How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.

Barrons2021-03-25

ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic. ...

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BluesyB
·2021-03-29
Opportunity of a lifetime
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1
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NanOo
·2021-03-28
Waiting more dip to buy ..
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KinKat
·2021-03-27
Unlike s/w biz eg Zoom, TSLA can only ramp up sales if they hv the factory capacity. Since TSLA projects 50% growth/yr, they'll plan & build factories at that rate. Hard to conjure the ARK 70% rate fm thin air as factories need at least a couple of years to build. Also, batteries factories.
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Milosoft
·2021-03-27
?
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- Milosoft:
  ?
  2021-03-27
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- Milosoft:
  ??
  2021-03-27
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Odoublej
·2021-03-27
Nice
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Timotam
·2021-03-26
Tesla has great potential, but I am not sure if will be able to surpass Apple in 5 years.
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- doubleZReplying toTimotam:
  We shall see. I foresee i am able to buy TSLA only from end of May onwards. Do you have TSLA?
  2021-04-19
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- Timotam:
  yes I appreciate where you are coming from. I think 5 years is too short a runway, and the pricing of Tesla's stock is always forward looking.
  2021-04-16
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- doubleZ:
  I have to disagree with you but i also see why you say that. you do know right TSLA is doing all other business And Not just cars. Not so far off though in terms of market cap
  2021-04-15
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Tomji
·2021-03-25
Finally an analyst who seems to see my point of view.
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- Tomji:
  Thank you
  2021-03-30
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- Huathk:
  Gd
  2021-03-30
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Saintrade
·2021-03-25
More EV joining the band
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Alexngo
·2021-03-25
Possible. Before its 5-for-1 stock split on 31 Aug 2020, it opening price post split was trading at $444.61. Price before split was $2223.05
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我i168
·2021-03-25
We all need to get super rich so as tohelp $Tesla Motors(TSLA)$reach $3t.
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Sabrina Tsai
·2021-03-25
3000 in 2025 another 4 years to go
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- Sabrina Tsai:
  Sure
  2021-03-28
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- UTOtrader:
  dont believe, do your own research before invest
  2021-03-27
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- HorngWey:
  Way of too long to 2025
  2021-03-27
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芜湖芜湖起飞
·2021-03-25
特斯拉還是有投資價值的，特斯拉認爲自動駕駛的解決方案是視覺而不是毫米波雷達，而且特斯拉在這塊得技術目前是冠絕全球的，確實，最接近人類的就是視覺，想一下在施工路況下，在交警干預的路況下，毫米波雷達有用嗎？
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- T20211213010:
  同理如果激光雷达可以安全通过的路，人可能无法通过，导致人开车有安全隐患
  2021-03-25
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janiceyl
·2021-03-25
Maybe a little overoptimisti c
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LeonardKSW
·2021-03-25
Hahahaah
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- LeonardKSW:
  pig can fly then
  2021-03-25
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JokerD1031
·2021-03-25
瞎吹，爲了保ark的淨值已經無所不用其極了
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pauliggy
·2021-03-25
Overly optimistic and hopeful at best.. but you will never know with Tesla!!
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RolyPoly
·2021-03-25
天文數字!! Astronomis!!
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Kennethng
·2021-03-25
Mar is an ugly month
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TraderJac
·2021-03-25
I hope she is right. Hopefully Nio and Xpeng follows too :)
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3
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LimLS
·2021-03-25
Unrealistic assumptions of margin, total sales and robotaxi. I think Tesla has great growth potential but her assumptions are over ambitious. Hope Elon will keep his focus on growing Tesla and not get sidetracked by her
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Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Source Link</a>\n\n</div>\n","source":"lsy1601382232898","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? 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By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TSLA","symbol_name":"特斯拉","start_time":0,"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","article_id":"1170151822","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","pubTimestamp":1616662406,"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"TSLA":"特斯拉","AAPL":"苹果"},"translate_title":"特斯拉股票怎么值3000美元？通过变得比苹果更大。","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AAPL":0.9,"TSLA":0.9},"content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":352423686,"gmtCreate":1616995717545,"gmtModify":1704800579947,"author":{"id":"3570969905136063","authorId":"3570969905136063","name":"BluesyB","avatar":"https://static.tigerbbs.com/08ef378f4bf73e911f916e9158d59de7","vip":1,"hat":"https://static.tigerbbs.com/1c1eed764d9c7ff83dc093fbb9a96bc2","crmLevel":2,"crmLevelSwitch":0,"idStr":"3570969905136063","authorIdStr":"3570969905136063"},"htmlText":"Opportunity of a lifetime&nbsp;","listText":"Opportunity of a lifetime&nbsp;","text":"Opportunity of a lifetime","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/352423686","repostId":1170151822,"repostType":2,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":352973696,"gmtCreate":1616887002215,"gmtModify":1704799695195,"author":{"id":"3552212780175300","authorId":"3552212780175300","name":"NanOo","avatar":"https://static.tigerbbs.com/82b046b3affde9b82c0ef3e72438182c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3552212780175300","authorIdStr":"3552212780175300"},"htmlText":"Waiting more dip to buy ..","listText":"Waiting more dip to buy ..","text":"Waiting more dip to buy ..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/352973696","repostId":1170151822,"repostType":2,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":356780494,"gmtCreate":1616815346118,"gmtModify":1704799355724,"author":{"id":"3577917165320806","authorId":"3577917165320806","name":"KinKat","avatar":"https://community-static.tradeup.com/news/303a11363633244c53e6b67003899c74","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3577917165320806","authorIdStr":"3577917165320806"},"htmlText":"Unlike s/w biz eg Zoom, TSLA can only ramp up sales if they hv the factory capacity. Since TSLA projects 50% growth/yr, they'll plan &amp; build factories at that rate. Hard to conjure the ARK 70% rate&nbsp; fm thin air as factories need at least a couple of years to build. Also, batteries factories.","listText":"Unlike s/w biz eg Zoom, TSLA can only ramp up sales if they hv the factory capacity. Since TSLA projects 50% growth/yr, they'll plan &amp; build factories at that rate. Hard to conjure the ARK 70% rate&nbsp; fm thin air as factories need at least a couple of years to build. Also, batteries factories.","text":"Unlike s/w biz eg Zoom, TSLA can only ramp up sales if they hv the factory capacity. Since TSLA projects 50% growth/yr, they'll plan & build factories at that rate. Hard to conjure the ARK 70% rate fm thin air as factories need at least a couple of years to build. Also, batteries factories.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/356780494","repostId":1170151822,"repostType":2,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":356400624,"gmtCreate":1616803067068,"gmtModify":1704799168227,"author":{"id":"3579596231052016","authorId":"3579596231052016","name":"Milosoft","avatar":"https://static.tigerbbs.com/6ae762f5bbae5517a60fac2ee425481c","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3579596231052016","authorIdStr":"3579596231052016"},"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/356400624","repostId":1170151822,"repostType":2,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3897078,"gmtCreate":1616803083461,"gmtModify":1680781934059,"authorId":3579596231052016,"author":{"id":3579596231052016,"idStr":"3579596231052016","authorId":3579596231052016,"name":"Milosoft","avatar":"https://static.tigerbbs.com/6ae762f5bbae5517a60fac2ee425481c","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":356400624,"type":1,"supId":0,"prevId":0,"content":"?","text":"?","html":"?"},{"id":3897099,"gmtCreate":1616803228347,"gmtModify":1680781931668,"authorId":3579596231052016,"author":{"id":3579596231052016,"idStr":"3579596231052016","authorId":3579596231052016,"name":"Milosoft","avatar":"https://static.tigerbbs.com/6ae762f5bbae5517a60fac2ee425481c","vip":1,"crmLevel":5,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":356400624,"type":1,"supId":0,"prevId":0,"content":"??","text":"??","html":"??"}],"langContent":"EN"},{"id":356510701,"gmtCreate":1616791210003,"gmtModify":1704799074223,"author":{"id":"3576911042782868","authorId":"3576911042782868","name":"Odoublej","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3576911042782868","authorIdStr":"3576911042782868"},"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/356510701","repostId":1170151822,"repostType":2,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":358466575,"gmtCreate":1616723320597,"gmtModify":1704797887065,"author":{"id":"3566226906158126","authorId":"3566226906158126","name":"Timotam","avatar":"https://static.tigerbbs.com/0a8956cf70d6ded8849fec27685082b5","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3566226906158126","authorIdStr":"3566226906158126"},"htmlText":"Tesla has great potential, but I am not sure if will be able to surpass Apple in 5 years.&nbsp;","listText":"Tesla has great potential, but I am not sure if will be able to surpass Apple in 5 years.&nbsp;","text":"Tesla has great potential, but I am not sure if will be able to surpass Apple in 5 years.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/358466575","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4067671,"gmtCreate":1618782896087,"gmtModify":1680784568175,"authorId":3556582009315298,"author":{"id":3556582009315298,"idStr":"3556582009315298","authorId":3556582009315298,"name":"doubleZ","avatar":"https://static.tigerbbs.com/90d125f550abadf09dc8f4dace09e00c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":3566226906158126,"repliedAuthor":{"id":3566226906158126,"idStr":"3566226906158126","authorId":3566226906158126,"name":"Timotam","avatar":"https://static.tigerbbs.com/0a8956cf70d6ded8849fec27685082b5","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"objectId":358466575,"type":1,"supId":4041184,"prevId":4050621,"content":"We shall see. I foresee i am able to buy TSLA only from end of May onwards. Do you have TSLA? ","text":"We shall see. I foresee i am able to buy TSLA only from end of May onwards. Do you have TSLA? ","html":"We shall see. I foresee i am able to buy TSLA only from end of May onwards. Do you have TSLA? "},{"id":4050621,"gmtCreate":1618549984211,"gmtModify":1680784292149,"authorId":3566226906158126,"author":{"id":3566226906158126,"idStr":"3566226906158126","authorId":3566226906158126,"name":"Timotam","avatar":"https://static.tigerbbs.com/0a8956cf70d6ded8849fec27685082b5","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358466575,"type":1,"supId":4041184,"prevId":0,"content":"yes I appreciate where you are coming from. I think 5 years is too short a runway, and the pricing of Tesla's stock is always forward looking.","text":"yes I appreciate where you are coming from. I think 5 years is too short a runway, and the pricing of Tesla's stock is always forward looking.","html":"yes I appreciate where you are coming from. I think 5 years is too short a runway, and the pricing of Tesla's stock is always forward looking."},{"id":4041184,"gmtCreate":1618462979083,"gmtModify":1680784147554,"authorId":3556582009315298,"author":{"id":3556582009315298,"idStr":"3556582009315298","authorId":3556582009315298,"name":"doubleZ","avatar":"https://static.tigerbbs.com/90d125f550abadf09dc8f4dace09e00c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358466575,"type":1,"supId":0,"prevId":0,"content":"I have to disagree with you but i also see why you say that. you do know right TSLA is doing all other business And Not just cars. Not so far off though in terms of market cap","text":"I have to disagree with you but i also see why you say that. you do know right TSLA is doing all other business And Not just cars. Not so far off though in terms of market cap","html":"I have to disagree with you but i also see why you say that. you do know right TSLA is doing all other business And Not just cars. Not so far off though in terms of market cap"}],"langContent":"EN"},{"id":358840568,"gmtCreate":1616681568554,"gmtModify":1704797384959,"author":{"id":"3577325505292125","authorId":"3577325505292125","name":"Tomji","avatar":"https://static.tigerbbs.com/532a3a0ad4f7404cd51e8a18187863b7","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577325505292125","authorIdStr":"3577325505292125"},"htmlText":"Finally an analyst who seems to see my point of view.&nbsp;","listText":"Finally an analyst who seems to see my point of view.&nbsp;","text":"Finally an analyst who seems to see my point of view.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/358840568","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3917249,"gmtCreate":1617067163422,"gmtModify":1680782244149,"authorId":3577325505292125,"author":{"id":3577325505292125,"idStr":"3577325505292125","authorId":3577325505292125,"name":"Tomji","avatar":"https://static.tigerbbs.com/532a3a0ad4f7404cd51e8a18187863b7","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358840568,"type":1,"supId":0,"prevId":0,"content":"Thank you","text":"Thank you","html":"Thank you"},{"id":3915222,"gmtCreate":1617043188991,"gmtModify":1680782210037,"authorId":3573472992263411,"author":{"id":3573472992263411,"idStr":"3573472992263411","authorId":3573472992263411,"name":"Huathk","avatar":"https://static.tigerbbs.com/43c7168c646d9ea6805194ed0003f1cc","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358840568,"type":1,"supId":0,"prevId":0,"content":"Gd","text":"Gd","html":"Gd"}],"langContent":"EN"},{"id":358172491,"gmtCreate":1616676901913,"gmtModify":1704797273322,"author":{"id":"3577131990335289","authorId":"3577131990335289","name":"Saintrade","avatar":"https://static.tigerbbs.com/0586ed865bb515fc4dd23fea4fa2590d","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"3577131990335289","authorIdStr":"3577131990335289"},"htmlText":"More EV joining the band","listText":"More EV joining the band","text":"More EV joining the band","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358172491","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":358140739,"gmtCreate":1616675833321,"gmtModify":1704797251740,"author":{"id":"3571882312755933","authorId":"3571882312755933","name":"Alexngo","avatar":"https://community-static.tradeup.com/news/223e039a4ee6d691503ce2aee951d200","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3571882312755933","authorIdStr":"3571882312755933"},"htmlText":"Possible. Before its 5-for-1 stock split on 31 Aug 2020, it opening price post split&nbsp;was trading at&nbsp;$444.61. Price before split was $2223.05","listText":"Possible. Before its 5-for-1 stock split on 31 Aug 2020, it opening price post split&nbsp;was trading at&nbsp;$444.61. Price before split was $2223.05","text":"Possible. Before its 5-for-1 stock split on 31 Aug 2020, it opening price post split was trading at $444.61. Price before split was $2223.05","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358140739","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":358157660,"gmtCreate":1616675754650,"gmtModify":1704797251255,"author":{"id":"3563873670221480","authorId":"3563873670221480","name":"我i168","avatar":"https://static.tigerbbs.com/34b2d0551b5ab028c13ab35747c4df8c","vip":1,"crmLevel":4,"crmLevelSwitch":1,"idStr":"3563873670221480","authorIdStr":"3563873670221480"},"htmlText":"We all need to get super rich so as tohelp <a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>reach $3t.","listText":"We all need to get super rich so as tohelp <a href=\"https://laohu8.com/S/TSLA\">$Tesla Motors(TSLA)$</a>reach $3t.","text":"We all need to get super rich so as tohelp $Tesla Motors(TSLA)$reach $3t.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358157660","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":358124397,"gmtCreate":1616674965919,"gmtModify":1704797234705,"author":{"id":"3577002673774117","authorId":"3577002673774117","name":"Sabrina Tsai","avatar":"https://static.tigerbbs.com/89fcae4177a6030cd7a1818cf4ba4a9b","vip":1,"crmLevel":3,"crmLevelSwitch":1,"idStr":"3577002673774117","authorIdStr":"3577002673774117"},"htmlText":"3000 in 2025&nbsp;another 4 years to go","listText":"3000 in 2025&nbsp;another 4 years to go","text":"3000 in 2025 another 4 years to go","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/358124397","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3905437,"gmtCreate":1616929595732,"gmtModify":1680782062196,"authorId":3577002673774117,"author":{"id":3577002673774117,"idStr":"3577002673774117","authorId":3577002673774117,"name":"Sabrina Tsai","avatar":"https://static.tigerbbs.com/89fcae4177a6030cd7a1818cf4ba4a9b","vip":1,"crmLevel":3,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358124397,"type":1,"supId":3900861,"prevId":0,"content":"Sure","text":"Sure","html":"Sure"},{"id":3900861,"gmtCreate":1616844907146,"gmtModify":1680781993941,"authorId":3574547619690492,"author":{"id":3574547619690492,"idStr":"3574547619690492","authorId":3574547619690492,"name":"UTOtrader","avatar":"https://static.tigerbbs.com/82be6befb29ac8516e463638d3f659d5","vip":1,"currentWearingBadge":{"badgeId":"972123088c9646f7b6091ae0662215be-2","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","grayImgUrl":"https://static.tigerbbs.com/d52eb88fa385cf5abe2616ed63781765","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":"80.24%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1100},"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358124397,"type":1,"supId":0,"prevId":0,"content":"dont believe, do your own research before <u>invest</u>","text":"dont believe, do your own research before <u>invest</u>","html":"dont believe, do your own research before <u>invest</u>"},{"id":3900712,"gmtCreate":1616841866488,"gmtModify":1680781984361,"authorId":3571732515271511,"author":{"id":3571732515271511,"idStr":"3571732515271511","authorId":3571732515271511,"name":"HorngWey","avatar":"https://static.tigerbbs.com/7d42a2d35f371c70ad185be192d64cc9","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358124397,"type":1,"supId":0,"prevId":0,"content":"Way of too long to 2025","text":"Way of too long to 2025","html":"Way of too long to 2025"},{"id":3896777,"gmtCreate":1616801028183,"gmtModify":1680781931559,"authorId":3568262728204718,"author":{"id":3568262728204718,"idStr":"3568262728204718","authorId":3568262728204718,"name":"ICEsh00ter","avatar":"https://static.tigerbbs.com/e8d9d76c266e1d33abd00a525a8a445c","vip":1,"crmLevel":6,"crmLevelSwitch":1,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358124397,"type":1,"supId":0,"prevId":0,"content":"hahaha  [笑哭]","text":"hahaha  [笑哭]","html":"hahaha  [笑哭]"}],"langContent":"EN"},{"id":358125054,"gmtCreate":1616674861378,"gmtModify":1704797232849,"author":{"id":"3570397068970670","authorId":"3570397068970670","name":"芜湖芜湖起飞","avatar":"https://static.tigerbbs.com/08d296d011d58d4e7ad8c735313cbd09","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3570397068970670","authorIdStr":"3570397068970670"},"htmlText":"特斯拉還是有投資價值的，特斯拉認爲自動駕駛的解決方案是視覺而不是毫米波雷達，而且特斯拉在這塊得技術目前是冠絕全球的，確實，最接近人類的就是視覺，想一下在施工路況下，在交警干預的路況下，毫米波雷達有用嗎？","listText":"特斯拉還是有投資價值的，特斯拉認爲自動駕駛的解決方案是視覺而不是毫米波雷達，而且特斯拉在這塊得技術目前是冠絕全球的，確實，最接近人類的就是視覺，想一下在施工路況下，在交警干預的路況下，毫米波雷達有用嗎？","text":"特斯拉還是有投資價值的，特斯拉認爲自動駕駛的解決方案是視覺而不是毫米波雷達，而且特斯拉在這塊得技術目前是冠絕全球的，確實，最接近人類的就是視覺，想一下在施工路況下，在交警干預的路況下，毫米波雷達有用嗎？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/358125054","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3881476,"gmtCreate":1616676785674,"gmtModify":1680781698905,"authorId":3441662194612939,"author":{"id":3441662194612939,"idStr":"3441662194612939","authorId":3441662194612939,"name":"T20211213010","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358125054,"type":1,"supId":0,"prevId":0,"content":"同理如果激光雷达可以安全通过的路，人可能无法通过，导致人开车有安全隐患","text":"同理如果激光雷达可以安全通过的路，人可能无法通过，导致人开车有安全隐患","html":"同理如果激光雷达可以安全通过的路，人可能无法通过，导致人开车有安全隐患"}],"langContent":"CN"},{"id":358123601,"gmtCreate":1616674505603,"gmtModify":1704797226276,"author":{"id":"3578391811195027","authorId":"3578391811195027","name":"janiceyl","avatar":"https://static.tigerbbs.com/58784b1661862b7e62ccb64424c97ae7","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3578391811195027","authorIdStr":"3578391811195027"},"htmlText":"Maybe a little overoptimisti c","listText":"Maybe a little overoptimisti c","text":"Maybe a little overoptimisti c","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358123601","repostId":1170151822,"repostType":2,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":358165815,"gmtCreate":1616674221237,"gmtModify":1704797219072,"author":{"id":"3569318025811476","authorId":"3569318025811476","name":"LeonardKSW","avatar":"https://static.tigerbbs.com/eeba92ccfc8a91444aa3e36de4a39425","vip":1,"hat":"https://static.tigerbbs.com/50a4c8d97279fa9f8f1fa9749a6bdff4","crmLevel":7,"crmLevelSwitch":0,"idStr":"3569318025811476","authorIdStr":"3569318025811476"},"htmlText":"Hahahaah","listText":"Hahahaah","text":"Hahahaah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/358165815","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3881006,"gmtCreate":1616674247586,"gmtModify":1680781687754,"authorId":3569318025811476,"author":{"id":3569318025811476,"idStr":"3569318025811476","authorId":3569318025811476,"name":"LeonardKSW","avatar":"https://static.tigerbbs.com/eeba92ccfc8a91444aa3e36de4a39425","vip":1,"crmLevel":7,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":358165815,"type":1,"supId":0,"prevId":0,"content":"pig can fly then","text":"pig can fly then","html":"pig can fly then"}],"langContent":"EN"},{"id":358162619,"gmtCreate":1616674180831,"gmtModify":1704797217100,"author":{"id":"3571447147482458","authorId":"3571447147482458","name":"JokerD1031","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3571447147482458","authorIdStr":"3571447147482458"},"htmlText":"瞎吹，爲了保ark的淨值已經無所不用其極了","listText":"瞎吹，爲了保ark的淨值已經無所不用其極了","text":"瞎吹，爲了保ark的淨值已經無所不用其極了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358162619","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":358161428,"gmtCreate":1616674051564,"gmtModify":1704797214470,"author":{"id":"3577674166029528","authorId":"3577674166029528","name":"pauliggy","avatar":"https://static.tigerbbs.com/f37de3e86811eacb9756000a1a6704e9","vip":1,"crmLevel":1,"crmLevelSwitch":1,"idStr":"3577674166029528","authorIdStr":"3577674166029528"},"htmlText":"Overly optimistic and hopeful at best.. but you will never know with Tesla!!&nbsp;","listText":"Overly optimistic and hopeful at best.. but you will never know with Tesla!!&nbsp;","text":"Overly optimistic and hopeful at best.. but you will never know with Tesla!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358161428","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":358163708,"gmtCreate":1616673959604,"gmtModify":1704797212818,"author":{"id":"3550705079215424","authorId":"3550705079215424","name":"RolyPoly","avatar":"https://static.tigerbbs.com/339c9251885dc23cfe3794c5abcc347c","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3550705079215424","authorIdStr":"3550705079215424"},"htmlText":"天文數字!! Astronomis!!","listText":"天文數字!! Astronomis!!","text":"天文數字!! Astronomis!!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358163708","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":358180681,"gmtCreate":1616673153843,"gmtModify":1704797196630,"author":{"id":"3574579260347566","authorId":"3574579260347566","name":"Kennethng","avatar":"https://static.tigerbbs.com/c16ac35afbc9c45f9f23453e8e994069","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3574579260347566","authorIdStr":"3574579260347566"},"htmlText":"Mar is an ugly month","listText":"Mar is an ugly month","text":"Mar is an ugly month","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358180681","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":358118562,"gmtCreate":1616672584556,"gmtModify":1704797189489,"author":{"id":"3577012660758299","authorId":"3577012660758299","name":"TraderJac","avatar":"https://static.tigerbbs.com/291c7ff3ca7266bca11f700fed643d49","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3577012660758299","authorIdStr":"3577012660758299"},"htmlText":"I hope she is right. Hopefully Nio and Xpeng follows too :)","listText":"I hope she is right. Hopefully Nio and Xpeng follows too :)","text":"I hope she is right. Hopefully Nio and Xpeng follows too :)","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358118562","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":358119052,"gmtCreate":1616672203976,"gmtModify":1704797184638,"author":{"id":"3572923586954779","authorId":"3572923586954779","name":"LimLS","avatar":"https://static.tigerbbs.com/217b03b0c4808fb537070ba4e8f9d83f","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3572923586954779","authorIdStr":"3572923586954779"},"htmlText":"Unrealistic assumptions of margin, total sales and robotaxi. I think Tesla has great growth potential but her assumptions are over ambitious. Hope Elon will keep his focus on growing Tesla and not get sidetracked by her","listText":"Unrealistic assumptions of margin, total sales and robotaxi. I think Tesla has great growth potential but her assumptions are over ambitious. Hope Elon will keep his focus on growing Tesla and not get sidetracked by her","text":"Unrealistic assumptions of margin, total sales and robotaxi. I think Tesla has great growth potential but her assumptions are over ambitious. Hope Elon will keep his focus on growing Tesla and not get sidetracked by her","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358119052","repostId":1170151822,"repostType":4,"repost":{"id":"1170151822","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":100,"commentSize":56,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false}}