DCF Tool

TSLA

Tesla Inc – Automobile Manufacturing
Tesla, Inc. is an American multinational automotive and energy company headquartered in Austin, Texas. Tesla designs and manufactures electric vehicles, stationary battery energy storage devices from home to grid-scale, solar panels and solar roof tiles, and related products and services.
Analysis Results
Intrinsic Value $47.45
Latest Price $203.16
Relative Value 328% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 48.1%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 13.9%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 48.1%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 5.56 4.88
2025 8.23 6.34
2026 12.2 8.24
2027 18.0 10.7
2028 26.7 13.9
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 229 billion. This corresponds to a present value of 105 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 44.1 billion. Adding in the terminal value gives a total present value of 149 billion.

There are presently 3.13 billion outstanding shares, so the intrinsic value per share is 47.45.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 49,616,000,000
Current Cash 29,094,000,000
Current Liabilities 28,748,000,000
Current Debt 2,373,000,000
Non-Cash Working Capital (NCWC) -5,853,000,000
Change in NCWC 622,000,000
EBIT 7,101,000,000
Tax Provision -5,001,000,000
Depreciation and Amortization 4,667,000,000
Capital Expenditure -8,899,000,000
Unlevered Free Cash Flow 3,491,000,000
Current Assets 40,917,000,000
Current Cash 22,185,000,000
Current Liabilities 26,709,000,000
Current Debt 1,502,000,000
Non-Cash Working Capital (NCWC) -6,475,000,000
Change in NCWC 2,248,000,000
EBIT 12,056,000,000
Tax Provision 1,132,000,000
Depreciation and Amortization 3,747,000,000
Capital Expenditure -7,172,000,000
Unlevered Free Cash Flow 9,884,219,622
Current Assets 27,100,000,000
Current Cash 17,707,000,000
Current Liabilities 19,705,000,000
Current Debt 1,589,000,000
Non-Cash Working Capital (NCWC) -8,723,000,000
Change in NCWC -3,940,000,000
EBIT 5,031,000,000
Tax Provision 699,000,000
Depreciation and Amortization 2,911,000,000
Capital Expenditure -8,014,000,000
Unlevered Free Cash Flow -4,566,417,310
Current Assets 26,717,000,000
Current Cash 19,384,000,000
Current Liabilities 14,248,000,000
Current Debt 2,132,000,000
Non-Cash Working Capital (NCWC) -4,783,000,000
Change in NCWC -1,793,000,000
EBIT 1,994,000,000
Tax Provision 292,000,000
Depreciation and Amortization 2,322,000,000
Capital Expenditure -3,167,000,000
Unlevered Free Cash Flow -1,148,547,660
Current Assets 12,103,000,000
Current Cash 6,268,000,000
Current Liabilities 10,667,000,000
Current Debt 1,842,000,000
Non-Cash Working Capital (NCWC) -2,990,000,000
Change in NCWC -329,753,000
EBIT 80,000,000
Tax Provision 110,000,000
Depreciation and Amortization 2,154,000,000
Capital Expenditure -1,437,000,000
Unlevered Free Cash Flow 467,247,000
Current Assets 8,306,308,000
Current Cash 3,685,618,000
Current Liabilities 9,992,136,000
Current Debt 2,711,199,000
Non-Cash Working Capital (NCWC) -2,660,247,000
Change in NCWC 847,955,000
EBIT -252,840,000
Tax Provision 57,837,000
Depreciation and Amortization 1,901,050,000
Capital Expenditure -2,319,516,000
Unlevered Free Cash Flow 176,649,000
Current Assets 6,570,520,000
Current Cash 3,367,914,000
Current Liabilities 7,674,670,000
Current Debt 963,862,000
Non-Cash Working Capital (NCWC) -3,508,202,000
Change in NCWC -1,749,955,000
EBIT -1,632,086,000
Tax Provision 31,546,000
Depreciation and Amortization 1,636,003,000
Capital Expenditure -4,081,354,000
Unlevered Free Cash Flow -5,827,392,000
Current Assets 6,259,796,000
Current Cash 3,393,216,000
Current Liabilities 5,827,005,000
Current Debt 1,202,178,000
Non-Cash Working Capital (NCWC) -1,758,247,000
Change in NCWC -1,169,799,000
EBIT -667,340,000
Tax Provision 26,698,000
Depreciation and Amortization 947,099,000
Capital Expenditure -1,440,471,000
Unlevered Free Cash Flow -2,330,511,000
Current Assets 2,791,568,000
Current Cash 1,196,908,000
Current Liabilities 2,816,274,000
Current Debt 633,166,000
Non-Cash Working Capital (NCWC) -588,448,000
Change in NCWC -406,354,000
EBIT -716,629,000
Tax Provision 13,039,000
Depreciation and Amortization 422,590,000
Capital Expenditure -1,634,850,000
Unlevered Free Cash Flow -2,335,243,000
Current Assets 3,198,657,000
Current Cash 1,905,713,000
Current Liabilities 2,107,166,000
Current Debt 632,128,000
Non-Cash Working Capital (NCWC) -182,094,000
Change in NCWC 65,112,000
EBIT -186,689,000
Tax Provision 9,404,000
Depreciation and Amortization 231,931,000
Capital Expenditure -969,885,000
Unlevered Free Cash Flow -859,531,000
Current Assets 1,265,939,000
Current Cash 845,889,000
Current Liabilities 675,160,000
Current Debt 7,904,000
Non-Cash Working Capital (NCWC) -247,206,000
Change in NCWC -86,182,000
EBIT -61,283,000
Tax Provision 2,588,000
Depreciation and Amortization 106,083,000
Capital Expenditure -264,224,000
Unlevered Free Cash Flow -305,606,000
Current Assets 524,768,000
Current Cash 201,890,000
Current Liabilities 539,108,000
Current Debt 55,206,000
Non-Cash Working Capital (NCWC) -161,024,000
Change in NCWC -71,179,000
EBIT -394,283,000
Tax Provision 136,000
Depreciation and Amortization 28,825,000
Capital Expenditure -239,228,000
Unlevered Free Cash Flow -675,865,000

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