Finance entrepreneurship
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2021Jan28TSLAQuantumStandardFinancials.xlsxMetrics
| Buy | Tesla Inc. (TSLA) | |||||||||||||||||||||||
| Mark Delaney, CFA | Price: $793.53 | |||||||||||||||||||||||
| [email protected] | 12m Price Target: $835.00 | |||||||||||||||||||||||
| +1 212 357-0535 | Upside: 5.2% | |||||||||||||||||||||||
| New York | Price as of Jan 29, 2021 | |||||||||||||||||||||||
| Key Data | ||||||||||||||||||||||||
| Market cap | $891.9bn | |||||||||||||||||||||||
| Enterprise value | $879,529.1mn | |||||||||||||||||||||||
| 3m ADTV | $28.2bn | |||||||||||||||||||||||
| United States | ||||||||||||||||||||||||
| Americas Autos & Industrial Tech | ||||||||||||||||||||||||
| M&A Rank | 3 | |||||||||||||||||||||||
| GS Forecast | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2018 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2019 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2020 | 2021E Q1 | 2021E Q2 | 2021E Q3 | 2021E Q4 | 2021E | 2022E | 2023E | 2024E | 2025E |
| Revenue ($ mn) | 3,408.8 | 4,002.2 | 6,824.4 | 7,225.9 | 21,461.3 | 4,541.5 | 6,349.7 | 6,303.0 | 7,384.0 | 24,578.1 | 5,985.0 | 6,036.0 | 8,771.0 | 10,744.0 | 31,536.0 | 8,733.4 | 10,344.7 | 12,758.2 | 15,691.9 | 47,528.2 | 59,619.0 | 68,617.8 | -- | -- |
| EBITDA ($ mn) | 3.5 | 142.3 | 1,210.9 | 1,038.1 | 2,394.9 | 154.1 | 571.5 | 1,083.9 | 1,175.0 | 2,984.5 | 951.0 | 1,209.0 | 1,776.0 | 1,850.0 | 5,786.0 | 1,599.9 | 1,964.8 | 2,716.7 | 3,503.1 | 9,784.5 | 13,678.8 | 15,658.5 | -- | -- |
| EBIT ($ mn) | (597.0) | (621.4) | 416.8 | 413.5 | (388.1) | (521.8) | (167.5) | 261.0 | 359.0 | (69.3) | 283.0 | 327.0 | 809.0 | 575.0 | 1,994.0 | 180.9 | 420.8 | 1,172.7 | 1,849.1 | 3,623.5 | 6,312.8 | 7,162.5 | -- | -- |
| EPS ($) | (0.84) | (0.84) | 0.35 | 0.16 | (1.12) | (0.81) | (0.46) | 0.16 | 0.11 | (0.96) | 0.02 | 0.10 | 0.27 | 0.24 | 0.65 | 0.02 | 0.17 | 0.67 | 1.23 | 2.10 | 3.75 | 4.35 | -- | -- |
| P/E (X) | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM |
| EV/EBITDA (X) | NM | 411.3 | 49.2 | 58.4 | 24.7 | 384.0 | 82.3 | 43.8 | 54.0 | 17.9 | 121.9 | 125.9 | 184.4 | 257.6 | 45.0 | 469.6 | 385.6 | 280.5 | 218.3 | 77.3 | 56.6 | 50.6 | -- | -- |
| FCF yield (%) | (1.9) | (1.5) | 1.5 | 1.5 | (0.3) | (1.9) | 1.3 | 0.7 | 1.6 | 1.6 | (0.9) | 0.2 | 0.4 | 0.4 | 0.9 | (0.1) | (0.1) | 0.2 | 0.3 | 0.3 | 0.5 | 0.6 | NM | NM |
| Dividend yield (%) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -- | -- |
| Net debt/EBITDA (X) | NM | 47.3 | 5.1 | 4.9 | 2.1 | 46.1 | 10.1 | 5.1 | 4.1 | 1.6 | 2.2 | 1.1 | (2.5) | (5.6) | (1.8) | (5.8) | (4.3) | (3.6) | (3.5) | (1.3) | (1.2) | (1.3) | -- | -- |
| Ratios & Valuations | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2018 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2019 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2020 | 2021E Q1 | 2021E Q2 | 2021E Q3 | 2021E Q4 | 2021E | 2022E | 2023E | 2024E | 2025E |
| P/E (X) | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM |
| EV/EBITDA (X) | NM | 411.3 | 49.2 | 58.4 | 24.7 | 384.0 | 82.3 | 43.8 | 54.0 | 17.9 | 121.9 | 125.9 | 184.4 | 257.6 | 45.0 | 469.6 | 385.6 | 280.5 | 218.3 | 77.3 | 56.6 | 50.6 | -- | -- |
| EV/sales (X) | 18.0 | 14.6 | 8.7 | 8.4 | 2.8 | 13.0 | 7.4 | 7.5 | 8.6 | 2.2 | 19.4 | 25.2 | 37.3 | 44.4 | 8.3 | 86.0 | 73.2 | 59.7 | 48.7 | 15.9 | 13.0 | 11.6 | -- | -- |
| FCF yield (%) | (1.9) | (1.5) | 1.5 | 1.5 | (0.3) | (1.9) | 1.3 | 0.7 | 1.6 | 1.6 | (0.9) | 0.2 | 0.4 | 0.4 | 0.9 | (0.1) | (0.1) | 0.2 | 0.3 | 0.3 | 0.5 | 0.6 | NM | NM |
| EV/DACF (X) | 887.4 | 309.7 | 51.3 | 52.8 | 23.1 | 328.9 | 66.1 | 44.6 | 48.3 | 16.2 | 102.3 | 114.0 | 172.9 | 238.3 | 40.7 | 477.3 | 410.5 | 315.6 | 241.2 | 84.1 | 64.1 | 56.5 | -- | -- |
| CROCI (%) | 0.8 | 1.9 | 10.8 | 10.5 | 26.6 | 1.6 | 6.0 | 8.8 | 10.6 | 28.1 | 8.6 | 9.2 | 12.4 | 13.0 | 45.9 | 9.5 | 9.7 | 11.6 | 14.7 | 48.5 | 47.2 | 41.2 | -- | -- |
| ROE (%) | (16.3) | (17.2) | 7.4 | 3.0 | (21.3) | (14.7) | (7.9) | 2.4 | 1.7 | (14.9) | 0.2 | 1.1 | 2.3 | 1.4 | 4.8 | 0.1 | 0.8 | 3.2 | 5.4 | 9.7 | 14.4 | 13.9 | -- | -- |
| Net debt/EBITDA (X) | NM | 47.3 | 5.1 | 4.9 | 2.1 | 46.1 | 10.1 | 5.1 | 4.1 | 1.6 | 2.2 | 1.1 | (2.5) | (5.6) | (1.8) | (5.8) | (4.3) | (3.6) | (3.5) | (1.3) | (1.2) | (1.3) | -- | -- |
| Net debt/equity (%) | 96.9 | 127.7 | 105.0 | 81.2 | 81.2 | 117.7 | 80.9 | 73.3 | 59.8 | 59.8 | 19.9 | 11.6 | (25.4) | (43.7) | (43.7) | (38.1) | (33.8) | (36.8) | (43.4) | (43.4) | (45.7) | (47.6) | -- | -- |
| Interest cover (X) | (4.0) | (3.8) | 2.4 | 2.4 | (0.6) | (3.3) | (1.0) | 1.4 | 2.1 | (0.1) | 1.7 | 1.9 | 5.0 | 2.3 | 2.7 | 1.0 | 3.1 | 8.8 | 14.0 | 6.3 | 12.2 | 14.5 | -- | -- |
| Inventory days | 298.5 | 317.7 | 228.6 | 202.8 | 56.3 | 319.0 | 242.7 | 248.6 | 217.2 | 59.3 | 309.1 | 325.7 | 224.1 | 175.0 | 56.1 | 273.4 | 301.3 | 286.3 | 253.0 | 61.3 | 76.7 | 78.8 | -- | -- |
| Receivable days | 62.5 | 55.8 | 46.1 | 53.1 | 12.5 | 80.2 | 63.1 | 65.9 | 60.6 | 16.9 | 79.2 | 83.4 | 67.5 | 61.9 | 18.6 | 77.5 | 70.3 | 67.0 | 61.4 | 17.8 | 18.9 | 19.1 | -- | -- |
| Days payable outstanding | 308.7 | 303.9 | 228.2 | 221.0 | 60.7 | 305.4 | 214.6 | 235.7 | 220.4 | 63.8 | 297.4 | 291.1 | 233.9 | 231.5 | 72.0 | 340.8 | 310.9 | 289.8 | 282.3 | 78.2 | 82.8 | 74.3 | -- | -- |
| Growth & Margins (%) | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2018 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2019 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2020 | 2021E Q1 | 2021E Q2 | 2021E Q3 | 2021E Q4 | 2021E | 2022E | 2023E | 2024E | 2025E |
| Total revenue growth | 3.7 | 17.4 | 70.5 | 5.9 | 82.5 | (37.1) | 39.8 | (0.7) | 17.2 | 14.5 | (18.9) | 0.9 | 45.3 | 22.5 | 28.3 | (18.7) | 18.5 | 23.3 | 23.0 | 50.7 | 25.4 | 15.1 | -- | -- |
| EBITDA growth | (40.6) | 24.7 | 775.5 | (1.0) | 38,525.9 | (106.0) | 857.8 | 92.6 | 18.2 | 37.8 | (10.7) | 6.9 | 55.8 | (14.4) | 107.0 | (20.7) | 41.2 | 56.3 | 37.2 | 67.6 | 53.8 | 17.1 | -- | -- |
| EPS growth | (9.1) | (0.6) | 141.4 | (55.4) | 51.2 | (621.0) | 43.1 | 133.6 | (27.8) | 14.6 | (85.7) | 524.9 | 170.2 | (11.5) | 167.7 | (90.9) | 660.2 | 301.3 | 83.8 | 224.4 | 78.2 | 16.2 | -- | -- |
| DPS growth | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | NM | -- | -- |
| Gross margin | 13.4 | 15.5 | 22.3 | 20.0 | 18.8 | 12.5 | 14.5 | 18.9 | 18.8 | 16.6 | 20.6 | 21.0 | 23.5 | 19.2 | 21.0 | 18.8 | 18.5 | 21.0 | 21.7 | 20.3 | 21.7 | 20.7 | -- | -- |
| EBIT margin | (17.5) | (15.5) | 6.1 | 5.7 | (1.8) | (11.5) | (2.6) | 4.1 | 4.9 | (0.3) | 4.7 | 5.4 | 9.2 | 5.4 | 6.3 | 2.1 | 4.1 | 9.2 | 11.8 | 7.6 | 10.6 | 10.4 | -- | -- |
| Source: Company data, Goldman Sachs Research estimates. |
Income Statement
| Buy | Tesla Inc. (TSLA) | |||||||||||||||||||||||
| Mark Delaney, CFA | Price: $793.53 | |||||||||||||||||||||||
| [email protected] | 12m Price Target: $835.00 | |||||||||||||||||||||||
| +1 212 357-0535 | Upside: 5.2% | |||||||||||||||||||||||
| New York | Price as of Jan 29, 2021 | |||||||||||||||||||||||
| Income Statement ($ mn) | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2018 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2019 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2020 | 2021E Q1 | 2021E Q2 | 2021E Q3 | 2021E Q4 | 2021E | 2022E | 2023E | 2024E | 2025E |
| Total revenue | 3,408.8 | 4,002.2 | 6,824.4 | 7,225.9 | 21,461.3 | 4,541.5 | 6,349.7 | 6,303.0 | 7,384.0 | 24,578.1 | 5,985.0 | 6,036.0 | 8,771.0 | 10,744.0 | 31,536.0 | 8,733.4 | 10,344.7 | 12,758.2 | 15,691.9 | 47,528.2 | 59,619.0 | 68,617.8 | -- | -- |
| Cost of goods sold | (2,952.2) | (3,383.3) | (5,300.7) | (5,783.0) | (17,419.2) | (3,975.7) | (5,428.6) | (5,112.0) | (5,993.0) | (20,509.4) | (4,751.0) | (4,769.0) | (6,708.0) | (8,678.0) | (24,906.0) | (7,094.0) | (8,429.1) | (10,073.6) | (12,289.4) | (37,886.1) | (46,685.1) | (54,383.3) | -- | -- |
| SG&A | (686.4) | (854.2) | (756.1) | (673.1) | (2,969.7) | (747.4) | (764.6) | (596.0) | (687.0) | (2,795.0) | (627.0) | (661.0) | (888.0) | (969.0) | (3,145.0) | (960.7) | (982.7) | (988.8) | (1,020.0) | (3,952.1) | (4,363.6) | (4,705.5) | -- | -- |
| R&D | (367.1) | (386.1) | (350.8) | (356.3) | (1,460.4) | (340.2) | (323.9) | (334.0) | (345.0) | (1,343.1) | (324.0) | (279.0) | (366.0) | (522.0) | (1,491.0) | (497.8) | (512.1) | (523.1) | (533.5) | (2,066.5) | (2,257.4) | (2,366.5) | -- | -- |
| Other operating inc./(exp.) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| EBITDA | (180.7) | (136.1) | 919.6 | 910.3 | 1,513.0 | (54.3) | 411.1 | 791.9 | 936.0 | 2,084.7 | 836.0 | 894.0 | 1,393.0 | 1,193.0 | 4,316.0 | 945.9 | 1,335.8 | 2,087.7 | 2,864.1 | 7,233.5 | 11,122.8 | 13,022.5 | -- | -- |
| Depreciation & amortization | (416.2) | (485.3) | (502.8) | (496.7) | (1,901.1) | (467.6) | (578.6) | (530.9) | (577.0) | (2,154.0) | (553.0) | (567.0) | (584.0) | (618.0) | (2,322.0) | (765.0) | (915.0) | (915.0) | (1,015.0) | (3,610.0) | (4,810.0) | (5,860.0) | -- | -- |
| EBIT | (597.0) | (621.4) | 416.8 | 413.5 | (388.1) | (521.8) | (167.5) | 261.0 | 359.0 | (69.3) | 283.0 | 327.0 | 809.0 | 575.0 | 1,994.0 | 180.9 | 420.8 | 1,172.7 | 1,849.1 | 3,623.5 | 6,312.8 | 7,162.5 | -- | -- |
| Net interest inc./(exp.) | (144.3) | (158.5) | (168.3) | (167.4) | (638.5) | (148.7) | (161.6) | (170.0) | (160.0) | (640.3) | (159.0) | (162.0) | (157.0) | (240.0) | (718.0) | (165.0) | (124.5) | (123.3) | (122.0) | (534.8) | (425.6) | (394.0) | -- | -- |
| Income/(loss) from associates | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Pre-tax profit | (779.0) | (729.0) | 271.3 | 232.0 | (1,004.7) | (644.8) | (369.8) | 176.0 | 174.0 | (664.6) | 70.0 | 150.0 | 555.0 | 379.0 | 1,154.0 | 59.9 | 340.3 | 1,093.5 | 1,771.0 | 3,264.7 | 6,063.2 | 6,944.6 | -- | -- |
| Provision for taxes | (5.6) | (13.7) | (16.6) | (21.9) | (57.8) | (22.9) | (19.4) | (26.0) | (42.0) | (110.3) | (2.0) | (21.0) | (186.0) | (83.0) | (292.0) | (10.0) | (100.0) | (275.0) | (300.0) | (685.0) | (1,415.0) | (1,440.0) | -- | -- |
| Minority interest | 75.1 | 25.2 | 56.8 | (70.6) | 86.5 | (34.5) | (19.1) | (7.0) | (27.0) | (87.6) | (52.0) | (25.0) | (69.0) | (26.0) | (172.0) | (25.0) | (50.0) | (50.0) | (50.0) | (175.0) | (240.0) | (240.0) | -- | -- |
| Preferred dividends | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Net inc. (pre-exceptionals) | (709.6) | (717.5) | 311.5 | 139.5 | (976.1) | (702.1) | (408.3) | 143.0 | 105.0 | (862.5) | 16.0 | 104.0 | 300.0 | 270.0 | 690.0 | 24.9 | 190.3 | 768.5 | 1,421.0 | 2,404.7 | 4,408.2 | 5,264.6 | -- | -- |
| Net inc. (post-exceptionals) | (709.6) | (717.5) | 311.5 | 139.5 | (976.1) | (702.1) | (408.3) | 143.0 | 105.0 | (862.5) | 16.0 | 104.0 | 300.0 | 270.0 | 690.0 | 24.9 | 190.3 | 768.5 | 1,421.0 | 2,404.7 | 4,408.2 | 5,264.6 | -- | -- |
| EPS (basic, pre-except) ($) | (0.84) | (0.84) | 0.36 | 0.16 | (1.14) | (0.81) | (0.46) | 0.16 | 0.12 | (0.97) | 0.02 | 0.11 | 0.32 | 0.28 | 0.74 | 0.03 | 0.20 | 0.79 | 1.45 | 2.48 | 4.42 | 5.14 | -- | -- |
| EPS (diluted, pre-except) ($) | (0.84) | (0.84) | 0.35 | 0.16 | (1.12) | (0.81) | (0.46) | 0.16 | 0.11 | (0.96) | 0.02 | 0.10 | 0.27 | 0.24 | 0.65 | 0.02 | 0.17 | 0.67 | 1.23 | 2.10 | 3.75 | 4.35 | -- | -- |
| EPS (ex-ESO exp., dil.) ($) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| DPS ($) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Div. payout ratio (%) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -- | -- |
| Wtd avg shares out. (basic) (mn) | 845.7 | 850.0 | 854.5 | 860.1 | 852.6 | 864.9 | 883.3 | 895.0 | 900.0 | 885.8 | 915.0 | 930.0 | 937.0 | 951.0 | 933.3 | 958.5 | 965.5 | 972.5 | 979.5 | 969.0 | 997.0 | 1,025.0 | 0.0 | 0.0 |
| Wtd avg shares out. (diluted) (mn) | 845.7 | 850.0 | 891.0 | 895.1 | 870.5 | 864.9 | 883.3 | 920.0 | 935.0 | 900.8 | 995.0 | 1,035.0 | 1,105.0 | 1,124.0 | 1,064.8 | 1,132.5 | 1,140.5 | 1,147.5 | 1,154.5 | 1,143.8 | 1,176.4 | 1,209.4 | -- | -- |
| Source: Company data, Goldman Sachs Research estimates. |
Balance Sheet
| Buy | Tesla Inc. (TSLA) | |||||||||||||||||||||||
| Mark Delaney, CFA | Price: $793.53 | |||||||||||||||||||||||
| [email protected] | 12m Price Target: $835.00 | |||||||||||||||||||||||
| +1 212 357-0535 | Upside: 5.2% | |||||||||||||||||||||||
| New York | Price as of Jan 29, 2021 | |||||||||||||||||||||||
| Balance Sheet ($ mn) | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2018 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2019 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2020 | 2021E Q1 | 2021E Q2 | 2021E Q3 | 2021E Q4 | 2021E | 2022E | 2023E | 2024E | 2025E |
| Cash & cash equivalents | 3,219.7 | 2,783.2 | 3,523.0 | 4,276.4 | 4,276.4 | 2,682.8 | 5,448.3 | 5,826.0 | 6,783.0 | 6,783.0 | 8,547.0 | 9,106.0 | 15,003.0 | 19,901.0 | 19,901.0 | 17,425.2 | 16,394.9 | 17,412.6 | 19,804.6 | 19,804.6 | 22,659.7 | 26,055.8 | -- | -- |
| Accounts receivable | 652.8 | 569.9 | 1,155.0 | 949.0 | 949.0 | 1,046.9 | 1,147.1 | 1,128.0 | 1,324.0 | 1,324.0 | 1,274.0 | 1,485.0 | 1,757.0 | 1,886.0 | 1,886.0 | 1,823.4 | 2,159.9 | 2,523.6 | 2,759.0 | 2,759.0 | 3,400.2 | 3,790.7 | -- | -- |
| Inventory | 2,565.8 | 3,324.6 | 3,314.1 | 3,113.4 | 3,113.4 | 3,836.9 | 3,382.4 | 3,581.0 | 3,552.0 | 3,552.0 | 4,494.0 | 4,018.0 | 4,218.0 | 4,101.0 | 4,101.0 | 6,526.0 | 7,389.1 | 8,412.0 | 8,621.9 | 8,621.9 | 11,000.6 | 12,487.1 | -- | -- |
| Other current assets | 379.4 | 422.0 | 325.2 | 365.7 | 365.7 | 464.9 | 569.7 | 660.0 | 713.0 | 713.0 | 852.0 | 1,015.0 | 1,064.0 | 1,127.0 | 1,127.0 | 1,127.0 | 1,127.0 | 1,127.0 | 1,127.0 | 1,127.0 | 1,127.0 | 1,127.0 | -- | -- |
| Total current assets | 6,817.8 | 7,099.8 | 8,317.3 | 8,704.5 | 8,704.5 | 8,031.5 | 10,547.5 | 11,195.0 | 12,372.0 | 12,372.0 | 15,167.0 | 15,624.0 | 22,042.0 | 27,015.0 | 27,015.0 | 26,901.7 | 27,070.9 | 29,475.2 | 32,312.6 | 32,312.6 | 38,187.5 | 43,460.7 | -- | -- |
| Net PP&E | 10,519.2 | 10,969.3 | 11,246.3 | 11,330.1 | 11,330.1 | 11,104.0 | 11,330.7 | 11,424.0 | 11,614.0 | 11,614.0 | 11,835.0 | 12,283.0 | 13,223.0 | 14,305.0 | 14,305.0 | 14,805.0 | 15,155.0 | 15,555.0 | 15,855.0 | 15,855.0 | 16,705.0 | 18,405.0 | -- | -- |
| Net intangibles | 407.7 | 364.7 | 356.7 | 350.7 | 350.7 | 347.9 | 480.8 | 537.0 | 537.0 | 537.0 | 516.0 | 508.0 | 521.0 | 520.0 | 520.0 | 505.0 | 490.0 | 475.0 | 460.0 | 460.0 | 400.0 | 340.0 | -- | -- |
| Total investments | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -- | -- |
| Other long-term assets | 9,526.7 | 9,476.2 | 9,342.4 | 9,354.4 | 9,354.4 | 9,429.2 | 9,513.5 | 9,639.0 | 9,786.0 | 9,786.0 | 10,006.0 | 10,008.0 | 10,203.0 | 10,606.0 | 10,606.0 | 10,631.0 | 10,656.0 | 10,681.0 | 10,706.0 | 10,706.0 | 10,806.0 | 10,906.0 | -- | -- |
| Total assets | 27,271.4 | 27,910.0 | 29,262.7 | 29,739.6 | 29,739.6 | 28,912.5 | 31,872.6 | 32,795.0 | 34,309.0 | 34,309.0 | 37,250.0 | 38,135.0 | 45,691.0 | 52,148.0 | 52,148.0 | 52,544.7 | 53,073.9 | 55,888.2 | 59,035.6 | 59,035.6 | 65,800.5 | 72,813.7 | -- | -- |
| Accounts payable | 2,603.5 | 3,030.5 | 3,597.0 | 3,404.5 | 3,404.5 | 3,248.8 | 3,133.6 | 3,468.0 | 3,771.0 | 3,771.0 | 3,970.0 | 3,638.0 | 4,958.0 | 6,051.0 | 6,051.0 | 7,197.8 | 7,161.7 | 8,832.6 | 10,173.9 | 10,173.9 | 11,000.6 | 11,149.2 | -- | -- |
| Short-term debt | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Current lease liabilities | 1,998.0 | 2,103.2 | 2,106.5 | 2,567.7 | 2,567.7 | 1,705.7 | 1,791.1 | 2,030.0 | 1,785.0 | 1,785.0 | 3,217.0 | 3,679.0 | 3,126.0 | 2,132.0 | 2,132.0 | 2,132.0 | 2,132.0 | 2,132.0 | 2,132.0 | 2,132.0 | 2,132.0 | 2,132.0 | -- | -- |
| Other current liabilities | 4,048.8 | 4,007.7 | 4,071.8 | 4,020.0 | 4,020.0 | 4,288.3 | 4,664.1 | 4,648.0 | 5,111.0 | 5,111.0 | 4,799.0 | 4,953.0 | 5,218.0 | 6,065.0 | 6,065.0 | 6,065.0 | 6,065.0 | 6,065.0 | 6,065.0 | 6,065.0 | 6,065.0 | 6,065.0 | -- | -- |
| Total current liabilities | 8,650.4 | 9,141.4 | 9,775.3 | 9,992.1 | 9,992.1 | 9,242.8 | 9,588.8 | 10,146.0 | 10,667.0 | 10,667.0 | 11,986.0 | 12,270.0 | 13,302.0 | 14,248.0 | 14,248.0 | 15,394.8 | 15,358.7 | 17,029.6 | 18,370.9 | 18,370.9 | 19,197.6 | 19,346.2 | -- | -- |
| Long-term debt | 8,761.1 | 9,510.7 | 9,669.9 | 9,403.7 | 9,403.7 | 9,788.0 | 11,234.4 | 11,313.0 | 11,634.0 | 11,634.0 | 10,666.0 | 10,416.0 | 10,559.0 | 9,556.0 | 9,556.0 | 8,156.0 | 7,906.0 | 7,656.0 | 7,406.0 | 7,406.0 | 6,406.0 | 5,406.0 | -- | -- |
| Non-current lease liabilities | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Other long-term liabilities | 4,139.6 | 3,990.8 | 3,963.9 | 4,030.2 | 4,030.2 | 3,843.9 | 3,899.0 | 3,854.0 | 3,898.0 | 3,898.0 | 3,926.0 | 4,112.0 | 4,330.0 | 4,665.0 | 4,665.0 | 4,665.0 | 4,665.0 | 4,665.0 | 4,665.0 | 4,665.0 | 4,665.0 | 4,665.0 | -- | -- |
| Total long-term liabilities | 12,900.7 | 13,501.5 | 13,633.8 | 13,433.9 | 13,433.9 | 13,631.8 | 15,133.4 | 15,167.0 | 15,532.0 | 15,532.0 | 14,592.0 | 14,528.0 | 14,889.0 | 14,221.0 | 14,221.0 | 12,821.0 | 12,571.0 | 12,321.0 | 12,071.0 | 12,071.0 | 11,071.0 | 10,071.0 | -- | -- |
| Total liabilities | 21,551.0 | 22,642.9 | 23,409.1 | 23,426.0 | 23,426.0 | 22,874.6 | 24,722.1 | 25,313.0 | 26,199.0 | 26,199.0 | 26,578.0 | 26,798.0 | 28,191.0 | 28,469.0 | 28,469.0 | 28,215.8 | 27,929.7 | 29,350.6 | 30,441.9 | 30,441.9 | 30,268.6 | 29,417.2 | -- | -- |
| Preferred shares | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total common equity | 4,450.7 | 3,906.4 | 4,508.8 | 4,923.2 | 4,923.2 | 4,605.6 | 5,715.4 | 6,040.0 | 6,618.0 | 6,618.0 | 9,173.0 | 9,855.0 | 16,031.0 | 22,225.0 | 22,225.0 | 22,874.9 | 23,690.2 | 25,083.6 | 27,139.7 | 27,139.7 | 34,077.9 | 41,942.5 | -- | -- |
| Minority interest | 1,269.7 | 1,360.7 | 1,344.7 | 1,390.4 | 1,390.4 | 1,432.3 | 1,435.1 | 1,442.0 | 1,492.0 | 1,492.0 | 1,499.0 | 1,482.0 | 1,469.0 | 1,454.0 | 1,454.0 | 1,454.0 | 1,454.0 | 1,454.0 | 1,454.0 | 1,454.0 | 1,454.0 | 1,454.0 | -- | -- |
| Total liabilities & equity | 27,271.4 | 27,910.0 | 29,262.7 | 29,739.6 | 29,739.6 | 28,912.5 | 31,872.6 | 32,795.0 | 34,309.0 | 34,309.0 | 37,250.0 | 38,135.0 | 45,691.0 | 52,148.0 | 52,148.0 | 52,544.7 | 53,073.9 | 55,888.2 | 59,035.6 | 59,035.6 | 65,800.5 | 72,813.7 | -- | -- |
| BVPS ($) | 5.26 | 4.60 | 5.06 | 5.50 | 5.66 | 5.32 | 6.47 | 6.57 | 7.08 | 7.35 | 9.22 | 9.52 | 14.51 | 19.77 | 20.87 | 20.20 | 20.77 | 21.86 | 23.51 | 23.73 | 28.97 | 34.68 | -- | -- |
| Source: Company data, Goldman Sachs Research estimates. |
Cash Flow
| Buy | Tesla Inc. (TSLA) | |||||||||||||||||||||||
| Mark Delaney, CFA | Price: $793.53 | |||||||||||||||||||||||
| [email protected] | 12m Price Target: $835.00 | |||||||||||||||||||||||
| +1 212 357-0535 | Upside: 5.2% | |||||||||||||||||||||||
| New York | Price as of Jan 29, 2021 | |||||||||||||||||||||||
| Cash Flow ($ mn) | 2018 Q1 | 2018 Q2 | 2018 Q3 | 2018 Q4 | 2018 | 2019 Q1 | 2019 Q2 | 2019 Q3 | 2019 Q4 | 2019 | 2020 Q1 | 2020 Q2 | 2020 Q3 | 2020 Q4 | 2020 | 2021E Q1 | 2021E Q2 | 2021E Q3 | 2021E Q4 | 2021E | 2022E | 2023E | 2024E | 2025E |
| Net income | (784.6) | (742.7) | 254.7 | 210.1 | (1,062.6) | (667.6) | (389.3) | 149.9 | 132.0 | (775.0) | 68.0 | 129.0 | 369.0 | 296.0 | 862.0 | 24.9 | 190.3 | 768.5 | 1,421.0 | 2,404.7 | 4,408.2 | 5,264.6 | -- | -- |
| D&A add-back | 416.2 | 485.3 | 502.8 | 496.7 | 1,901.1 | 467.6 | 578.6 | 530.9 | 577.0 | 2,154.0 | 553.0 | 567.0 | 584.0 | 618.0 | 2,322.0 | 765.0 | 915.0 | 915.0 | 1,015.0 | 3,610.0 | 4,810.0 | 5,860.0 | -- | -- |
| Minority interest add-back | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Net (inc)/dec working capital | (325.4) | (167.0) | 351.3 | 199.0 | 58.0 | (676.1) | 287.1 | (191.0) | 231.0 | (349.0) | (1,447.0) | (246.0) | 635.0 | 1,242.0 | 184.0 | (1,215.7) | (1,235.6) | 284.2 | 895.9 | (1,271.1) | (2,193.1) | (1,728.4) | -- | -- |
| Others | 295.4 | 294.8 | 282.5 | 328.7 | 1,201.4 | 236.6 | 387.1 | 266.3 | 485.0 | 1,375.0 | 386.0 | 514.0 | 812.0 | 863.0 | 2,575.0 | 625.0 | 625.0 | 625.0 | 635.0 | 2,510.0 | 2,530.0 | 2,600.0 | -- | -- |
| Cash flow from operations | (398.4) | (129.7) | 1,391.3 | 1,234.6 | 2,097.8 | (639.6) | 863.6 | 756.0 | 1,425.0 | 2,405.0 | (440.0) | 964.0 | 2,400.0 | 3,019.0 | 5,943.0 | 199.2 | 494.7 | 2,592.7 | 3,967.0 | 7,253.6 | 9,555.1 | 11,996.1 | -- | -- |
| Capital expenditures | (655.7) | (609.8) | (510.3) | (325.0) | (2,100.7) | (279.9) | (249.7) | (385.4) | (412.0) | (1,327.0) | (455.0) | (546.0) | (1,005.0) | (1,151.0) | (3,157.0) | (1,250.0) | (1,250.0) | (1,300.0) | (1,300.0) | (5,100.0) | (5,600.0) | (7,500.0) | -- | -- |
| Acquisitions | -- | (5.6) | (1.2) | (11.1) | (17.9) | (0.7) | 31.7 | (76.0) | 46.0 | 1.0 | 1.0 | -- | (13.0) | 122.0 | 110.0 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Divestitures | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Others | (73.0) | (67.4) | (49.5) | (28.9) | (218.8) | (25.3) | (23.5) | (24.2) | (37.0) | (110.0) | (26.0) | (20.0) | (21.0) | (18.0) | (85.0) | (25.0) | (25.0) | (25.0) | (25.0) | (100.0) | (100.0) | (100.0) | -- | -- |
| Cash flow from investing | (728.6) | (682.8) | (561.0) | (365.0) | (2,337.4) | (305.8) | (241.5) | (485.6) | (403.0) | (1,436.0) | (480.0) | (566.0) | (1,039.0) | (1,047.0) | (3,132.0) | (1,275.0) | (1,275.0) | (1,325.0) | (1,325.0) | (5,200.0) | (5,700.0) | (7,600.0) | -- | -- |
| Dividends paid | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Share issuance/(repurchase) | -- | -- | -- | -- | -- | -- | 848.2 | (0.2) | -- | 848.0 | 2,309.0 | -- | 4,973.0 | 4,987.0 | 12,269.0 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Inc/(dec) in debt | 368.6 | 388.4 | (21.7) | 93.8 | 829.1 | (476.6) | 1,783.8 | 210.9 | (10.0) | 1,508.0 | 484.0 | 236.0 | (431.0) | (2,074.0) | (1,785.0) | (1,400.0) | (250.0) | (250.0) | (250.0) | (2,150.0) | (1,000.0) | (1,000.0) | -- | -- |
| Others | 32.0 | 17.0 | (11.2) | (135.0) | (97.3) | (104.8) | (412.7) | (22.9) | 43.0 | (497.4) | (9.0) | (21.0) | 88.0 | 13.0 | 71.0 | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Cash flow from financing | 381.8 | 376.0 | (90.6) | (116.1) | 551.1 | (648.1) | 2,143.4 | 107.3 | (65.0) | 1,537.6 | 2,684.0 | 161.0 | 4,536.0 | 2,926.0 | 10,307.0 | (1,400.0) | (250.0) | (250.0) | (250.0) | (2,150.0) | (1,000.0) | (1,000.0) | -- | -- |
| Total cash flow | (148.2) | (436.5) | 739.7 | 753.4 | 908.5 | (1,593.6) | 2,765.5 | 377.7 | 957.0 | 2,506.6 | 1,764.0 | 559.0 | 5,897.0 | 4,898.0 | 13,118.0 | (2,475.8) | (1,030.3) | 1,017.7 | 2,392.0 | (96.4) | 2,855.1 | 3,396.1 | -- | -- |
| Free cash flow | (1,054.0) | (739.5) | 881.0 | 909.6 | (2.9) | (919.5) | 613.9 | 370.6 | 1,013.0 | 1,078.0 | (895.0) | 418.0 | 1,395.0 | 1,868.0 | 2,786.0 | (1,050.8) | (755.3) | 1,292.7 | 2,667.0 | 2,153.6 | 3,955.1 | 4,496.1 | -- | -- |
| Free cash flow per share (basic) ($) | (1.27) | (0.90) | 0.96 | 0.97 | (0.22) | (1.14) | 0.61 | 0.32 | 1.02 | 0.85 | (1.09) | 0.39 | 1.39 | 1.96 | 2.72 | (1.10) | (0.78) | 1.33 | 2.72 | 2.22 | 3.97 | 4.39 | NM | NM |
| Source: Company data, Goldman Sachs Research estimates. |
Tear Sheet
| Buy | Tesla Inc. (TSLA) | ||||||
| Mark Delaney, CFA | Price: $793.53 | ||||||
| [email protected] | 12m Price Target: $835.00 | ||||||
| +1 212 357-0535 | Upside: 5.2% | ||||||
| New York | Price as of Jan 29, 2021 | ||||||
| Key Data | |||||||
| Market cap | $891.9bn | ||||||
| Enterprise value | $879,529.1mn | ||||||
| 3m ADTV | $28.2bn | ||||||
| United States | |||||||
| Americas Autos & Industrial Tech | |||||||
| M&A Rank | 3 | ||||||
| GS Forecast | 12/20 | 12/21E | 12/22E | 12/23E | |||
| Revenue ($ mn) | 31,536.0 | 47,528.2 | 59,619.0 | 68,617.8 | |||
| EBITDA ($ mn) | 5,786.0 | 9,784.5 | 13,678.8 | 15,658.5 | |||
| EBIT ($ mn) | 1,994.0 | 3,623.5 | 6,312.8 | 7,162.5 | |||
| EPS ($) | 0.65 | 2.10 | 3.75 | 4.35 | |||
| P/E (X) | NM | NM | NM | NM | |||
| EV/EBITDA (X) | 45.0 | 77.3 | 56.6 | 50.6 | |||
| FCF yield (%) | 0.9 | 0.3 | 0.5 | 0.6 | |||
| Dividend yield (%) | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Net debt/EBITDA (X) | (1.8) | (1.3) | (1.2) | (1.3) | |||
| Ratios & Valuations | 12/20 | 12/21E | 12/22E | 12/23E | |||
| P/E (X) | NM | NM | NM | NM | |||
| EV/EBITDA (X) | 45.0 | 77.3 | 56.6 | 50.6 | |||
| EV/sales (X) | 8.3 | 15.9 | 13.0 | 11.6 | |||
| FCF yield (%) | 0.9 | 0.3 | 0.5 | 0.6 | |||
| EV/DACF (X) | 40.7 | 84.1 | 64.1 | 56.5 | |||
| CROCI (%) | 45.9 | 48.5 | 47.2 | 41.2 | |||
| ROE (%) | 4.8 | 9.7 | 14.4 | 13.9 | |||
| Net debt/EBITDA (X) | (1.8) | (1.3) | (1.2) | (1.3) | |||
| Net debt/equity (%) | (43.7) | (43.4) | (45.7) | (47.6) | |||
| Interest cover (X) | 2.7 | 6.3 | 12.2 | 14.5 | |||
| Inventory days | 56.1 | 61.3 | 76.7 | 78.8 | |||
| Receivable days | 18.6 | 17.8 | 18.9 | 19.1 | |||
| Days payable outstanding | 72.0 | 78.2 | 82.8 | 74.3 | |||
| Growth & Margins (%) | 12/20 | 12/21E | 12/22E | 12/23E | |||
| Total revenue growth | 28.3 | 50.7 | 25.4 | 15.1 | |||
| EBITDA growth | 107.0 | 67.6 | 53.8 | 17.1 | |||
| EPS growth | 167.7 | 224.4 | 78.2 | 16.2 | |||
| DPS growth | NM | NM | NM | NM | |||
| Gross margin | 21.0 | 20.3 | 21.7 | 20.7 | |||
| EBIT margin | 6.3 | 7.6 | 10.6 | 10.4 | |||
| Income Statement ($ mn) | 12/20 | 12/21E | 12/22E | 12/23E | |||
| Total revenue | 31,536.0 | 47,528.2 | 59,619.0 | 68,617.8 | |||
| Cost of goods sold | (24,906.0) | (37,886.1) | (46,685.1) | (54,383.3) | |||
| SG&A | (3,145.0) | (3,952.1) | (4,363.6) | (4,705.5) | |||
| R&D | (1,491.0) | (2,066.5) | (2,257.4) | (2,366.5) | |||
| Other operating inc./(exp.) | -- | -- | -- | -- | |||
| EBITDA | 4,316.0 | 7,233.5 | 11,122.8 | 13,022.5 | |||
| Depreciation & amortization | (2,322.0) | (3,610.0) | (4,810.0) | (5,860.0) | |||
| EBIT | 1,994.0 | 3,623.5 | 6,312.8 | 7,162.5 | |||
| Net interest inc./(exp.) | (718.0) | (534.8) | (425.6) | (394.0) | |||
| Income/(loss) from associates | -- | -- | -- | -- | |||
| Pre-tax profit | 1,154.0 | 3,264.7 | 6,063.2 | 6,944.6 | |||
| Provision for taxes | (292.0) | (685.0) | (1,415.0) | (1,440.0) | |||
| Minority interest | (172.0) | (175.0) | (240.0) | (240.0) | |||
| Preferred dividends | -- | -- | -- | -- | |||
| Net inc. (pre-exceptionals) | 690.0 | 2,404.7 | 4,408.2 | 5,264.6 | |||
| Net inc. (post-exceptionals) | 690.0 | 2,404.7 | 4,408.2 | 5,264.6 | |||
| EPS (basic, pre-except) ($) | 0.74 | 2.48 | 4.42 | 5.14 | |||
| EPS (diluted, pre-except) ($) | 0.65 | 2.10 | 3.75 | 4.35 | |||
| EPS (ex-ESO exp., dil.) ($) | -- | -- | -- | -- | |||
| DPS ($) | -- | -- | -- | -- | |||
| Div. payout ratio (%) | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Wtd avg shares out. (basic) (mn) | 933.3 | 969.0 | 997.0 | 1,025.0 | |||
| Wtd avg shares out. (diluted) (mn) | 1,064.8 | 1,143.8 | 1,176.4 | 1,209.4 | |||
| Source: Company data, Goldman Sachs Research estimates. | Page 1 of 2 | ||||||
| Balance Sheet ($ mn) | 12/20 | 12/21E | 12/22E | 12/23E | |||
| Cash & cash equivalents | 19,901.0 | 19,804.6 | 22,659.7 | 26,055.8 | |||
| Accounts receivable | 1,886.0 | 2,759.0 | 3,400.2 | 3,790.7 | |||
| Inventory | 4,101.0 | 8,621.9 | 11,000.6 | 12,487.1 | |||
| Other current assets | 1,127.0 | 1,127.0 | 1,127.0 | 1,127.0 | |||
| Total current assets | 27,015.0 | 32,312.6 | 38,187.5 | 43,460.7 | |||
| Net PP&E | 14,305.0 | 15,855.0 | 16,705.0 | 18,405.0 | |||
| Net intangibles | 520.0 | 460.0 | 400.0 | 340.0 | |||
| Total investments | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Other long-term assets | 10,606.0 | 10,706.0 | 10,806.0 | 10,906.0 | |||
| Total assets | 52,148.0 | 59,035.6 | 65,800.5 | 72,813.7 | |||
| Accounts payable | 6,051.0 | 10,173.9 | 11,000.6 | 11,149.2 | |||
| Short-term debt | -- | -- | -- | -- | |||
| Current lease liabilities | 2,132.0 | 2,132.0 | 2,132.0 | 2,132.0 | |||
| Other current liabilities | 6,065.0 | 6,065.0 | 6,065.0 | 6,065.0 | |||
| Total current liabilities | 14,248.0 | 18,370.9 | 19,197.6 | 19,346.2 | |||
| Long-term debt | 9,556.0 | 7,406.0 | 6,406.0 | 5,406.0 | |||
| Non-current lease liabilities | -- | -- | -- | -- | |||
| Other long-term liabilities | 4,665.0 | 4,665.0 | 4,665.0 | 4,665.0 | |||
| Total long-term liabilities | 14,221.0 | 12,071.0 | 11,071.0 | 10,071.0 | |||
| Total liabilities | 28,469.0 | 30,441.9 | 30,268.6 | 29,417.2 | |||
| Preferred shares | -- | -- | -- | -- | |||
| Total common equity | 22,225.0 | 27,139.7 | 34,077.9 | 41,942.5 | |||
| Minority interest | 1,454.0 | 1,454.0 | 1,454.0 | 1,454.0 | |||
| Total liabilities & equity | 52,148.0 | 59,035.6 | 65,800.5 | 72,813.7 | |||
| BVPS ($) | 20.87 | 23.73 | 28.97 | 34.68 | |||
| Cash Flow ($ mn) | 12/20 | 12/21E | 12/22E | 12/23E | |||
| Net income | 862.0 | 2,404.7 | 4,408.2 | 5,264.6 | |||
| D&A add-back | 2,322.0 | 3,610.0 | 4,810.0 | 5,860.0 | |||
| Minority interest add-back | -- | -- | -- | -- | |||
| Net (inc)/dec working capital | 184.0 | (1,271.1) | (2,193.1) | (1,728.4) | |||
| Others | 2,575.0 | 2,510.0 | 2,530.0 | 2,600.0 | |||
| Cash flow from operations | 5,943.0 | 7,253.6 | 9,555.1 | 11,996.1 | |||
| Capital expenditures | (3,157.0) | (5,100.0) | (5,600.0) | (7,500.0) | |||
| Acquisitions | 110.0 | -- | -- | -- | |||
| Divestitures | -- | -- | -- | -- | |||
| Others | (85.0) | (100.0) | (100.0) | (100.0) | |||
| Cash flow from investing | (3,132.0) | (5,200.0) | (5,700.0) | (7,600.0) | |||
| Dividends paid | -- | -- | -- | -- | |||
| Share issuance/(repurchase) | 12,269.0 | -- | -- | -- | |||
| Inc/(dec) in debt | (1,785.0) | (2,150.0) | (1,000.0) | (1,000.0) | |||
| Others | 71.0 | -- | -- | -- | |||
| Cash flow from financing | 10,307.0 | (2,150.0) | (1,000.0) | (1,000.0) | |||
| Total cash flow | 13,118.0 | (96.4) | 2,855.1 | 3,396.1 | |||
| Free cash flow | 2,786.0 | 2,153.6 | 3,955.1 | 4,496.1 | |||
| Free cash flow per share (basic) ($) | 2.72 | 2.22 | 3.97 | 4.39 | |||
| Source: Company data, Goldman Sachs Research estimates. | Page 2 of 2 | ||||||
