Tesla: Expanding Auto Segments, Margins, and Multiples
thenonconsensus.substack.com
Investors increasingly view the market as a bifurcation with long duration, hyper growth, and meme stocks on one end, and high quality and growth-at-a-reasonable price companies on the other. There is a general perception among many investors that Tesla belongs in the hyper-growth/poopoo group. After all, it trades at 165x 2022 consensus GAAP earnings, is about to face heavy competition from legacy autos, is extremely volatile, and has a fanatic retail investor fanbase. Tesla must be frothy as well, right?
Tesla: Expanding Auto Segments, Margins, and Multiples
Tesla: Expanding Auto Segments, Margins, and…
Tesla: Expanding Auto Segments, Margins, and Multiples
Investors increasingly view the market as a bifurcation with long duration, hyper growth, and meme stocks on one end, and high quality and growth-at-a-reasonable price companies on the other. There is a general perception among many investors that Tesla belongs in the hyper-growth/poopoo group. After all, it trades at 165x 2022 consensus GAAP earnings, is about to face heavy competition from legacy autos, is extremely volatile, and has a fanatic retail investor fanbase. Tesla must be frothy as well, right?