Tesla is No Longer a Growth Stock But Still Valued as One

Deliveries slumped by 8.5% YoY in Q1 but the stock only fell 5%; Cash burn has yet to be factored in

Apr 03, 2024

∙ Paid

I now have Tesla’s 2024 deliveries down by 9.3% YoY to 1.64 million units (consensus is at 1.99 million units).

My Q1 EPS estimates are now $0.36, or 40% below consensus estimates of $0.59. My full-year Tesla EPS estimate is $0.98 versus the consensus of $2.89. If I’m right, anyone buying Tesla right now (like Ark Invest) is fine with a PER of 289x ver…

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