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RyanTay

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- RyanTayRyanTay
  ·2021-06-22
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- RyanTayRyanTay
  ·2021-06-22
  Cool
  This Big Tech Stock Is Always on Sale
  Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—
  This Big Tech Stock Is Always on Sale
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- RyanTayRyanTay
  ·2021-06-22
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- RyanTayRyanTay
  ·2021-06-22
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- RyanTayRyanTay
  ·2021-06-22
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- RyanTayRyanTay
  ·2021-03-25
  Pray
  How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.
  ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe
  How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.
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22:43","market":"us","language":"en","title":"This Big Tech Stock Is Always on Sale","url":"https://stock-news.laohu8.com/highlight/detail?id=1188659531","media":"The Wall Street Journal","summary":"Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—","content":"<blockquote>\n Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—and the full extent of its discount problem\n</blockquote>\n<p><img src=\"https://static.tigerbbs.com/7190040397780616cd6d06eb9b8f423c\" tg-width=\"879\" tg-height=\"513\">Getting 50% off isn’t such an unmissable opportunity when there is no end to the discounting in sight.</p>\n<p>Prosus is one of the most valuable tech companies listed in Europeby virtue of its big stakein Chinese internet giant Tencent, bought two decades ago for $34 million and now worth $216 billion, even after two share sales. The Amsterdam-based company also owns a portfolio of e-commerce startups that, like Tencent, have mainly thrived during the pandemic. Prosus revealed an estimate by Deloitte of their valuation for the first time Monday. According to the accounting firm, they are worth in aggregate $39 billion, up from roughly $20 billion a year ago.</p>\n<p>The strong valuation is a double-edged sword. It suggests that Prosus’ operations are headed in the right direction, but it also lays painfully bare the gulf between their value and its stock price. If you add the $39 billion to $216 billion for the Tencent stake, roughly $1 billion for a similar minority stake in Russian internet company Mail.ru and almost $12 billion in net cash, you get an implied equity value of $268 billion for Prosus. Its market capitalization is just $162 billion—a discount of 39%.</p>\n<p>The gap widens further if you step further up the ownership chain. Prosus is majority-owned by South African holding companyNaspers,NPSNY-0.70%whose shares trade roughly 23% below the value of its Prosus stake. Overall, Naspers shareholders are getting less than half the value of the internet businesses and stakes owned by Prosus.</p>\n<p>Such financial inefficiency might present an opportunity if the reasons weren’t so intractable. Naspers, which built the portfolio,spun Prosus offto reduce its own heavy weighting on the South African stock market, which gave portfolio managers an ongoing technical reason to sell its stock. Less than two years later, Naspers is as dominant on the exchange as ever.</p>\n<p>Prosus and Naspers have a new plan to address the problem, involving a cross-shareholding structure that will end in Prosus owning almost half of Naspers. The project received pushback from investors partly for its complexity, forcing the company to issue a public defense. Shareholders vote on the deal next month.</p>\n<p>Complexity may itself be one reason for the discount problem at Naspers and Prosus: Tying themselves in knots to answer one question just raises more. The only real resolution is a breakup, but the companies need their Tencent shares to fund bets on cash-draining industries like food delivery. They raised $14.6 billion by selling just 2% in April.</p>\n<p>Naspers and Prosus have an attractive portfolio, but investors can’t expect the current strategy to deliver anything close to full value for it.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Big Tech Stock Is Always on Sale</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Big Tech Stock Is Always on Sale\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-21 22:43 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/this-big-tech-stock-is-always-on-sale-11624283672><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—and the full extent of its discount problem\n\nGetting 50% off isn’t such an unmissable opportunity ...</p>\n\n<a href=\"https://www.wsj.com/articles/this-big-tech-stock-is-always-on-sale-11624283672\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PROSF":"Prosus NV"},"source_url":"https://www.wsj.com/articles/this-big-tech-stock-is-always-on-sale-11624283672","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188659531","content_text":"Tencent’s anchor shareholder Prosus has revealed the value of its $39 billion portfolio of startups—and the full extent of its discount problem\n\nGetting 50% off isn’t such an unmissable opportunity when there is no end to the discounting in sight.\nProsus is one of the most valuable tech companies listed in Europeby virtue of its big stakein Chinese internet giant Tencent, bought two decades ago for $34 million and now worth $216 billion, even after two share sales. The Amsterdam-based company also owns a portfolio of e-commerce startups that, like Tencent, have mainly thrived during the pandemic. Prosus revealed an estimate by Deloitte of their valuation for the first time Monday. According to the accounting firm, they are worth in aggregate $39 billion, up from roughly $20 billion a year ago.\nThe strong valuation is a double-edged sword. It suggests that Prosus’ operations are headed in the right direction, but it also lays painfully bare the gulf between their value and its stock price. If you add the $39 billion to $216 billion for the Tencent stake, roughly $1 billion for a similar minority stake in Russian internet company Mail.ru and almost $12 billion in net cash, you get an implied equity value of $268 billion for Prosus. Its market capitalization is just $162 billion—a discount of 39%.\nThe gap widens further if you step further up the ownership chain. Prosus is majority-owned by South African holding companyNaspers,NPSNY-0.70%whose shares trade roughly 23% below the value of its Prosus stake. Overall, Naspers shareholders are getting less than half the value of the internet businesses and stakes owned by Prosus.\nSuch financial inefficiency might present an opportunity if the reasons weren’t so intractable. Naspers, which built the portfolio,spun Prosus offto reduce its own heavy weighting on the South African stock market, which gave portfolio managers an ongoing technical reason to sell its stock. Less than two years later, Naspers is as dominant on the exchange as ever.\nProsus and Naspers have a new plan to address the problem, involving a cross-shareholding structure that will end in Prosus owning almost half of Naspers. The project received pushback from investors partly for its complexity, forcing the company to issue a public defense. Shareholders vote on the deal next month.\nComplexity may itself be one reason for the discount problem at Naspers and Prosus: Tying themselves in knots to answer one question just raises more. The only real resolution is a breakup, but the companies need their Tencent shares to fund bets on cash-draining industries like food delivery. They raised $14.6 billion by selling just 2% in April.\nNaspers and Prosus have an attractive portfolio, but investors can’t expect the current strategy to deliver anything close to full value for it.","news_type":1,"symbols_score_info":{"PROSF":0.9}},"isVote":1,"tweetType":1,"viewCount":1898,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120328525,"gmtCreate":1624303202867,"gmtModify":1703832929679,"author":{"id":"3579522470848421","authorId":"3579522470848421","name":"RyanTay","avatar":"https://static.tigerbbs.com/5f44983b192c953dd5830205dc12ded4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579522470848421","idStr":"3579522470848421"},"themes":[],"htmlText":"Cool","listText":"Cool","text":"Cool","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120328525","repostId":"2145008251","repostType":4,"isVote":1,"tweetType":1,"viewCount":1794,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120328215,"gmtCreate":1624303169737,"gmtModify":1703832929357,"author":{"id":"3579522470848421","authorId":"3579522470848421","name":"RyanTay","avatar":"https://static.tigerbbs.com/5f44983b192c953dd5830205dc12ded4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579522470848421","idStr":"3579522470848421"},"themes":[],"htmlText":"Interesting&nbsp;","listText":"Interesting&nbsp;","text":"Interesting","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120328215","repostId":"2145084835","repostType":4,"isVote":1,"tweetType":1,"viewCount":1485,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120927183,"gmtCreate":1624292888942,"gmtModify":1703832801710,"author":{"id":"3579522470848421","authorId":"3579522470848421","name":"RyanTay","avatar":"https://static.tigerbbs.com/5f44983b192c953dd5830205dc12ded4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579522470848421","idStr":"3579522470848421"},"themes":[],"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/120927183","repostId":"2145084835","repostType":4,"isVote":1,"tweetType":1,"viewCount":1648,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":358107145,"gmtCreate":1616670052887,"gmtModify":1704797155610,"author":{"id":"3579522470848421","authorId":"3579522470848421","name":"RyanTay","avatar":"https://static.tigerbbs.com/5f44983b192c953dd5830205dc12ded4","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3579522470848421","idStr":"3579522470848421"},"themes":[],"htmlText":"Pray","listText":"Pray","text":"Pray","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/358107145","repostId":"1170151822","repostType":4,"repost":{"id":"1170151822","kind":"news","pubTimestamp":1616662406,"share":"https://ttm.financial/m/news/1170151822?lang=&edition=fundamental","pubTime":"2021-03-25 16:53","market":"us","language":"en","title":"How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.","url":"https://stock-news.laohu8.com/highlight/detail?id=1170151822","media":"Barrons","summary":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible?By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.Wood isn’t producing that targe","content":"<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.</p>\n<p>Over the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.</p>\n<p>Wood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times&nbsp;the $2 trillion Apple is worth now.</p>\n<p>Overall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.</p>\n<p>The target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from&nbsp;<i>Barron’s</i>&nbsp;for comment about the new target price.</p>\n<p>To get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.</p>\n<p>But the Bull case on Tesla is about more than auto sales.Autonomous taxis&nbsp;drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.</p>\n<p>“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.</p>\n<p>Still, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.</p>\n<p>That’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months</p>\n<p>ARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.</p>\n<p>But Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”</p>\n<p>Whether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with&nbsp;Toyota&nbsp;(TM), the world’s second most valuable auto maker with a market cap of $250 billion, or&nbsp;Volkswagen&nbsp;(VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.</p>\n<p>ARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow Is Tesla Stock Worth $3,000? By Becoming Bigger Than Apple.\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-03-25 16:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\n...</p>\n\n<a href=\"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉","AAPL":"苹果"},"source_url":"https://www.barrons.com/articles/how-is-tesla-worth-3-000-by-becoming-bigger-than-apple-51616617173?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1170151822","content_text":"ARK Invest’s Cathie Wood says Tesla stock could be worth $3,000 in five years. How is that possible? By becoming bigger than Apple is now. Some of her assumptions, however, may be overly optimistic.\nOver the weekend, ARK Invest’s disruption guru Cathie Wood put a five-year price target of $3,000 on Tesla. That’s higher than Piper Sandler analyst Alex Potter’s $1,200 target, the highest on the Street, but analysts are usually looking out 12 months, not multiple years.\nWood isn’t producing that target out of thin air. When she released it, she also produced some of the assumptions underlying her view. But one thing stands out: For Tesla to trade $3,000, it would have to produce more sales and more Ebitda—short for earnings before interest, taxes, depreciation, and amortization—than Apple (AAPL) does now. Which makes sense, given that Tesla at $3,000 would be worth $3.6 trillion including management stock options, around 1.8 times the $2 trillion Apple is worth now.\nOverall, ARK expects Tesla to produce $700 billion in sales, $167 billion in cash flow, and $210 billion Ebitda by 2025. Apple generated about $274 billion in sales, $81 billion in operating cash flow, and $76 billion in Ebitda in its most recent fiscal year ended September 2020.\nThe target, so far, hasn’t been the subject of a lot of critical analysis, beyond some angry tweets from Tesla (ticker: TSLA) bears. ARK didn’t respond to a request from Barron’s for comment about the new target price.\nTo get there, Wood starts with the assumption that Tesla will sell between 5 million to 10 million cars by 2025. That’s a wide range. But a financial model is an average or best approximation of many assumptions. At the midpoint of ARK’s range, Tesla would sell about 7.5 million cars in 2025. That’s one area where ARK appears more bullish than most, including the company itself. It’s about three times higher than Wall Street is modeling and represents about 70% average annual growth. Tesla, for its part, is targeting 50% average annual growth in vehicle sales. It’s still a big number, but if Tesla grows at 50% then 2025 sales end up at about 3.8 million units in 2025.\nBut the Bull case on Tesla is about more than auto sales.Autonomous taxis drive a big part of the ARK increased price target. ARK projects $327 billion in autonomous taxi revenue for 2025, almost as large as the vehicle business. Tesla’s car business is projected to generate roughly $90 billion in Ebitda, while the robotaxi business generates about $70 billion in Ebitda, according to the model. Today, however, autonomous taxis produce no revenue and no Ebitda at all yet.\n“Cathie is very bullish on robotaxis and many of Tesla’s next-generation endeavors, which could add another $500 per share to the stock in our opinion,” says Wedbush analyst Dan Ives.\nStill, some of the assumptions ARK uses to get to these numbers look a little generous. ARK assumes that Tesla’s working capital—all the inventory and accounts receivables along with short-term financing used to operate a business—in 2025 will be around $12 billion, roughly the same as 2020. It’s almost impossible that a car company manufacturing 15 times the number of vehicles it does today will have the same working capital requirements.\nThat’s a smaller problem in the grand scheme of things, but it overstates the cash-generating ability of Tesla a little bit. ARK expects about $167 billion in “cash generation” by 2025. It isn’t clear if that is free cash flow or cash from operations. Either way, it’s a lot of cash, about two times the cash flow generated by Apple over the past 12 months\nARK also assumes that Tesla’s insurance business, with all the autonomous driving data coming off its cars, will be able to produce twice the profit margins of traditional auto insurance companies. It’s not a huge part of Tesla’s business: ARK sees Tesla insurance generating about $2.5 billion in operating profit in 2025, just 1.25% of Ark’s $200 billion operating profit estimate for the company in 2025. Tesla generated about $2 billion in operating profit this past year.\nBut Tesla won’t be the only one innovating. Even Elon Musk thinks other companies will have similar systems eventually. “Eventually, every car company will have long-range electric cars,” Musk said at the company’s recent annual shareholder meeting. “Eventually, every company will have autonomy, I think, but not every company will be great at manufacturing.”\nWhether ARK’s numbers seem realistic or like a hopeless pipe dream likely depends on where one stands on Tesla. If it’s a car company, its current $700 billion valuation looks extreme compared with Toyota (TM), the world’s second most valuable auto maker with a market cap of $250 billion, or Volkswagen (VOW.Germany), the world’s largest auto maker by the number of cars produced, which has a market cap of about $160 billion.\nARK’s bet is that Tesla is something else altogether, something more like Apple. We’ll find out in 2025 if Wood is right.","news_type":1,"symbols_score_info":{"TSLA":0.9,"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}