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The future remains promising, but that’s also reflected in the firm’s valuation, which already implies stellar growth for several years.
They see it as the future of sustainable transportation, amid a radical shift in consumer preferences towards electric vehicles.
Tesla’s Autopilot – the software that steers the car automatically on a high-speed road – has been active for several years now and has been improving quickly.
It’s just irrational for a company that sells a few hundred thousand cars per year to be worth more than the next 5 biggest carmakers combined -heavyweights like Toyota and Volkswagen with annual auto sales in the tens of millions and a proven record.
Earnings per share are expected to have more than tripled in the first quarter to reach $0.78, from $0.23 in the same quarter last year.
As always, the initial market reaction will depend on whether the actual numbers are stronger or weaker than the forecasts.
Specifically, any forecast about sales for the rest of the year, or even the next quarter, will be crucial.
That is probably a non-story.
Another topic is Biden’s infrastructure package, which will provide around $100bn worth of rebates and tax breaks for electric vehicles, something from which Tesla will surely benefit.
The forward price-to-sales ratio, which is better at evaluating a company in the earlier stages of its life, also stands at an elevated 12.8x.
It doesn’t mean that Tesla won’t grow to dominate the auto sector, it just means that investors are paying today what the company will be worth in a few years.
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