create a DCF model on company based on the photo provided for Tesla. Your narrative should walk usclearly through your DCF model as to exactly what your model assumptions are and why. Typically you want to do that in the same order as your model is formatted, e.g., sales, cost of sales, operating expenses, etc.In other words, state what is already obvious in the model in the narrative.Conclude with a discussion on a target price for Tesla based on your DCF model. I have posted a TSLA DEF model photo.It is far from complete but provides a good basis to get started in forecasting.

A | B e | n | E | F | Top Line Growth 26.5% 73.0% 68.0% 2 Tesla 10-'l'r model {in millions} 2014 2015 2016 201? Cost of Revenue 2,316,685 3,122,522 5,400,875 9,536,264 Gross Prot 881 ,6T'1 923,503 1,599,257 2,222,487 216% 22.8% 22.8% 18.9% Operating Expenses R80 464,700 T1 7, 900 834,408 1,378,01'3 663.1% 603,660 922,232 1,432,189 2,4?6,500 Incomelexpenses from investments EBIT {186,689} (716,629) {667,340} {1,632,086} other Income {1,813} 41652 -1112i'2 1253T3 lnterestiDebt Expense 99,?60 111343 190280 4515?3 EBT {284,636} (815,624) {746,348} {2,209,032} Income Taxes 9,404 13,039 26,698 31,546 Net Income 6 {294,040} 6 (888,663) 5 {773,046} 5 {2,240,5T8} "CC D8)! 231,931 422,590 947,099 1,636,003 Sharebased Comp 156,496 19?,999 334,225 466,?60 CapEJr. {969,885} (1,634,850) {1,280,802} {3,414,814} WClnv {568,285} (493,289) {693,861} (57?,T42} Borrowing FCFE {1,443,183} (2,396,213) {1,466,385} {4,130,3T1} W of FCF {1,443,183} (2,396,213) {1,466,385} {4,130,3T1} 0 Assumptions: r = 11.00% Aggregate of PV of FCFs (46,939,618) Market cap (145,317,606) W of Terminal Value (96,3TT,T2T} Debt T,119,64T Total Equity Value (145,317,606) Excess cash - Enterprise value (138,197,959) Shares Outstanding 170 593 EElITDA 4?0,6T.r' EEllTDA Multiple (293.6} Tar et Share Price [$3521