meta
52.39 $225.28 Amazon
29.9 $128.57 Apple
40.47 $174.02 Netflix
24.08 $103.54 Google
$4.30
11
4.89
7.8
$47.30 Ford
$21.03 general motors
$33.54 toyota
11.97029703
ng fords multiplier with our EPS
171.05 14.28989
estimated tesla eps
-0.63
($6.93)
EBIT
NOPAT
-3680.90
-3518.94 4.4% Tax Rate – Average from the past
NOPAT
CAPEX
FCF estimated
-3518.94
21264.68
-24783.62
4.4% Tax Rate – Average from the past 5 years
2023
Assets
2024
Assets
2023
Liabilities
93379.00
126724.56
25703.00
Total Assets – Short Term Investments
Payables + Accruals
Change in Assets
Change in Liabilities
33345.56
12080.88
CAPEX
21264.68
2024
Liabilities
s + Accruals
37783.88
wacc
growth rate
FCF
0.108
18.22701667 (new fcf- old fcf )/old fcf
-24783.62
333695.6
total debt
total shares
est. price
Growth Rate
WACC
6,528.000
3,485.000
93.87878191
0.182270167
0.108
FCF
=
(WACC-Growth Rate)
-24783.62
-0.07427 333696.3
333695.55
333695.6- Total Debt =
Total Shares
93.87
BALANCE SHEET
ASSETS
Cash and Short-Term Investments
2022
22479
16253
6226
3123
2023
29637
16398
13239
3702
Receivables – Trade
3116
3697
Income Tax Refund
0
0
Current Receivables – Other
7
5
12839
13626
Inventories – Raw Materials
6979
6561
Inventories – Work in Process
2385
2016
Inventories – Finished Goods
3475
5049
0
0
2476
2651
Cash
Short-Term Investments
Receivables
Inventories – Total
Inventories – Other
Current Assets – Other
Prepaid Expense
Other Curr.Asst, Excl.Ppd.Exp.
.
.
2476
2651
Current Assets – Total
40917
49616
Prop.Plant & Equip.- Total (Net)
36635
45123
P.P.& E.- Total (Gross)
Deprec.Depl.& Amort.
Invest. & Advances – Eq.Meth.
Invest. & Advances – Other
Intangibles
Assets – Other
Deferred Charges
Other Asst., Excl.Def.Chg.
Assets – Total
48134
11499
0
2652
593
1541
0
1541
82338
60203
15080
0
2593
615
8671
0
8671
106618
INCOME STATEMENT
Sales (Net)
Cost of Goods Sold
Selling, General, and Administrative Expense
2022
81462
56862
7021
2023
96773
74446
8769
Operating Income Before Depreciation
17579
13558
Depreciation and Amortization
3747
4667
Amortization of Intangibles
.
.
Depreciation Expense (Schedule VI)
.
.
Depletion Expense (Schedule VI)
.
.
Operating Income After Depreciation
13832
8891
Interest Expense
191
156
Nonoperating Income (Expense)
114
1238
Nonoperating Income (Expense) – Excluding Interest Income
-183
172
Interest Income
297
1066
Special Items
-36
0
Pretax Income
13719
9973
Pretax Income – Domestic
5524
3196
Pretax Income – Foreign
8164
6800
Income Taxes – Total
1132
-5001
Deferred Taxes (Income Account)
-196
-6349
Deferred Taxes – Federal
26
-5246
Deferred Taxes – Foreign
-223
-450
Deferred Taxes – State
1
-653
Income Taxes – Federal
0
48
Income Taxes – Foreign
1266
1243
Income Taxes – State
62
57
Income Taxes – Other
0
0
Minority Interest
31
-23
Income Before Extraordinary Items
12556
14997
Dividends – Preferred
0
0
Income Before Extraordinary Items – Available for Common
12556
14997
Common Stock Equivalents – Dollar Savings
27
2
Income Before Extraordinary Items – Adjusted for Common Stock12583
Equivalents
14999
Extraordinary Items and Discontinued Operations
0
0
Extraordinary Items
0
0
Discounted Operations
0
0
Net Income Adjusted for Common Stock Equivalents
12583
14999
Net Income (Loss)
12556
14997
STATEMENT OF CASH FLOWS
INDIRECT OPERATING ACTIVITIES
Income Before Extraordinary Items
12587
14974
Depreciation and Amortization
3747
4667
Extraordinary Items and Discontinued Operations
0
0
Deferred Taxes
0
-6349
Equity in Net Loss (Earnings)
0
0
Sale of Property, Plant, and Equipment and Sale of Investments
.
– Loss (Gain) 0
Funds from Operations – Other
2298
2212
Accounts Receivable – Decrease (Increase)
-1124
-586
Inventory – Decrease (Increase)
-6465
-1195
Accounts Payable and Accrued Liabilities – Increase (Decrease) 6029 .
Income Taxes – Accrued – Increase (Decrease)
.
.
Assets and Liablities – Other (Net Change)
-2348
-467
Operating Activities – Net Cash Flow
INVESTING ACTIVITIES
Increase in Investments
Sale of Investments
Short-Term Investments – Change
Capital Expenditures
Sale of Property, Plant, and Equipment
Acquisitions
Investing Activities – Other
Investing Activities – Net Cash Flow
FINANCING ACTIVITIES
Sale of Common and Preferred Stock
Purchase of Common and Preferred Stock
Cash Dividends
Long Term Debt – Issuance
Long Term Debt – Reduction
Changes in Current Debt
Financing Activities – Other
Financing Activities – Net Cash Flow
Exchange Rate Effect
Cash and Cash Equivalents – Increase (Decrease)
DIRECT OPERATING ACTIVITIES
Interest Paid Net
Income Taxes Paid
14724
13256
0
0
-5813
7163
0
0
-6621
8899
.
.
.
1003
-11973
64
0
-15584
541
0
0
0
3866
700
0
0
3931
1815
.
.
-202
-3527
-444
-1220
-227
2589
4
265
152
1203
126
1119
2022
2023
1987
3045
0
0
1987
3045
Accounts Payable
15255
14431
Income Taxes Payable
1235
1204
Current Liabilities – Other
8232
10068
Accrued Expense
5068
5811
Other Curr.Liab., Excl.Accr.Exp.
3164
4257
Current Liabilities – Total
26709
28748
Long-Term Debt – Total
3761
6528
Debt – Convertible (Total)
0
0
Debt – Subordinated Convertible
0
0
0
0
663
7
2523
568
5888
82
82
0
409
36849
0
0
2345
7
4001
175
7652
81
81
0
242
43251
0
0
0
44704
3
32177
0
0
0
62634
3
34892
LIABILITIES
Debt in Current Liabilities
Notes Payable
Debt – Due in One Year
Debt – Senior Convertible
Debt – Subordinated
Debt – Notes
Debt – Debentures
Long-Term Debt – Other
Debt – Cap. Lease Oblig.
Liabilities – Other
Def. Taxes and Invest.Tax Cred.
Deferred Taxes
Investment Tax Credit
Noncontrolling Interest – Redeemable
Liabilities – Total
SHAREHOLDERS’ EQUITY
Preferred Stock – Carrying Value
Pref. Stock – Redeemable
Pref. Stock – Nonredeemable
Common Equity – Total
Common Stock
Capital Surplus
Retained Earnings
Less: Treas.Stock – Total $ Amt.
Shareholders Equity – Parent
Noncontrolling Interest – Nonredeemable
Shareholders Equity – Total
Total Liabilities and Shareholders Equity
12524
0
44704
785
45489
82338
27739
0
62634
733
63367
106618
Nopat
Nopat
CAPEX
FCF
Ebit(1-t)
EBIT
13558
0.956 12961.448 4.4% tax rate
14997
16286
-1289
Difference in Assets 2023-2022
17267
CAPEX
2022 Assets
2023 assets
76112 93379
subtract short term investments
2022 Liabilities
2023 Liabilities
24722 25703
Difference in Lia 2023- 2022
981
16286
67676
INCOME STATEMENT
2018
Sales (Net)
21461.27
Cost of Goods Sold
15531.46
Selling, General, and Administrative Expense
4294.861
Operating Income Before Depreciation
1634.946
Depreciation and Amortization
1887.786
Operating Income After Depreciation
-252.84
Interest Expense
717.971
Nonoperating Income (Expense)
101.299
Special Items
-135.233
Pretax Income
-1004.75
Income Taxes – Total
57.837
Minority Interest
-86.491
Income Before Extraordinary Items
-976.091
Dividends – Preferred
0
Income Before Extraordinary Items – Available for Common -976.091
Common Stock Equivalents – Dollar Savings
0
Income Before Extraordinary Items – Adjusted for Common Stock
-976.091
Equivalents
Extraordinary Items and Discontinued Operations
0
Net Income Adjusted for Common Stock Equivalents
-976.091
Net Income (Loss)
-976.091
2019 2020 2021 2022 2023
24578 31536 53823 81462 96773
18402 22351 37306 56862 74446
3989 4679 7110 7021 8769
2187 4506 9407 17579 13558 13558
2107 2322 2911 3747 4667
80 2184 6496 13832 8891 8891
716
691
348
191
156
120
-44
271
114 1238
-149 -295
-76
-36
0
-665 1154 6343 13719 9973 9973
110
292
699 1132 -5001
87
141
125
31
-23
-862
721 5519 12556 14997 14997
0
0
0
0
0
-862
721 5519 12556 14997
-8
-31
5
27
2
-870
690 5524 12583 14999
0
0
0
0
0
-870
690 5524 12583 14999
-862
721 5519 12556 14997 0.155
14997
Year Over Year Changes
2018 2019 2020
0.145 0.283
0.185 0.215
-0.071 0.173
0.116 0.102
-0.003 -0.035
0.185 -1.367
0.102
0.98
0.902 1.655
-2.006 0.621
2.875
-0.109 -1.793
r Changes
2021 2022 2023
0.707 0.514 0.188
0.669 0.524 0.309
0.52 -0.013 0.249
2024
114961.7433
102764.6611
10273.34891
1923.733293
5604.637652
-3680.904359
119.5447035
1470.537909
0
-2329.911154
-102.5160908
-24.75415727
-2202.640906
0
-2202.640906
2.593891876
-2200.047014
0
-2200.047014
-2202.640906
calc
0.254 0.287 0.246
calc
-0.496 -0.451 -0.183
-7.159 -0.579
9.86
-0.742 -0.526
-1
calc
1.394 0.619 -5.418
-0.113 -0.752 -1.742
calc
-1.161
4.4 -0.926
7.006 1.278 0.192 calc
ebit
capex
Average Year Over Year
0.380391976
0.171553074
0.893903121
0.016733682
0.200908003
-0.233687798
0.187833529
-0.237404165 year before
-0.798521202
1.296945938
1.314777485
-0.019159773
-3680.904359
Notes
they think sales growth will be notibly lower, now using 2023 growth incre
2023 Value * average increase year over year
USING 4.4% of pretax income
Same As Last Year
Same As Last Year
Tesla Project
Done by:
Key Findings, High Level
Summary, and Stock
Recommendations
–
Recommend Selling
Bearish on the Stock
–
–
Elon Musk controversy
impacting sales
Forecasted negative EPS with
trailing EPS
Forecasted loss
Business Analysis – Position of Firm,
Competitive Environment, Prospects
and Growth
Strengths & Risks
Main Sources of Revenue:
– Energy Generation and Storage Systems
– Powerwall and Megapack
Strengths:
– Leader in Electric Vehicle Sales
– 55% of EV Sales valued at a total of 500.48 Billion
Risk:
– Lithium is a rare resource
– Less sales because of no more tax break
– Elon Musk is a detrimental risk through his communication
to the public
Overall:
Less growth in sales in 2024 until release of new model which
is cheaper than Model Y and will support growth and an
increase in stock price in the future. However, for the short
term, we suggest selling because the cons outway the pro
Financial Statement Analysis – Support
for Business Analysis Above, Segment
Analysis, Ratios and Trends
Capital Structure:
Roughly 25% of the money for long term investments
comes from debt, this is predicted to be $26,827.17.
The other 75% coming from stockholders and is
predicted to be $62,634 in the coming year.
Profitability:
Tesla has had either a negative profit or a profit in only
a few hundred for the past few years. Even the
predicted profit for 2024 is a loss of $2,204.60.
Compared to Ford:
Ford’s P/E ratio (11) and EPS (4.3) are currently, and
forecasted to be, lower than Tesla’s (P/E: 11.97) (EPS:
14.29). This shows that even Tesla’s competitors in
the electric vehicle industry are struggling at the
moment.
Forecasted Income Statement
Key Takeaway: Net Income Loss
Forecasted Balance Sheet
Estimated Future Cash Flows
Relative Valuation Using Multiples
(Ratios) Using Trailing and
Forecasted Earnings
Trailing EPS: Tesla’s EPS of $4.3 * Ford’s PE of 11
Tesla’s EPS $4.3
= $47.3
PE
Price
Meta
23.78
$102.25
Forecasted EPS = -.0.63 with Fords PE of 11
Amazon
52.39
$225.28
Apple
29.9
$128.57
= -$6.93
If we used a EPS of 1 to avoid negative EPS
Netflix
40.47
$174.02
Google
24.08
$103.54
Ford
11
$47.3
General Motors
4.89
$21.03
7.8
$33.54
Toyota
= $11
Trailing and Forecasted all trading WELL under
Tesla’s current stock price of $194
Fundamental Valuation Using Free
Cash Flows
Estimated Price with the FCF valuation:
–
–
–
Because our Forecasted FCF is negative, we
cannot use the negative FCF to estimate a
relative FCF valuation or apply this model
We estimated the cost of capital to be 10.8%
and the growth rate to be 18.27% causing
the denominator of the FCF valuation model
to become negative
If the model was used (which we should not
apply due to the negative cash flow), there
would be a price of $93.88 due to the
negative FCF over the negative denominator