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Tesla Valuation ($ Million

Input Parameters
Discount Rate
15-Year OCF Growth Rate
15-Year ICF Growth Rate
Long Run FCF Growth Rate

0.08
0.00
0.00
0.00
Actual
2013

2014

2015

2016

2017

2018

2019

258
290
-32

258
290
-32

258
290
-32

258
290
-32

258
290
-32

258
290
-32

258
290
-32

-30

-27

-25

-24

-22

-20

2,010
25,125

2,010
25,125

Operating Cash Flow


Investment Cash Flow
Free Cash Flow
Value at 2028 of subsequent FCF
Present Value of FCF
Sum of PV of FCF
Value of FCF + Cash - Debt

Year-by-Y

-400
-161

As of February 28, 2014


Shares Outstanding
Share Price
Value of Equity
Value of Debt
Cash Balance

123
245
30,158
607
846

If Rev/OCF constant
Revenue
Cars, @80k

2,010
25,125

Computed Value for Tesla Shares

Actual Market Value for Tesla Shares

2,010
25,125

2,010
25,125

2,010
25,125

2,010
25,125

Tesla Valuation ($ Millions)

Year-by-Year Projections
2020
2021
2022

2023

2024

2025

2026

2027

2028

258
290
-32

258
290
-32

258
290
-32

258
290
-32

258
290
-32

258
290
-32

258
290
-32

258
290
-32

258
290
-32

-19

-17

-16

-15

-14

-13

-12

-11

-10

2,010
25,125

2,010
25,125

2,010
25,125

2,010
25,125

2,010
25,125

2,010
25,125

2,010
25,125

2,010
25,125

2,010
25,125

2029

-32
-400
-126