Tesla: the energy business cannot carry the vehicle multiple
Storage is the best part of this company and roughly a tenth of revenue. Vehicle gross margin excluding credits is still compressing and no plausible ramp closes that gap here.
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Discussion · 6
Been long since the last one. The depreciation schedule really is the whole disagreement. Interested in what the kill switch looks like in practice.
This lines up with what I saw in the filings. The distinction between adequate reserves and the earnings path is well made. How are you thinking about the timing risk here?
Good question. Early is a fair criticism of my last one on this name. The difference here is that the catalyst is dated rather than open-ended.
Finally someone put numbers on this. Splitting volume from price is what makes this legible. How much of this do you think is already in the buy side's numbers?
Good to see an invalidation level actually stated. The utilisation assumption is where I disagree. Interested in what the kill switch looks like in practice.
This is the clearest write-up I have seen on the name. The depreciation schedule really is the whole disagreement. Does the thesis survive a soft guide next quarter?