Tesla is the number 1 electric vehicle manufacturer outside of China. Most of its revenue is generated from selling its EVs, while it also provides end-to-end servicing and insurance services. In addition, Tesla also provides energy storage solutions for multiple use cases.
We initiate coverage with an ACCUMULATE rating and a price target of US$265.00. Our valuation is based on DCF valuation, using a 9.0% WACC and 5.0% terminal growth rate.