TSLA - Embedded Expectations Analysis - 2018 01 08
─ Tesla, Inc. (TSLA:USA) currently trades near historical lows relative to UAFRS-based (Uniform) Assets, with a 4.2x Uniform P/B. However, even at these levels, markets are pricing in expectations for Uniform ROA to inflect positively, while management has concerns about demand and expenses─ Specifically, management appears to have concerns about demand, and order rate for the 75s, and they may be exaggerating the potential for improved efficiencies in their business as well as their efforts to manage expenses in-line with orders
Tesla designs, develops, manufactures, sells and leases electric vehicles and energy generation and storage systems, and provides services related to its products. The company operates as two reportable segments: automotive, which includes the design, development, manufacturing, sales, and leasing of electric vehicles as well as sales of automotive regulatory credits; and energy generation and storage, which includes the design, manufacture, installation, sales, and leasing of solar energy generation and energy storage products, services related to such products, and sales of solar energy system incentives.
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