Tesla Motors, Inc.

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University of Oregon Investment Group Appendix 1 (A)– Forward Comparables Analysis – Industry April 18, 2013 Comparables Analysis - 2014 TSLA GM TM F NSANY HMC TTM VOW-DE Toyota Motor Ford Motor Nissan Motor Co. Honda Motor Co., Tata Motors ($ in thousands) Tesla Motors Inc. General Motors Corpation Company Ltd. Ltd Limited Volkswagen AG Stock Characteristics Max Min Median Weight Avg. 15.00% 10.00% 15.00% 10.00% 10.00% 20.00% 20.00% Current Price $140.40 $13.53 $29.62 $55.75 $43.75 $29.62 $113.10 $13.53 $21.31 $39.84 $25.22 $140.40 Beta 1.47 0.78 1.35 1.21 1.24 1.35 0.78 1.36 1.47 0.90 1.38 1.04 Size Short-Term Debt 72,453,718.35 3,766,306.02 19,131,000.00 30,146,764.89 55,206.00 5,518,000.00 72,453,718.35 19,131,000.00 16,167,701.25 22,796,352.45 3,766,306.02 54,060,000.00 Long-Term Debt 85,927,000.00 5,489,034.82 30,345,147.45 44,526,353.77 411,460.00 10,532,000.00 73,413,665.55 85,927,000.00 30,345,147.45 27,155,262.15 5,489,034.82 63,603,000.00 Cash and Cash Equivalent 35,943,000.00 5,057,532.09 28,096,000.00 24,222,473.66 220,984.00 28,096,000.00 35,727,937.65 35,943,000.00 10,241,222.85 15,197,803.20 5,057,532.09 29,016,000.00 Diluted Basic Shares 4,521,000.00 467,569.89 1,675,000.00 2,093,661.62 107,349.19 1,675,000.00 1,571,735.00 4,015,000.00 4,521,000.00 1,802,300.72 664,974.88 467,569.89 Market Capitalization 179,086,113.68 13,659,357.85 53,068,010.93 76,572,658.11 5,010,161.32 40,474,050.43 179,086,113.68 53,068,010.93 44,656,101.64 71,803,572.88 13,659,357.85 65,318,656.48 Enterprise Value 305,070,805.85 19,682,917.78 113,371,895.68 136,947,486.01 4,942,208.98 48,714,500.00 305,070,805.85 123,801,950.00 95,528,052.37 113,371,895.68 19,682,917.78 158,603,811.85 Growth Expectations % Revenue Growth 2013E 15.94% -1.60% 3.88% 3.92% 369.36% 3.88% -0.20% 6.31% -1.60% 1.88% 15.94% 6.24% % Revenue Growth 2014E 12.67% 4.99% 5.92% 6.37% 29.85% 5.92% 5.06% 5.12% 6.06% 6.65% 12.67% 4.99% % EBITDA Growth 2013E 35.24% 1.26% 10.30% 18.10% -113.18% 10.30% 26.55% 9.01% 1.26% 35.24% 20.58% 6.67% % EBITDA Growth 2014E 15.64% 8.96% 12.31% 12.19% 451.71% 15.64% 8.96% 13.24% 9.93% 11.87% 14.70% 12.31% % EPS Growth 2013E 37.59% -0.17% 26.32% 20.37% -102.86% 3.41% 37.59% -0.17% 26.32% 33.47% 26.41% 3.97% % EPS Growth 2014E 29.78% 12.73% 16.16% 17.50% 1374.54% 29.78% 14.35% 19.53% 16.16% 12.73% 14.60% 16.16% Profitability Margins Gross Margin 29.14% 13.69% 19.49% 20.23% 23.56% 14.48% 18.60% 13.69% 19.60% 27.29% 29.14% 19.49% EBIT Margin 9.32% 5.75% 7.57% 7.40% 5.68% 5.92% 8.65% 5.75% 7.89% 7.57% 9.32% 6.83% EBITDA Margin 13.75% 8.90% 12.46% 11.59% 9.99% 9.58% 12.49% 8.90% 12.85% 12.08% 13.75% 12.46% Net Margin 6.11% 4.08% 5.47% 5.30% 4.78% 4.08% 6.11% 4.75% 4.88% 5.62% 5.91% 5.47% Credit Metrics Interest Expense 1127340.00 123859.52 489800.00 459349.11 3800.00 489800.00 285932.60 670800.00 270239.30 123859.52 635427.60 1127340.00 Debt/EV 0.85 0.33 0.48 0.53 0.09 0.33 0.48 0.85 0.49 0.44 0.47 0.74 Leverage Ratio 8.34 1.00 3.31 3.84 1.85 1.00 4.36 8.34 3.13 3.31 1.52 4.40 Interest Coverage Ratio 121.84 9.58 32.75 64.31 66.22 32.75 116.89 18.78 55.06 121.84 9.58 23.75 Operating Results Revenue $267,564,100.00 $44,239,750.00 $141,483,100.00 $162,343,260.00 $2,518,681.00 $167,529,100.00 $267,564,100.00 $141,483,100.00 $115,828,710.00 $124,906,620.00 $44,239,750.00 $214,904,400.00 Gross Profit $49,768,140.00 $12,889,672.00 $24,254,670.00 $31,064,263.70 $593,441.80 $24,254,670.00 $49,768,140.00 $19,368,000.00 $22,707,160.00 $34,091,040.00 $12,889,672.00 $41,893,440.00 EBIT $23,153,480.00 $4,121,221.00 $9,453,285.00 $12,023,949.70 $143,074.80 $9,920,259.00 $23,153,480.00 $8,141,423.00 $9,137,239.00 $9,453,285.00 $4,121,221.00 $14,674,984.00 EBITDA $33,423,950.00 $6,084,291.00 $15,090,503.00 $18,771,840.85 $251,642.80 $16,041,451.00 $33,423,950.00 $12,596,416.00 $14,878,981.00 $15,090,503.00 $6,084,291.00 $26,769,430.00 Net Income $16,355,529.00 $2,614,094.00 $6,827,242.00 $8,708,735.90 $120,490.34 $6,827,242.00 $16,355,529.00 $6,715,554.00 $5,649,937.00 $7,019,584.00 $2,614,094.00 $11,758,908.00 Capital Expenditures $3,095,192.00 $13,113.14 $1,841,203.00 $1,816,738.94 $18,146.67 $2,726,667.00 $3,095,192.00 $2,391,250.00 $1,841,203.00 $13,113.14 $640,320.60 $1,792,380.00 Multiples EV/Revenue 1.14x 0.29x 0.82x 0.79x 1.96x 0.29x 1.14x 0.88x 0.82x 0.91x 0.44x 0.74x EV/Gross Profit 6.39x 1.53x 3.79x 4.10x 8.33x 2.01x 6.13x 6.39x 4.21x 3.33x 1.53x 3.79x EV/EBIT 15.21x 4.78x 10.81x 10.66x 34.54x 4.91x 13.18x 15.21x 10.45x 11.99x 4.78x 10.81x EV/EBITDA 9.83x 3.04x 6.42x 6.82x 19.64x 3.04x 9.13x 9.83x 6.42x 7.51x 3.24x 5.92x EV/(EBITDA-Capex) 12.13x 3.62x 7.33x 7.61x 21.17x 3.66x 10.06x 12.13x 7.33x 7.52x 3.62x 6.35x Market Cap/Net Income = P/E 10.95x 5.23x 7.90x 8.18x 41.58x 5.93x 10.95x 7.90x 7.90x 10.23x 5.23x 5.55x Multiple Implied Price Weight EV/Revenue $16.13 50.00% EV/Gross Profit $20.39 50.00% EV/EBIT $11.91 0.00% EV/EBITDA $13.69 0.00% EV/(EBITDA-Capex) $14.27 0.00% Market Cap/Net Income = P/E $9.18 0.00% Price Target $18.26 Current Price 43.75 Overvalued (58.26%) UOIG 22
University of Oregon Investment Group Appendix 1(B) – Forward Comparables Analysis – Growth April 18, 2013 Comparables Analysis -2013 TSLA GEOS ACFN TPH CSOD PANW STNG NOW Geospace Acorn Energy TRI Pointe Cornerstone Palo Alto Scorpio Tankers ServiceNow ($ in thousands) Tesla Motors Inc. Technologies Inc. Homes OnDemand Networks Inc. Inc. Stock Characteristics Max Min Median Weight Avg. 10.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% Current Price $94.93 $6.90 $33.32 $32.94 $43.75 $94.93 $6.90 $19.25 $33.32 $53.15 $8.49 $35.19 Beta 1.71 0.52 1.13 1.02 1.24 1.71 0.83 0.52 1.13 0.65 1.36 1.19 Size Short-Term Debt 52,493.0 0.0 153.0 9,402.0 55,206.0 0.0 153.0 52,493.0 2,559.0 0.0 7,475.0 0.0 Long-Term Debt 134,984.0 0.0 0.0 21,438.3 411,460.0 0.0 0.0 4,875.0 3,063.0 0.0 134,984.0 0.0 Cash and Cash Equivalent 322,642.0 19,824.0 76,442.0 134,233.4 220,984.0 70,712.0 26,958.0 19,824.0 76,442.0 322,642.0 87,191.0 314,691.0 Diluted Basic Shares 73,908.6 12,836.2 21,597.9 34,930.0 107,349.2 12,836.2 17,891.0 21,597.9 49,929.0 19,569.0 41,413.3 73,908.6 Market Capitalization 4,641,561.0 124,693.8 1,220,630.4 1,814,748.9 5,010,161.3 1,220,630.4 124,693.8 608,259.7 1,693,812.3 3,674,347.4 541,898.4 4,641,561.0 Enterprise Value 3,258,206.7 96,928.9 1,162,564.5 1,330,397.6 4,942,209.0 1,162,564.5 96,928.9 453,303.7 1,592,814.3 3,258,206.7 406,867.3 2,286,153.7 Growth Expectations % Revenue Growth 2013E 167.21% 51.76% 62.00% 85.2% 369.36% 68.08% 62.00% 167.21% 51.76% 56.56% 125.04% 60.18% % Revenue Growth 2014E 138.74% 1.83% 45.70% 54.7% 29.85% 1.83% 47.67% 138.74% 40.21% 38.41% 52.57% 45.70% % EBITDA Growth 2013E 507.14% -96.90% 125.29% 215.3% -113.18% 125.29% -38.23% 507.14% -96.90% 67.32% 506.20% 406.56% % EBITDA Growth 2014E 413.10% -3371.93% 122.01% -364.1% 451.71% 5.09% N/A 284.12% -3371.93% 78.78% 165.24% 413.10% % EPS Growth 2013E 387.54% -149.12% -25.81% 31.3% -102.86% 133.94% -25.81% 387.54% -47.40% 50.63% -149.12% -96.80% % EPS Growth 2014E 310.42% -4800.54% 3.58% -637.2% 1374.54% 3.58% -55.80% 310.42% -102.70% 108.75% 289.28% -4800.54% Profitability Margins Gross Margin 73.61% 17.76% 50.37% 49.90% 21.39% 50.37% 40.65% 17.76% 73.61% 72.42% 32.30% 62.33% EBIT Margin 38.40% (48.18%) 6.32% (.65%) -0.69% 38.40% -48.18% 6.32% -4.89% 6.81% 9.74% 0.24% EBITDA Margin 42.94% -37.75% 8.10% 5.53% 2.35% 42.94% -37.75% 8.10% -0.16% 9.06% 23.00% 5.99% Net Margin 26.02% -41.66% 3.84% -4.39% -1.00% 26.02% -41.66% 3.84% -9.47% 4.15% 5.69% -9.16% Credit Metrics Interest Expense 11,279.33 0.00 207.00 1,839.62 5,000.00 266.67 0.00 0.00 600.00 207.00 11,279.33 0.00 Debt/EV 0.35 0.00 0.00 0.07 0.09 0.00 0.00 0.13 0.00 0.00 0.35 0.00 Leverage Ratio 3.37 (19.19) 0.00 (1.93) 10.23 0.00 (0.01) 3.37 (19.19) 0.00 2.94 0.00 Interest Coverage Ratio 518.69 (0.49) 89.56 78.66 9.12 518.69 0.00 0.00 (0.49) 174.82 4.30 0.00 Operating Results Revenue $399,455.6 31,458.33 210,721.40 245,672.58 1,939,658.00 322,150.00 31,458.33 209,896.30 181,132.60 399,455.60 $210,721.4 $390,386.3 Gross Profit $289,267.6 $12,789.3 $133,328.1 $133,834.55 $414,975.3 $162,282.6 $12,789.3 $37,272.7 $133,328.1 $289,267.6 $68,057.0 $243,327.2 EBIT $123,699.7 ($15,157.7) $13,260.9 $18,061.17 ($13,459.0) $123,699.7 ($15,157.7) $13,260.9 ($8,856.1) $27,212.6 $20,527.9 $953.8 EBITDA $138,317.7 ($11,877.0) $23,365.3 $30,758.22 $45,611.2 $138,317.7 ($11,877.0) $17,000.0 ($293.0) $36,186.9 $48,460.9 $23,365.3 Net Income $83,810.2 ($35,747.9) $8,054.2 $3,974.34 ($19,487.1) $83,810.2 ($13,106.7) $8,054.2 ($17,155.7) $16,586.5 $11,991.8 ($35,747.9) Capital Expenditures $664,982.2 $0.0 $1,357.0 $150,815.86 $51,480.0 $0.0 $1,357.0 $306,300.0 $0.0 $1,199.9 $664,982.2 $31,600.0 Multiples EV/Revenue 8.79x 1.93x 3.61x 4.86x 2.55x 3.61x 3.08x 2.16x 8.79x 8.16x 1.93x 5.86x EV/Gross Profit 12.16x 5.98x 9.40x 9.47x 11.91x 7.16x 7.58x 12.16x 11.95x 11.26x 5.98x 9.40x EV/EBIT 2396.98x (179.85x) 19.82x 358.61x (367.21x) 9.40x (6.39x) 34.18x (179.85x) 119.73x 19.82x 2396.98x EV/EBITDA 97.84x (5435.95x) 8.41x (782.33x) 108.36x 8.41x (8.16x) 26.66x (5435.95x) 90.04x 8.40x 97.84x EV/(EBITDA-Capex) 93.13x (5435.95x) (1.57x) (843.66x) (842.11x) 8.41x (7.32x) (1.57x) (5435.95x) 93.13x (0.66x) (277.62x) Market Cap/Net Income = P/E 221.53x (129.84x) 14.56x 17.08x (257.10x) 14.56x (9.51x) 75.52x (98.73x) 221.53x 45.19x (129.84x) Multiple Implied Price Weight EV/Revenue $85.48 70.00% EV/Gross Profit 34.30 30.00% EV/EBIT (47.25) 0.00% EV/EBITDA (334.69) 0.00% EV/(EBITDA-Capex) 43.83 0.00% Market Cap/Net Income = P/E (3.10) 0.00% Price Target $70.13 Current Price 43.75 Undervalued 60.29% UOIG 23
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