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But equity investors should, at minimum, demand a better return than what bonds are yielding. After all, equity holders own all the cash of a company after bondholders get paid. But there more going on at Tesla to which he assigns no value. Tesla owns nonautomotive assets such as Solar City, purchased in , has a battery-storage business and a charging network. Assigning no value to solar panels or energy storage is a little surprising.
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Sum of the parts is a method that looks at each division or asset separately. Analysts favor this for conglomerates or when one division is losing money or when a division could be sold to a third party. Clearly there is a lot going on at Tesla, meaning a lot could change in the future. And one way to account for the uncertainty is to assign a probability to a few predicted outcomes, then add them together to get a probability-weighted price target. That is sensible, but how the target price for each scenario is derived is opaque.
According to the report, price targets are based on enterprise value to Ebitda multiples for tech—not automotive—companies. These are our four examples. If you are confused or frustrated, all you really need to know is that no one has invented a definitive system for valuing stocks. Basic price-to-earnings or enterprise value-to-Ebitda multiples work fine. Telsa is, and will continue to be, a controversial stock. It has 12 Buy ratings and 15 Sell ratings among large brokerage firms, according to Bloomberg.
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