Tesla Motors, Inc.

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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. UOIG 12
University of Oregon Investment Group Tri Pointe Homes, Inc. – 15% April 18, 2013 “Tri Pointe Homes, Inc., formerly TRI Pointe Homes, LLC, incorporated on August 5, 2010, is engaged in the design, construction and sale of single-family homes in planned communities in metropolitan areas located throughout Southern and Northern California. During the year ended December 31, 2012, the Company’s operations consist of 13 communities, eight of which are actively selling, containing 695 lots under various stages of development in Southern and Northern California.” – Reuters.com We chose to weight this company 15% due to its highest growth rate among all the comparable companies. However, this company has a lower beta. Cornerstone OnDemand, Inc. – 15% “Cornerstone OnDemand, Inc., incorporated on May 24, 1999, is a provider of talent management solutions delivered as Software-as-a-Service (SaaS). As of December 31, 2012, 1,237 clients used the Company's core solution to empower more than 10.5 million users across 189 countries and 38 languages. The Company's suite consists of four clouds that address all stages of the employee lifecycle. These clouds include the Company's Recruiting Cloud, Learning Cloud, Performance Cloud, and Extended Enterprise Cloud. The Company support smultiple client deployments of over 150,000 users, including one client with over 350,000 users. In addition to the Company's core solution, the Company offers Cornerstone for Small Business (CSB), and Cornerstone for Salesforce.” – Reuters.com We weighted Cornerstone OnDemand 15% because it has high Revenue Growth rate and similar EBIT Margin and Net Margin when comparing to Tesla. Palo Alto Networks, Inc. – 15% “Palo Alto Networks, Inc., incorporated in March 2005, offers a network security platform that allows enterprises, service providers, and government entities to secure their networks. The core of its platform is the Company’s firewall that delivers natively integrated application, user, and content visibility and control through its operating system, hardware, and software architecture. The Company primarily sells its products and services to end-customers through distributors, resellers, and partners, and directly to end-customers (collectively partners), who are supported by its sales and marketing organization, in the Americas, in Europe, the Middle East, and Africa (EMEA), and in Asia Pacific and Japan (APAC).” – Reuters.com Palo Alto Networks was weighted 15% due to its high growth rate in 2013 and 2014. Even though it has a lower beta, Palo Alto maintains a similar Market Cap to Tesla. UOIG 13
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Tesla Motors, Inc.

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