006_테슬라|Tesla|特斯拉_2 (영어|English|英语)

Category	Description
Ticker	TSLA
Company	Tesla, Inc.
Sector	Consumer Cyclical
Industry	Auto Manufacturers
Country	USA
Market Cap	647.23B
Volume	32,188,405
Dividend%	N/A
Website	www.tesla.com

Company Introduction

Tesla was founded on July 1, 2003 by Jeffrey B. Straubel, Elon Reeve Musk, Martin Eberhard, and Marc Tarpenning and is headquartered in Palo Alto, California. It was initially known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017.

Tesla is the world's first vertically integrated sustainable energy company that produces and markets electric vehicles (EVs), energy generation/storage systems, solar electricity and more, producing environmentally friendly products at every stage of design, development, manufacturing and sales. In addition, Tesla is focusing on auto insurance sales and the space industry through Space X.

Electric Vehicles: Design, develop, manufacture and sell electric vehicles, as well as vehicle service centers, electric vehicle charging stations and autonomous driving capabilities. The main car models are Model 3, Model S, Model X and Model Y.

Energy Generation/Storage Systems: Includes the design, manufacture, installation, sale and rental of fixed energy storage products and solar energy systems, and the sale of electricity generated from solar energy systems to customers. Tesla also develops energy storage products for use in homes, commercial establishments and utility sites.

Tesla, Inc. is the number one electric vehicle marketer in the United States, China, and major countries around the world.

Investment Point

1) High-growth electric vehicles: Since a few years ago, global interest in electric vehicles, which are more eco-friendly than internal combustion vehicles, has continued due to environmental pollution, and as a result, all automakers have started developing and selling electric vehicles. Among them, Tesla has grown into a leader in the electric vehicle market through autonomous driving technology and cost reduction, and has sold a total of 499,535 units in 2020, taking the first place in the global market share. Electric vehicle sales account for 85% of Tesla's total sales. In addition, in the announcement of the results for the first quarter of 2021, Elon Musk revealed that FSD (Full Self Driving) is evolving into a vision-based autonomous system in relation to autonomous driving, and it is almost ready to transition to Tesla Vision in the US soon. If fully autonomous driving is developed, we can expect another leap in Tesla service sales.

The global electric vehicle market is expected to grow about 20 times by 2040 and is expected to grow at a CAGR of about 15%.

Due to the growth of the global electric vehicle market, Tesla, the No. 1 company, expects to grow at a CAGR of 36% over the next five years.

2) Eco-friendly energy: The energy sector, which Tesla is focusing on developing, is also experiencing high growth in the first quarter of 2021, increasing by 68.6% compared to the previous year. Tesla has increased the price of its solar roof by 50%, and anyone who wants to order Tesla solar power will be forced to order the Tesla Powerwall, a home energy storage system. Tesla is aiming for homes with solar roofs and batteries, which represents a fairly grand vision of providing a “huge decentralized utility” that can supply all of the electricity it needs to its customers as demand from incumbent utilities and extreme weather increases.

3) Future growth industry: Tesla is investing in Tesla insurance and Space X space travel in consideration of future growth potential.

Tesla Insurance can provide cheap auto insurance based on autonomous driving data, and Elon Musk announced that the insurance business can grow to 30-40% of the electric vehicle business in the future. Tesla has data on all functions of the vehicle, such as remaining battery level, faulty areas, and autopilot, so it is advantageous for developing insurance products and predicting driving risks based on all data to provide insurance at lower premium.

SpaceX is an American private space development company founded in 2002. SpaceX launched the first liquid-fueled rocket ‘Falcon 1’ into Earth orbit in 2008 as a private company, and in April 2016, successfully recovered the rocket at sea, ushering in an era of rocket recycling. Spacex aims to advance rocket technology and produce reusable rockets, and is focused on reducing the cost of launching spacecraft by one-tenth and increasing the stability of space travel.

Past Revenue Trend

Tesla is showing stable growth through EV sales, and has grown highly by an average of 53% over the past five years.

l  Trailing 12 Months: Sum of the previous 12 months

l  Quarterly: quarterly results

l  YoY Quarterly Growth: Year-on-year growth rate

Past EPS Trend

Concentrating on sales growth, EPS was sluggish until 2019, but the stock price was soared after turning to profit from 2019 3Q.

l  EPS: Earning Per Share

Future Sales and EPS trends

It has maintained high growth at 2020 without being affected by difficult circumstances. And sales are expected to grow at a CAGR of 39% over the next three years, profit at 127%, and EPS at 127%. Although Tesla does not pay dividends, it is used to maintain high growth with reinvesting the surplus.

Stock price trend and target price

The average target price of Wall Street analysts is 632.10$ (highest price 1080$, lowest price  67$), showing 5.92% downside potential. Moreover, 23 of 10 analysts give a buy opinion. (As of June 27, 21)

For hedge funds, the number of shares held increased by 229.1k from the previous quarter.

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