Tesla’s share price is ‘assuming incredible things’
- by The Irish Times
- May 04, 2024
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Sat May 4 2024 - 06:00
Elon Musk says Tesla should be valued like an AI or robotics company, not an auto company, and the âbiggest asset value appreciation in historyâ may follow when it masters unsupervised full self-driving. Bullish shareholders seemingly agree, with the stock lately rebounding strongly.
However, Albert Bridge Capitalâs Drew Dickson is sceptical, writing in a recent Financial Times article that Tesla was already valued like a âpure AI and robotics company, even though it isnât one yetâ (82 per cent of revenues are still automotive).
In a follow-up discussion on X, Dickson notes analysts expect Tesla to do $2.56 (â¬2.38) in earnings per share in 2024.
A price-earnings ratio of 20 would mean Teslaâs core business is worth roughly $50 per share. A price-earnings ratio of 15 on earnings per share of $1.85 (Dicksonâs estimate) means a share price closer to $30.
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