Representative List of Companies to Choose from. There are certainly many more companies in each of these categories. Choose TWO Companies Chipotle, McDonalds, Yum!, Starbucks, Red Robin Gourmet Burgers Walgreens, CVS, Rite Aid, Target United Airlines,
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tesla_dcf_model.xlsxApple DCF
| Top Line Growth | 52.0% | 66.0% | 44.6% | 9.2% | 26.5% | 73.0% | 27.0% | |||||||||||||
| Tesla 10-Yr Model (in millions) | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Terminal Value | |
| Total Revenue | $ 42,905 | $ 65,225 | $ 108,249 | $ 156,508 | $ 170,910 | $ 3,198,356 | $ 4,046,025 | $ 7,000,132 | $ 8,890,168 | $ 11,290,513 | $ 14,338,951 | $ 18,210,468 | $ 23,127,295 | $ 29,371,664 | $ 37,302,014 | $ 47,373,557 | $ 60,164,418 | $ 76,408,811 | ||
| Cost of Revenue | 25,683 | 39,541 | 64,431 | 87,846 | 106,606 | 2,316,685 | 3,122,522 | 5,400,875 | 6,725,759 | 8,372,356 | 10,417,808 | 12,957,459 | 16,109,063 | 20,017,935 | 24,863,248 | 30,865,721 | 38,297,000 | 47,491,057 | ||
| Gross Profit | 17,222 | 25,684 | 43,818 | 68,662 | 64,304 | 881,671 | 923,503 | 1,599,257 | 2,164,409 | 2,918,157 | 3,921,144 | 5,253,009 | 7,018,231 | 9,353,729 | 12,438,766 | 16,507,836 | 21,867,418 | 28,917,753 | ||
| 40.1% | 39.4% | 40.5% | 43.9% | 37.6% | 27.6% | 22.8% | 22.8% | 24.3% | 25.8% | 27.3% | 28.8% | 30.3% | 31.8% | 33.3% | 34.8% | 36.3% | 37.8% | |||
| Operating Expenses | ||||||||||||||||||||
| R&D | 1,333 | 1,782 | 2,429 | 3,381 | 4,475 | 464,700 | 717,900 | 834,408 | 1,059,698 | 1,345,817 | 1,709,187 | 2,170,668 | 2,756,748 | 3,501,070 | 4,446,359 | 5,646,876 | 7,171,532 | 9,107,846 | ||
| SG&A | 4,149 | 5,517 | 7,599 | 10,040 | 10,830 | 603,660 | 922,232 | 1,432,189 | 1,774,429 | 2,197,073 | 2,718,587 | 3,361,554 | 4,153,537 | 5,128,133 | 6,326,219 | 7,797,430 | 9,601,914 | 11,812,387 | ||
| Income/expenses from investments | ||||||||||||||||||||
| EBIT | 11,740 | 18,385 | 33,790 | 55,241 | 48,999 | (186,689) | (716,629) | (667,340) | (669,718) | (624,732) | (506,631) | (279,212) | 107,947 | 724,526 | 1,666,188 | 3,063,530 | 5,093,972 | 7,997,520 | ||
| Other Income | 326 | 155 | 415 | 522 | 1,156 | (1,813) | 41652 | -111272 | ||||||||||||
| Interest/Debt Expense | 99,760 | 117343 | 190280 | 200 | 200 | 200 | 200 | 200 | 200 | 200 | 200 | 200 | 200 | |||||||
| EBT | 12,066 | 18,540 | 34,205 | 55,763 | 50,155 | (284,636) | (875,624) | (746,348) | (669,918) | (624,932) | (506,831) | (279,412) | 107,747 | 724,326 | 1,665,988 | 3,063,330 | 5,093,772 | 7,997,320 | ||
| Income Taxes | 3,831 | 4,527 | 8,283 | 14,030 | 13,118 | 9,404 | 13,039 | 26,698 | (200,976) | (187,480) | (152,049) | (83,824) | 32,324 | 217,298 | 499,796 | 918,999 | 1,528,131 | 2,399,196 | ||
| Net Income | $ 8,235 | $ 14,013 | $ 25,922 | $ 41,733 | $ 37,037 | $ (294,040) | $ (888,663) | $ (773,046) | $ (468,943) | $ (437,453) | $ (354,782) | $ (195,588) | $ 75,423 | $ 507,028 | $ 1,166,192 | $ 2,144,331 | $ 3,565,640 | $ 5,598,124 | ||
| NCC | ||||||||||||||||||||
| D&A | 734 | 1,027 | 1,814 | 3,277 | 6,757 | 231,931 | 422,590 | 947,099 | 1,202,816 | 1,527,576 | 1,940,021 | 2,463,827 | 3,129,061 | 3,973,907 | 5,046,862 | 6,409,515 | 8,140,084 | 10,337,906 | ||
| Share-based Comp | 710 | 879 | 1,168 | 1,740 | 2,253 | 156,496 | 197,999 | 334,225 | 424,466 | 539,072 | 684,621 | 869,468 | 1,104,225 | 1,402,366 | 1,781,004 | 2,261,876 | 2,872,582 | 3,648,179 | ||
| CapEx | (1,144) | (2,005) | (4,260) | (8,295) | (8,165) | (969,885) | (1,634,850) | (1,280,802) | (1,536,962) | (1,844,355) | (2,213,226) | (2,655,871) | (3,187,045) | (3,824,454) | (4,589,345) | (5,507,214) | (6,608,657) | (7,930,388) | ||
| WCInv | (586) | 1,212 | 5,757 | (299) | 6,478 | (568,285) | (493,289) | (693,861) | (444,508) | (564,526) | (716,948) | (910,523) | (1,156,365) | (1,468,583) | (1,865,101) | (2,368,678) | (3,008,221) | (3,820,441) | ||
| Borrowing | ||||||||||||||||||||
| FCFE | 7,949 | 15,126 | 30,401 | 38,156 | 44,360 | (1,443,783) | (2,396,213) | (1,466,385) | (823,132) | (779,686) | (660,313) | (428,687) | (34,702) | 590,263 | 1,539,612 | 2,939,829 | 4,961,428 | 7,833,380 | 100,854,772 | |
| PV of FCF | (1,443,783) | (2,396,213) | (1,466,385) | (741,561) | (632,810) | (482,815) | (282,389) | (20,594) | 315,579 | 741,567 | 1,275,670 | 1,939,545 | 2,758,795 | 35,519,485 | ||||||
| 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 10 | ||||||||||
| Assumptions: | ||||||||||||||||||||
| r = | 11.00% | |||||||||||||||||||
| Aggregate of PV of FCFs | 4,870,987 | Market cap | 40,390,472 | |||||||||||||||||
| PV of Terminal Value | 35,519,485 | Debt | 7,119,647 | |||||||||||||||||
| Total Equity Value | 40,390,472 | Excess cash | - | |||||||||||||||||
| Enterprise value | 47,510,119 | |||||||||||||||||||
| Shares Outstanding | 145000 | EBITDA | 957,563 | |||||||||||||||||
| EBITDA Multiple | 49.6 | |||||||||||||||||||
| Target Share Price | $279 | |||||||||||||||||||
