Tesla Motors, Inc.

University of Oregon Investment Group
Volkswagen AG – 20%
April 18, 2013
“Volkswagen AG is a Germany-based automobile manufacturer. The Company
develops vehicles and components, and also produces and sells vehicles, in
particular Volkswagen brand passenger cars and commercial vehicles. The
Company consists of two divisions: Automotive and Financial Services division.
The Automotive division is responsible for the development of vehicles and
engines, the production and sale of passenger cars, commercial vehicles, trucks
and buses, and the genuine parts business. The Financial services division's
portfolio of services includes dealer and customer services in the field of
financing, leasing, direct bank, insurance and fleet business. The Company's
brands include Volkswagen, Audi, Bentley, Bugatti, Lamborghini, SEAT,
Skoda, Scania and Volkswagen Commercial Vehicles and each brand offers a
product range from low-consumption small cars to luxury class vehicles, as well
as pick-ups, busses and heavy trucks in the commercial vehicle sector.” –
Reuters.com
Volkswagen AG was chosen and weighted 20% as our comparable company
due to its similar product offering and similar growth competition, similar EBIT
Margin and similar EBITDA Margin.
Growth Comparable Analysis – 60%
Tesla is a high growth stock and people are willing to pay higher multiples for it
because of its potential growth. We use the 2013 data (Revenue, Gross Profit,
EBIT, EBITDA, Net Income, Capital Expenditures) for Tesla and its
comparable companies when we conducted the comparable analysis, so that we
can capture the growth nature of this stock.
Geospace Technologies Corporation – 10%
“Geospace Technologies Corporation, formerly OYO Geospace Corporation,
incorporated on September 13, 1997, designs and manufactures instruments and
equipment used in the acquisition and processing of seismic data, as well as in
the characterization and monitoring of producing oil and gas reservoirs. The
Company also manufactures and distributes thermal imaging equipment and dry
thermal film products to a variety of markets including the screenprint, point of
sale, signage and textile markets.”- Reuters.com
Geospace Technologies Corporation was chosen as a comparable company due
to its high revenue growth rate in 2013.
Acorn Energy, Inc. – 15%
“Acorn Energy, Inc. (Acorn), incorporated in 1986, is a holding company. The
Company is engaged in providing energy infrastructure asset management. The
Company operates in three segments: Energy & Security Sonar Solutions
(through its DSIT subsidiary), GridSense and USSI. In addition, its other
segment represents information technology (IT) and consulting activities at its
DSIT subsidiary.” – Reuters.com
Acorn Energy Inc. was chosen as a comparable company due to its high revenue
growth rate in both 2013 and 2014.
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