tesla mar 2014 valuaion

7/24/2019 Tesla Mar 2014 Valuaion

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Date of valuation Mar-14

Company name Tesla There shoul

Numbers from your base year bThis year Last year

Country of incorporation United States of AmericaIndustry US! Automoti"e

Industry #lobal! Auto $ Truck%e"enues & ',()*.+( & )*.*(-perating income or /IT & 0).'1! & *2+.0!Interest expense & *0.20 & 3.1+/ook "alue of e4uity & 003.)' & )'.3(/ook "alue of debt & 0(0.11 & 00.035o you ha"e %$5 expenses to capitali6e7 8es If you wan5o you ha"e operating lease commitments7 8es If you haveCash and cross holdings & 1+.12 & '().129on:operating assets & : ;;;


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be a check against the iteration box. If there is not, you will get circular reasoning errors.

low ( in consistent units)

Don:t ad4ust operating income for leases or R&D, if you plan to use the spreadsheet option

to capitalize R&D, you have to input the numbers into the R&D worksheet.perating leases, please enter your lease commitments in the lease worksheet below and I

Compute numbers! %ere is what your company&s numbers loo" li"e'

If you are not working in ;< dollars, you should add the in=ation di3erential toCompany Industry US dat

%e"enue growth in the most recent year = *13.)1? 2.00?@re:tax operating margin in the most recent year :(.1? 0.++?Sales to capital ratio in most recent year = .3( ).*)30)))3+1%eturn on in"ested capital in most recent year= :)(.'*? 0.)(?Standard de"iation in stock prices = 2.+)?

Cost of capital = 3.'1?

'.*3'2)0

ture companies riskfree rate ! ".#$% anies generally see their risk levels approach the average e sectors, even in stable growth, may have higher risk.

m assuming that whatever competitive advantages you have today will fade over time. anies nd it di+cult to generate returns that eceed the cost of capital

e signicant eceptions among companies with longlasting competitive advantages.

, growth companies fail, especially if they have trouble raising cash. any distressed compimate but a key input.e of capital, 01 2stimated fair value for the companyzero, if the assets will be worth nothing if the rm fails.

. If you override this assumption, I will leave the ta rate at your e3ective ta rate.

tion. If you have a money losing company, you may want to override tis. nancial statements.

shield your income from taes, even after you start making money.

/efore you run this spreadsheet, go into preferences in xcel and check under Calculation


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to do so. see below%

will convert to debt

relative to inustry

the industry averages.Industry #lobal data!

2).33?+.10?

).++3.1*?

anies fail, because they have trouble making debt payments.

options


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Base year 1 2 3

Revenue growth rate 65.00% 65.00% 65.00%Revenues $ 2,013.50 $ 3,322.28 $ 5,481.75 $ 9,044.89EBIT (Operating) margin -0.84% 0.45% 1.73% 3.02%EBIT (Operating income) $ (16.83) $ 14.88 $ 94.91 $ 272.71Tax rate 35.00% 35.00% 35.00% 35.00%EBIT(1-t) $ (16.83) $ 14.88 $ 94.91 $ 258.24- Reinvestment $ 844.37 $ 1,393.21 $ 2,298.80FCFF $ (829.49) $ (1,298.30) $ (2,040.56)NOL $ 341.17 $ 326.29 $ 231.37 $ -

Cost of capital 8.86% 8.86% 8.86%Cumulated discount factor 0.9186 0.8438 0.7751PV(FCFF) $ (761.97) $ (1,095.53) $ (1,581.70)

Terminal cash flow $ 4,182.37Terminal cost of capital 8.00%Terminal value $ 79,664.21PV(Terminal value) $ 34,902.68 $ 50,004.25PV (CF over next 10 years $ (18,358.31) $ (32,978.53)Sum of PV $ 16,544.37Probability of failure = 0.00%Proceeds if firm fails = $8,272.18Value of operating assets = $ 16,544.37- Debt $ 709.12- Minority interests $ -+ Cash $ 845.89

+ Non-operating assets $ -Value of equity $ 16,681.14- Value of options $4,380.73Value of equity in commo $ 12,300.42Number of shares 123.19Estimated value /share $ 99.85Price $ 220.00Price as % of value 220.33%

Implied variables

Sales to capital ratio 1.55 1.55 1.55

Invested capital $ 1,015 $ 1,859 $ 3,252 $ 5,551ROIC -1.66% 0.80% 2.92% 4.65%


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4 5 6 7 8 9

65.00% 65.00% 52.55% 40.10% 27.65% 15.20%$ 14,924.07 $ 24,624.72 $ 37,565.02 $ 52,628.59 $ 67,180.39 $ 77,391.81

4.30% 5.58% 6.87% 8.15% 9.43% 10.72%$ 641.53 $ 1,374.59 $ 2,579.11 $ 4,288.86 $ 6,337.04 $ 8,293.64

35.00% 35.00% 35.00% 35.00% 35.00% 35.00%$ 416.99 $ 893.49 $ 1,676.42 $ 2,787.76 $ 4,119.07 $ 5,390.87$ 3,793.02 $ 6,258.48 $ 8,348.58 $ 9,718.43 $ 9,388.26 $ 6,588.01$ (3,376.03) $ (5,365.00) $ (6,672.15) $ (6,930.67) $ (5,269.19) $ (1,197.15)$ - $ - $ - $ - $ - $ -

8.86% 8.86% 8.69% 8.52% 8.34% 8.17%0.7120 0.6541 0.6018 0.5546 0.5118 0.4732

$ (2,403.85) $ (3,509.11) $ (4,015.19) $ (3,843.42) $ (2,696.99) $ (566.46)

1.55 1.55 1.55 1.55 1.55 1.55

$ 9,344 $ 15,603 $ 23,951 $ 33,670 $ 43,058 $ 49,6464.46% 5.73% 7.00% 8.28% 9.57% 10.86%

Compaa. theb. theIf it is t


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10 Terminal year2.75% 2.75%

$ 79,520.08 $ 81,706.8912.00% 12.00%

$ 9,542.41 $ 9,804.83 & 2,1').0+35.00% 35.00%

$ 6,202.57 $ 6,373.14$ 1,373.08 $ 2,190.77 & +',)2+.()$ 4,829.49 $ 4,182.37$ - $ -

8.00% 8.00%0.4381

$ 2,115.91

After year 101.55

$ 51,01912.16% 8.00%

Check these re"enues againsta. -"erall market si6eb. argest companies in this market

re this return on capital in year )( against industry a"eragecolumn of worksheet! eturn on capital after year )(

oo high low!, you may want to lower raise! your sales to capital ratio

This is how much capital youin"ested o"er the ten yearperiod.

This is is how much your operatingincome grew o"er the ten:year period.


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Valuing Options or WarrantsEnter the current stock price = $ 220.00

Enter the strike price on the option = $ 26.70

Enter the expiration of the option = 6.37

Enter the standard deviation in stock prices = 30.00% (volatility)

Enter the annualized dividend yield on stock = 0.00%

Enter the treasury bond rate = 2.75%

Enter the number of warrants (options) outstan 22.64

Enter the number of shares outstanding = 123.19

Do not input any numbers below this line

VALUING WARRANTS WHEN THERE IS DILUTION

Stock Price= 220 # Warrants issued= 22.64

Strike Price= 26.7 # Shares outstanding= 123

Adjusted S = 215.88512061 T.Bond rate= 2.75%

Adjusted K = 26.7 Variance= 0.0900

Expiration (in years) = 6.37 Annualized dividend yield= 0.00%

Div. Adj. interest rate= 2.75%

d1 = 3.3703423479

N (d1) = 0.9996246257

d2 = 2.6131765801

N (d2) = 0.9955147529

Value per option = $ 193.50

Value of all options outstanding = $4,380.73


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VALUATION DIAGNOSTICS

Invested capital at start of valuationInvested capital at end of valuationChange in invested capital over 10 yearsChange in EBIT*(1t) (after-ta operating inco!e) over 10 years"arginal #$IC over 10 years#$IC at end of valuation

%verage &%CC over the 10 years (co!pounded)

'our calculated value as a percent of current price

Inputs

Revenue growth rate (input cell B3)

Last period EBIT as % of revenue (Input cell B14)Sales to Capital Ratio or reinvestment (Input cell B15)

Return on capital in perpetuity (B30 & B31)


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101+, 101.+./ 000+ //+

1/+11+1,.+,0

+2/

If calculated value is negative or looks too low

Increase revenue growth rate

Increase the target pre-tax operating marginDecrease the sales/capital ratio

Increase relative to your cost of capital


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3alue see!s lo4+ 5ee 6elo4

If calculated value looks too high

Decrease revenue growth rate

Decrease the target pre-tax operating margin

Increase the sales/capital ratio

If higher than your cost of capital, lower towards your cost of capital T


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onver erThis spreadsheet converts R&D expenses from operating to capital expenses. It makes the appropriate adjustm

income, the book value of assets and the book value of equity.

Inputs

Over how many years do you want to amortize R&D expenses 3 ! If in doubt, us

Enter the current year's R&D expense = $ 231.98 The maximumEnter R& D expenses for past years: the number of years that you will need to enter will be determined by the

Do not input numbers in the first column (Year). It will get automatically updated based on the input above.

Year R& D Expenses

-1 273.98 ! Year -1 is the year prior to the current year

-2 208.98 ! Year -2 is the two years prior to the current year

-3 93.00

0

0

0

0

0

0

0

Output

Year R&D Expense Unamortized portion Amortization this year

Current 231.98 1.00 231.98

-1 273.98 0.67 182.65 $ 91.33

-2 208.98 0.33 69.66 $ 69.66

-3 93.00 0.00 0.00 $ 31.00

0 0.00 0.00 0.00 $ -

0 0.00 0.00 0.00 $ -

0 0.00 0.00 0.00 $ -

0 0.00 0.00 0.00 $ -

0 0.00 0.00 0.00 $ -

0 0.00 0.00 0.00 $ -

0 0.00 0.00 0.00 $ -

Value of Research Asset = $484.29 $ 191.99

Amortization of asset for current year = $191.99

Adjustment to Operating Income = $39.99 ! A positive number indicates an increase in op

Tax >ect of %$5 xpensing $14


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nts to operating income, net

e the lookup table below

allowed is ten yearsmortization period

rating income (add to reported EBIT)


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pera ng ease onver erThe yellow cells are input cells. Please en

Inputs

Operating lease expense in current year = $ 21.50

Operating Lease Commitments (From footnote to financials)

Year Commitment ! Year 1 is next year, .

1 &'3.((2 &'3.*3

3 &'0.0'

4 &'.3)

5 &'+.((

6 and beyond &*(.32

Output

Pre-tax Cost of Debt = 14.75% ! If you do not have a cost of debt, use the synthetic rating esti

Number of years embedded in yr 6 estimate = 1 ! I use the average lease expense over the first

to estimate the number of years of expenses inConverting Operating Leases into debt

Year Commitment Present Value

1 $ 27.00 $ 23.53

2 $ 27.37 $ 20.79

3 $ 26.62 $ 17.62

4 $ 24.71 $ 14.25

5 $ 25.00 $ 12.57

6 and beyond $ 30.79 $ 13.49 ! Commitment beyond year 6 converted into an annuity for ten

Debt Value of leases = $ 102.24

Restated Financials

Depreciation on Operating Lease Asset = $ 17.04 ! I use straight l

Adjustment to Operating Earnings = $4.46 ! Add this amo

Adjustment to Total Debt outstanding = $ 102.24 ! Add this amo

Adjustment to Depreciation = &)3.(


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er them.

ator

ive years

r 6

years

ine depreciation

nt to pre-tax operating income

nt to debt


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Estimation of Current Cost of Capital

Inputs

Equity

Number of Shares outstanding = 123.19

Current Market Price per share = $ 220.00

Approach for estimating beta Multibusiness(US)

If direct input, enter levered beta (or regression beta) 1.20

Unlevered beta = 1.20

Riskfree Rate = 2.75%

What approach do you want to use to input ERP? ountry of incorporation

Direct input for ERP (if you choose "will input" 5.75%

Equity Risk Premium used in cost of equity = 5.00%

Debt

Book Value of Straight Debt = $ 606.88Interest Expense on Debt = $ 36.96

Average Maturity = 3

Approach for estimating pre-tax cost of debt Synthetic rating

If direct input, input the pre-tax cost of debt 3.500%

If actual rating, input the rating Baa2/BBB

If synethetic rating, input the type of company 1

Pre-tax Cost of Debt = 14.75%

Tax Rate = 35%

Book Value of Convertible Debt = 0

Interest Expense on Convertible = 0

Maturity of Convertible Bond = 0

Market Value of Convertible = 0

Debt value of operating leases = $ 102.24

Preferred Stock

Number of Preferred Shares = 0

Current Market Price per Share= 70

Annual Dividend per Share = 5

Output

Estimating Market Value of Straight Debt = $ 486.39

Estimated Value of Straight Debt in Convertible = $ -

Value of Debt in Operating leases = $ 102.24

Estimated Value of Equity in Convertible = $ -

Levered Beta for equity = 1.22


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Equity Debt Preferred Stock

Market Value $ 27,101.80 $ 588.62 $ -

Weight in Cost of Capital 97.87% 2.13% 0.00%

Cost of Component 8.85% 9.59% 7.14%


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Operating Regions ERP calculator

Country Revenues ERP Weight

Argentina 19 14.75% 10.11%

Bolivia 4 10.40% 2.13%

Cameroon 130 13.25% 69.15%

China 23 5.90% 12.23%Costa Rica 5 8.30% 2.66%

Vietnam 7 13.25% 3.72%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

Total 188 100.00%

Operating Regions ERP calculator

Region Revenues ERP WeightAfrica 0 10.04% 0.00%

Asia 56 6.51% 4.21%

Australia & New Zealand 5.00% 0.00%

Caribbean 100 12.65% 7.52%

Central and South America 8.62% 0.00%

Eastern Europe & Russia 7.96% 0.00%

Middle East 631 6.14% 47.48%

North America 374 5.00% 28.14%

Western Europe 168 6.29% 12.64%

Total 1329 100.00%

u us ness n us ry verages

Business Revenues EV/Sales Estimated Valu

Automotive $ 70.00 0.9839 $ 68.87

Computers/Peripherals $ 30.00 1.6722 $ 50.17

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

Company & )((.(( $ 119.04


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Capital Multi Business (Global Industry Averages)$ 27,690.42 Business Revenues EV/Sales Estimated Valu

100.00% Advertising $ 84.00 1.5982 $ 134.25

8.86% Internet software and servi $ 16.00 6.7594 $ 108.15

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

0.0000 $ -

Company & )((.(( $ 242.40


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Weighted ERP

1.49%

0.22%

9.16%

0.72%0.22%

0.49%

0.00%

0.00%

0.00%

0.00%

0.00%

12.31%

Weighted ERP0.0000%

0.2741%

0.0000%

0.9516%

0.0000%

0.0000%

2.9171%

1.4071%

0.7956%

6.3455%

Unlevered Beta

1.1355

1.2938

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

).'(''


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Unlevered Beta

0.8911

1.1045

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

0.0000

(.210*


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Inputs for synthetic rating estimationPlease read the special cases worksheet (see below) before you use this spr

Before you use this spreadsheet, make sure that the iteration box (under calculation optio

Enter the type of firm = 1

Enter current Earnings before interest and taxes (EBIT) = $ (56.82) (Add back only

Enter current interest expenses = $52.04 (Use only longEnter long term risk free rate = 2.75%

Output

Interest coverage ratio = -100000.00

Estimated Bond Rating = D*D 5ote/ If you get R2>? 9ll

Estimated Company Default Spread = 12.00% to 5o, and then reset it t

Estimated County Default Spread (if any) = 0.00%

Estimated Cost of Debt = 14.75%

If you want to update the spreads listed below, please visit http://www.bondsonline.com

For large manufacturing firms

If interest coverage ratio is

> to Rating is Spread is

-100000 0.199999 5'D5 12.00%

0.2 0.649999 CaaDCCC 10.50%

0.65 0.799999 Ca'DCC 9.50%

0.8 1.249999 C'DC 8.75%

1.25 1.499999 /*D/: 7.25%

1.5 1.749999 /'D/ 6.50%

1.75 1.999999 /)D/E 5.50%

2 2.2499999 /a'D// 4.00%

2.25 2.49999 /a)D//E 3.00%

2.5 2.999999 /aa'D/// 2.00%

3 4.249999 A*DA: 1.30%

4.25 5.499999 A'DA 1.00%

5.5 6.499999 A)DAE 0.85%

6.5 8.499999 Aa'DAA 0.70%

8.50 100000 AaaDAAA 0.40%

For smaller and riskier firms

If interest coverage ratio is

greater than to Rating is Spread is

-100000 0.499999 5'D5 12.00% Rating is

0.5 0.799999 CaaDCCC 10.50% A)DAE

0.8 1.249999 Ca'DCC 9.50% A'DA

1.25 1.499999 C'DC 8.75% A*DA:

1.5 1.999999 /*D/: 7.25% Aa'DAA

2 2.499999 /'D/ 6.50% AaaDAAA

2.5 2.999999 /)D/E 5.50% /)D/E

3 3.499999 /a'D// 4.00% /'D/

3.5 3.9999999 /a)D//E 3.00% /*D/:


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adsheet.

s in excel) is checked.

long term interest expense for financial firms)

term interest expense for financial firms)

ver the place, set the operating lease commitment (uestion in cell >#

@es. It should work.

Spread is

0.85%

1.00%

1.30%

0.70%

0.40%

5.50%

6.50%

7.25%


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3.00%

4.00%

2.00%

8.75%

9.50%

10.50%

12.00%


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Industry 5ame 5umber of rms nnual 9verage Revenue growth 7ast # year reta 6perating argin

Ad"ertising *) .0(? )).?

AerospaceD5efense 00 )'.**? 2.22?

Air Transport *+ 0.+)? 1.(?

Apparel 0 3.1? )(.3(?

Auto @arts + (.2(? 0.11?

Automoti"e )) 2.00? 0.++?/ank *3+ (.((? 9A

/ank


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30/59

9fterta R68 verage e3ective ta rate ;nlevered -eta 2(uity 7evered% -eta 8ost of e(uity

)).+2? )0.1)? ).)* ).*( 2.+?

)1.(1? '*.(*? (.13 (.2' 3.0'?

)0.1(? '0.(*? (.2' ).(3 1.*3?

).0'? )1.1+? ).)3 ).'( 2.(0?

).(0? )3.11? ).+( ).00 )).*+?

0.)(? )3.32? ).) ).3( )).+'?9A )3.2)? (.0' (.11 3.+?

9A ').11? (.10 (.2+ 3.1(?

)*.13? )3.(? (.3) (.1) 3.(1?

)0.+3? '.0*? ).'3 ).' 2.''?

:(.*1? )).'3? ).'1 ).02 )).+(?

)).? '(.3+? (.3) (.20 3.1*?

)+.*(? ').+0? ).'( ).*' 2.0*?

)+.')? ').)+? ).' ).*' 2.0'?

).)3? )+.+'? ).(* ).)* 1.3)?

3.0+? 2.3? (.12 ). )(.'0?

'+.+'? )*.*? (.2( (.1+ 3.'1?

'2.(3? 3.0*? ).'2 ).'1 2.+?

1.1*? '(.'3? (.11 ).)+ 1.32?

)0.31? +.12? (.22 ).( 1.'+?

2.))? )(.'? (.1' (.1' 3.)*?

'+.3)? ').? (.1+ (.31 0.2*?

0.'2? '1.1+? (.*+ (.++ +.33?

+.+? *).(0? (.'0 (.*2 .22?

0.+? '1.'? (.*3 (.+ +.30?

.)? )0.31? ).* ).*+ 2.33?

)'.(0? )).0+? ).)( ).) 1.3?

)*.1*? )2.11? ).)+ ).)( 1.+0?

)).32? ).13? ).)1 ).** 2.3)?

).23? )).+? ).** ).(0 1.*+?

3.)+? )(.1'? (.* (.+ +.*)?

)).)2? )0.3? (.2+ ).)2 1.21?

)'.(? ').1+? (.30 (.1+ 3.'2?

0.3+? *).)(? ).)+ ).)) 1.+3?

1.)? '3.1(? (.1) ).() 1.))?

)(.)(? )2.+? ).** ).*2 )(.()?

)(.((? )1.()? ).(1 ).(3 1.*3?

)+.(? '(.)*? ).0 ).32 )'.()?

:)3.2*? 3.(2? ).( ).32 )).21?

)(.'*? ).1? ).) ).2 )(.3?

).3'? '*.11? (.10 (.2 3.3+?)).02? '+.0*? ).+( ).3 )(.(?

3.+? '(.(? (.01 (.2* 3.01?

)'.(3? )3.((? ).(' ).) 1.3*?

9A '(.2? ).00 ).0' )).)?

9A )'.0'? (.1) (.1) 3.(2?

'+.''? )).'3? ).(' (.2+ 3.33?

2*.)(? ').1'? ).3 ).)2 2.()?

'1.'? )1.0)? (.2 (.2( 3.+0?


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)).30? '.3? ).(2 ).)2 1.22?

*.**? +.22? (.3) ).1 )(.0?

)0.'1? )+.('? (.2' (.23 3.13?

)2.'+? )).)? (.13 (.11 3.+?

)*.3*? )1.30? (.3* (.2) 3.0(?

)*.3'? )0.0+? ).*) ).) )(.(3?

)*.''? )).1? ).'' ).*2 2.21?+.3? )2.(? ).( ).'2 2.+)?

0.*)? '+.3? (.( (.+0 +.1*?

)'.00? '2.))? ).2( '.() )*.(1?

)(.23? ''.2(? (.2 ).) 1.3'?

0.0? )3.**? (.03 ).() 1.))?

2.3(? )2.+*? ).'2 ).3 )(.*3?

)).*3? '*.+1? (.13 ).(2 1.1?

1.2? )'.'3? (.2* ).)3 1.2)?

)'.0? *(.3(? ).() ).(3 1.*1?

)).+? )*.(2? ).'* ).1 )(.'?

1.'3? '*.0? (.2( ).(( 1.(+?

3.3(? +.+(? (.) (.+0 +.1+?

*.)3? 1.22? (.3* ).+( )(.+*?

1.21? )(.+(? (.3* (.1* 3.)2?

)*.)? )*.)? ).(1 ).)' 1.0+?

)*.2(? '(.)'? ).+1 ).03 )).(?

1.++? '*.*0? (.2' ).)* 1.3(?

)'.+2? (.+(? (.21 ).*+ 2.33?

)'.*0? *(.20? ).' ).( )(.(*?

2.)3? '(.12? ).)+ ).*3 2.13?

9A 0.+*? (.2( (.1) 3.(1?

)2.? ''.2? (.2 ).(( 1.(?

).12? '*.1*? ).0( ).01 )).?

*+.? '0.+*? ).** ).'3 2.)?

2.+? *'.12? ).( ).'3 2.(?

)0.)1? '.3)? ).)( ).)3 1.2(?

)*.3(? '*.0? ).(+ ).)1 1.2+?

)).0+? '2.1+? (.01 (.31 0.2+?

+.*? '.*'? (.1( ).)1 1.2+?

)1.(*? )).('? ). ).*1 2.2*?

2.+? '(.'(? ).11 ).3* )).3)?

'0.(? '*.*? ).*2 ).*' 2.0'?

'.)? '0.20? ).'' ).00 )).*0?

:0.*1? )3.)? ).'3 ).(+ 1.'3?

)'.)2? )3.1'? (.2( ).(+ 1.*(?2.)+? )2.30? (.3 (.33 0.13?

9A )0.(*? (.32 (.02 0.+)?

**.+3? **.+)? (.1) (.11 3.+?

)3.(2? '2.20? (.23 ).(* 1.)1?

)'.1? '3.**? ).)2 ).( )(.(+?

0.)+? *.'1? (.*) (.+ +.'3?

.(2? )).(0? (.2* ).)1 1.20?


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td deviation in stock price Areta cost of debt arket DebtB8apital 8ost of capital


33/59

3.(2? .(? )0.0'? 3.2(? ).*' ).2'

3+.0)? +.(? +3.)0? 0.')? (.*0 '.22

++.)0? .+? )'.2*? 3.'(? (.2' *.)*

0'.)? .+? 2.(2? 3.('? *.*+ ).))

3'.32? +.(? *).(2? 0.)1? '.(( (.2'

+3.+'? .+? )+.2)? 1.2(? ). ).3)

1'.13? +.+? )2.+? 1.01? (.32 '.)3*.))? .(? '0.)1? 3.00? (.( .(2

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34/59

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35/59

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41/59

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42/59

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43/59


44/59

Country Marginal tax rate

Abu Dhabi 19.22%Albania 10.00%Andorra 21.21%Angola 35.00%Anguilla 28.10%Argentina 35.00%Armenia 20.00%Aruba 28.00%Australia 30.00%Austria 25.00%Azerbaijan 16.38%Bahamas 0.00%Bahrain 0.00%Bangladesh 27.50%Barbados 25.00%Belarus 18.00%Belgium 33.99%Belize 26.88%Benin 28.10%Bermuda 0.00%Bolivia 25.00%Bosnia and Herzegov 10.00%Botswana 22.00%Brazil 34.00%British Virgin Islands 14.92%Bulgaria 10.00%

Burkina Faso 28.10%Cambodia 20.00%Cameroon 28.10%Canada 26.00%Cape Verde 28.10%Cayman Islands 0.00%Channel Islands 0.00%Chile 20.00%China 25.00%Colombia 25.00%Cook Islands 0.00%

Costa Rica 30.00%Croatia 20.00%Cuba 14.92%Curacao 27.50%Cyprus 12.50%Czech Republic 19.00%Democratic Republic 28.10%Denmark 25.00%


45/59

Dominican Republic 29.00%Ecuador 22.00%Egypt 25.00%El Salvador 30.00%Estonia 21.00%Falkland Islands 26.88%Fiji 20.00%Finland 24.50%France 33.33%Gabon 28.10%Georgia 15.00%Germany 29.55%Ghana 21.21%Greece 26.00%Greenland 21.21%Guatemala 31.00%Honduras 35.00%Hong Kong 16.50%Hungary 19.00%Iceland 20.00%India 33.99%Indonesia 25.00%Ireland 12.50%Isle of Man 0.00%Israel 25.00%Italy 31.40%Ivory Coast 28.10%

Jamaica 25.00%Japan 38.01%Jordan 14.00%Kazakhstan 20.00%Kenya 30.00%Kuwait 15.00%Kyrgyzstan 16.38%Laos 23.63%Latvia 15.00%Lebanon 19.22%Liechtenstein 12.50%

Lithuania 15.00%Luxembourg 29.22%Macau 12.00%Macedonia 10.00%Malawi 30.00%Malaysia 25.00%Malta 35.00%Marshall Islands 0.00%


46/59

Mauritius 15.00%Mexico 30.00%Moldova 16.38%Monaco 21.21%Mongolia 23.63%Montenegro 9.00%Montserrat 14.92%Morocco 28.10%Mozambique 32.00%Namibia 33.00%Netherlands 25.00%Netherlands Antilles 14.92%New Zealand 28.00%Nicaragua 26.88%Niger 28.10%Nigeria 30.00%Norway 28.00%Oman 12.00%Pakistan 35.00%Palestinian Authority 19.22%Panama 25.00%Papua New Guinea 30.00%Paraguay 10.00%Peru 30.00%Philippines 30.00%Poland 19.00%Portugal 25.00%

Qatar 10.00%Ras Al Kaminah 19.22%Republic of the Cong 28.10%Reunion 28.10%Romania 16.00%Russia 20.00%Rwanda 28.10%Saudi Arabia 20.00%Senegal 28.10%Serbia 15.00%Sierra Leone 28.10%

Singapore 17.00%Slovakia 23.00%Slovenia 17.00%South Africa 28.00%South Korea 24.20%Spain 30.00%Sri Lanka 28.00%St. Maarten 14.92%


47/59

St. Vincent & the Gre 14.92%Sudan 35.00%Suriname 26.88%Sweden 22.00%Switzerland 18.01%Taiwan 17.00%Tanzania 30.00%Thailand 20.00%Togo 28.10%Trinidad & Tobago 25.00%Tunisia 30.00%Turkey 20.00%Turks & Caicos Islan 28.10%Uganda 30.00%Ukraine 19.00%United Arab Emirates 55.00%United Kingdom 23.00%United States 40.00%Uruguay 25.00%Venezuela 34.00%Vietnam 25.00%Zambia 35.00%Zimbabwe 25.75%

Region Tax Rate

Africa '1.)(?

Asia '*.0*?

Australia $ 9ew Kealan '0.((?

Caribbean ).2'?

Central and South Ame '0.11?

astern urope $ %ussi )0.*1?


48/59

Country ong-Term Ratin Adj. Default Spread

Abu Dhabi Aa2 0.50%Albania B1 4.50%Andorra A3 1.20%Angola Ba3 3.60%Argentina B3 6.50%Armenia Ba2 3.00%Aruba Baa1 1.60%Australia Aaa 0.00%Austria Aaa 0.00%Azerbaijan Baa3 2.20%Bahamas Baa1 1.60%Bahrain Baa2 1.90%Bangladesh Ba3 3.60%Barbados Ba1 2.50%Belarus B3 6.50%Belgium Aa3 0.60%Belize Caa2 9.00%Benin B2 5.50%Bermuda Aa3 0.60%Bolivia Ba3 3.60%Bosnia and Herzegovina B3 6.50%Botswana A2 0.85%Brazil Baa2 1.90%Bulgaria Baa2 1.90%Burkina Faso B2 5.50%Cambodia B2 5.50%

Cameroon B2 5.50%Canada Aaa 0.00%Cape Verde B2 5.50%Cayman Islands Aa3 0.60%Chile Aa3 0.60%China Aa3 0.60%Colombia Baa3 2.20%Cook Islands B1 4.50%Costa Rica Baa3 2.20%Croatia Ba1 2.50%Cuba Caa1 7.50%

Curacao B1 4.50%Cyprus Caa3 10.00%Czech Republic A1 0.70%Democratic Republic of B3 6.50%Denmark Aaa 0.00%Dominican Republic B1 4.50%Ecuador Caa1 7.50%Egypt Caa1 7.50%


49/59

El Salvador Ba3 3.60%Estonia A1 0.70%Fiji B1 4.50%Finland Aaa 0.00%France Aa1 0.40%Gabon Ba3 3.60%Georgia Ba3 3.60%Germany Aaa 0.00%Ghana B1 4.50%Greece Caa3 10.00%Guatemala Ba1 2.50%Honduras B2 5.50%Hong Kong Aa1 0.40%Hungary Ba1 2.50%Iceland Baa3 2.20%India Baa3 2.20%Indonesia Baa3 2.20%Ireland Ba1 2.50%Isle of Man Aa1 0.40%Israel A1 0.70%Italy Baa2 1.90%Jamaica Caa3 10.00%Japan Aa3 0.60%Jordan B1 4.50%Kazakhstan Baa2 1.90%Kenya B1 4.50%Korea Aa3 0.60%

Kuwait Aa2 0.50%Latvia Baa2 1.90%Lebanon B1 4.50%Liechtenstein Aaa 0.00%Lithuania Baa1 1.60%Luxembourg Aaa 0.00%Macao Aa3 0.60%Macedonia Ba3 3.60%Malaysia A3 1.20%Malta A3 1.20%Mauritius Baa1 1.60%

Mexico Baa1 1.60%Moldova B3 6.50%Mongolia B1 4.50%Montenegro Ba3 3.60%Montserrat Baa3 2.20%Morocco Ba1 2.50%Mozambique B1 4.50%Namibia Baa3 2.20%


50/59

Netherlands Aaa 0.00%New Zealand Aaa 0.00%Nicaragua B3 6.50%Nigeria Ba3 3.60%Norway Aaa 0.00%Oman A1 0.70%Pakistan Caa1 7.50%Panama Baa2 1.90%Papua New Guinea B1 4.50%Paraguay Ba3 3.60%Peru Baa2 1.90%Philippines Baa3 2.20%Poland A2 0.85%Portugal Ba3 3.60%Qatar Aa2 0.50%Ras Al Kaminah A2 0.85%Republic of the Congo Ba3 3.60%Romania Baa3 2.20%Russia Baa1 1.60%Rwanda B2 5.50%Saudi Arabia Aa3 0.60%Senegal B1 4.50%Serbia B1 4.50%Singapore Aaa 0.00%Slovakia A2 0.85%Slovenia Ba1 2.50%South Africa Baa1 1.60%

Spain Baa3 2.20%Sri Lanka B1 4.50%St. Maarten Baa1 1.60%St. Vincent & the Grena B2 5.50%Suriname Ba3 3.60%Sweden Aaa 0.00%Switzerland Aaa 0.00%Taiwan Aa3 0.60%Thailand Baa1 1.60%Trinidad and Tobago Baa1 1.60%Tunisia Ba3 3.60%

Turkey Baa3 2.20%Uganda B1 4.50%Ukraine Caa1 7.50%United Arab Emirates Aa2 0.50%United Kingdom Aa1 0.40%United States of Americ Aaa 0.00%Uruguay Baa3 2.20%Venezuela Caa1 7.50%


51/59

Vietnam B2 5.50%Zambia B1 4.50%

%egion eighted A"erag eighted A"erageJ T%@

Africa *.*0? )(.(?

Asia ).((? 0.+)?

Australia $ 9ew Kealand (.((? +.((?

Caribbean +.)(? )'.0+?

Central and South Americ '.'? 1.0'?

astern urope $ %ussia ).21? 3.20?


52/59

Total Risk Premium Country Risk Premium Region

5.75% 0.75%


53/59

10.40% 5.40% Central and South America6.05% 1.05% astern urope $ %ussia

11.75% 6.75% Asia5.00% 0.00% estern urope5.60% 0.60% estern urope

10.40% 5.40% Africa10.40% 5.40% astern urope $ %ussia5.00% 0.00% estern urope

11.75% 6.75% Africa20.00% 15.00% estern urope8.75% 3.75% Central and South America

13.25% 8.25% Central and South America5.60% 0.60% Asia8.75% 3.75% astern urope $ %ussia8.30% 3.30% estern urope8.30% 3.30% Asia8.30% 3.30%

Asia8.75% 3.75% estern urope5.60% 0.60% estern urope6.05% 1.05%


54/59

5.00% 0.00% estern urope5.00% 0.00% Australia $ 9ew Kealand

14.75% 9.75% Central and South America10.40% 5.40% Africa5.00% 0.00% estern urope6.05% 1.05%


55/59

13.25% 8.25% Asia11.75% 6.75% Africa

eighted A"erageJ C%@

+.(?

).+)?

(.((?

3.0+?

*.0'?

'.20?

).)?

(.((?

).'2?


56/59

ast )(L Girst M monthsJ ast year

%e"enues &+,(12.(( &',''.((

%$5 expense &),*22.(( &1+1.((

-perating income or /IT &+*1.(( :&*0'.((

Interest expenses &+).(( &'.((

/ook "alue of e4uity &)),3++.((

/ook "alue of debt &',*+0.((5o you ha"e operating lease commitments7

Cash and cross holdings &2,0'0.((

9on:operating assets &(.((

ecti"e tax rate = ).((? ''.*)?


57/59

Girst M monthsJ Current yearTrailing )' month

&*,'3).(( &0,))1.((

&0*3.(( &),)31.((

&2*+.(( &),1*+.((

&'2.(( &+0.((

&)',*2.((

&',)03.((

&)(,'+'.((

&(.((

&(.((

*1.2(?

9A

9A

9A

9A

9A

9A


58/59

8esD9o /ook or


59/59

-ptions

@rice

Balue

!

tesla mar 2014 valuaion

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