Discounted Cash Flow (DCF) Analysis Levered
Tesla, Inc. (TSLA)
$246.38
+5.88 (+2.44%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 21,461.27 | 24,578 | 31,536 | 53,823 | 81,462 | 115,035.69 | 162,446.43 | 229,396.99 | 323,940.50 | 457,449.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 2,097.80 | 2,405 | 5,943 | 11,497 | 14,724 | 17,908.89 | 25,289.85 | 35,712.79 | 50,431.43 | 71,216.21 |
| Operating Cash Flow (%) | ||||||||||
| Capital Expenditure | -2,319.52 | -1,437 | -3,242 | -8,014 | -7,172 | -11,648.19 | -16,448.86 | -23,228.08 | -32,801.29 | -46,319.99 |
| Capital Expenditure (%) | ||||||||||
| Free Cash Flow | -221.71 | 968 | 2,701 | 3,483 | 7,552 | 6,260.70 | 8,840.98 | 12,484.70 | 17,630.14 | 24,896.21 |
Weighted Average Cost Of Capital
| Share price | $ 246.38 |
|---|---|
| Beta | 2.089 |
| Diluted Shares Outstanding | 3,475 |
| Cost of Debt | |
| Tax Rate | 8.28 |
| After-tax Cost of Debt | 5.65% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 14.458 |
| Total Debt | 3,099 |
| Total Equity | 856,170.50 |
| Total Capital | 859,269.50 |
| Debt Weighting | 0.36 |
| Equity Weighting | 99.64 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 21,461.27 | 24,578 | 31,536 | 53,823 | 81,462 | 115,035.69 | 162,446.43 | 229,396.99 | 323,940.50 | 457,449.12 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 2,097.80 | 2,405 | 5,943 | 11,497 | 14,724 | 17,908.89 | 25,289.85 | 35,712.79 | 50,431.43 | 71,216.21 |
| Capital Expenditure | -2,319.52 | -1,437 | -3,242 | -8,014 | -7,172 | -11,648.19 | -16,448.86 | -23,228.08 | -32,801.29 | -46,319.99 |
| Free Cash Flow | -221.71 | 968 | 2,701 | 3,483 | 7,552 | 6,260.70 | 8,840.98 | 12,484.70 | 17,630.14 | 24,896.21 |
| WACC | ||||||||||
| PV LFCF | 5,471.21 | 6,751.82 | 8,332.18 | 10,282.44 | 12,689.19 | |||||
| SUM PV LFCF | 43,526.83 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 14.43 |
| Free cash flow (t + 1) | 25,394.14 |
| Terminal Value | 204,297.15 |
| Present Value of Terminal Value | 104,126.87 |
Intrinsic Value
| Enterprise Value | 147,653.70 |
|---|---|
| Net Debt | -19,086 |
| Equity Value | 166,739.70 |
| Shares Outstanding | 3,475 |
| Equity Value Per Share | 47.98 |