4. Tesla Inc. recently surpassed Ford Motor in market capitalization.The table has some information about Tesla and a few competitors.

Current Price

Market Cap ($billion)

Dividend pay-out ratio

Dividend per share

Expected return on equity (the discount rate)

Long growth estimate (g)

Book Value

Trailing 12m EPS

Sales LFY

PE

Ratio

Price to Book

Price to Sales

Tesla Inc

13.32%

35%

General Motors Co

12.61%

11.66%

Ford Motor Co

10.71%

13.66%

Fiat Chrysler Automobiles NV

13.04%

-0.32%

Please complete the following Table (you can find information in yahoo finance /statistics.For instance: https://finance.yahoo.com/quote/F/key-statistics?p=F

Then, Use this information to answer the following questions:

Tesla Inc has never declared dividends on their common stock, and it intends on retaining all future earnings to finance future growth and therefore, does not anticipate paying any cash dividends in the foreseeable future.

Tesla has experienced losses recently, but analysts predict 0.4 earnings per share next year.Assume that Tesla will start paying dividends in 5 years from now.The dividend pay-out ratio in 5 years will be the current median pay-out ratio of the industry (excluding Tesla).Earnings are expected to grow at 35% for the next 5 years, and they will then decline to the current industry average of long-term growth (use the competitors the table) after year 5, a stable growth that Tesla will maintain in perpetuity.

Question: What is the theoretical price of Tesla using this information?