What’s Next for Tesla: A Trillion-Dollar Valuation

Barrons2021-01-07

Morgan Stanley analyst Adam Jonas ratesTesla stock at Buy. On Wednesday he increased his price target on shares to $810, the highest mark on Wall Street, from $540. Hitting $810 would make Tesla stock...

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精彩评论

Thanatael
2021-01-07
Thanatael
[财迷]
ValueTrade
2021-01-07
ValueTrade
Tesla is the least reliable EV car in US. How could it be valued at such a high value?
- 约翰:
  You have been in USA for so long long time and have no ideas what happened in China? Is your head always in sands?

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Hitting $810 would make Tesla stock...\n\n<a href=\"https://www.barrons.com/articles/tesla-stock-could-be-worth-a-trillion-dollars-51609963298?mod=hp_LEADSUPP_2\">网页链接</a>\n\n</div>\n","source":"lsy1601382232898","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>What’s Next for Tesla: A Trillion-Dollar Valuation</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\">\nWhat’s Next for Tesla: A Trillion-Dollar Valuation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-01-07 11:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/tesla-stock-could-be-worth-a-trillion-dollars-51609963298?mod=hp_LEADSUPP_2>Barrons</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nMorgan Stanley analyst Adam Jonas ratesTesla stock at Buy. On Wednesday he increased his price target on shares to $810, the highest mark on Wall Street, from $540. Hitting $810 would make Tesla stock...\n\n<a href=\"https://www.barrons.com/articles/tesla-stock-could-be-worth-a-trillion-dollars-51609963298?mod=hp_LEADSUPP_2\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TSLA","symbol_name":"特斯拉","start_time":0,"source_url":"https://www.barrons.com/articles/tesla-stock-could-be-worth-a-trillion-dollars-51609963298?mod=hp_LEADSUPP_2","article_id":"1152505897","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1152505897","pubTimestamp":1609989333,"columns":[],"sourceInfo":{"source_id":"lsy1601382232898","name":"Barrons"},"weMediaInfo":null,"summary":"Morgan Stanley analyst Adam Jonas ratesTesla stock at Buy. On Wednesday he increased his price targe","collect":0,"end_time":0,"defaultTopTitle":"barrons.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"TSLA":"特斯拉"},"translate_title":"特斯拉下一步何去何从:万亿美元估值","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/0bd5e29236f57019acf514b978712ba3","symbols_score_info":{"TSLA":0.9},"content_text":"Morgan Stanley analyst Adam Jonas ratesTesla stock at Buy. On Wednesday he increased his price target on shares to $810, the highest mark on Wall Street, from $540. Hitting $810 would make Tesla stock, by one measure, worth just under $1 trillion dollars.That value puts Tesla in some elite company, there are only four U.S.-listed companies with market capitalizations north of $1 trillion.The reason Jonas took his target price up Wednesday looks to be fourfold. First, Tesla posted better-than-expecteddelivery volumesfor the fourth quarter. 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That can also boost a company’s valuation multiples compared with its own, pre-indexation, history.EDITOR'S CHOICEFinally, Jonas increased his value for Tesla’s nascent mobility business, which includes things such as robotaxi services andself driving softwaresales. “The higher population of vehicle[s] in the Tesla [installed base] as a direct knock-on impact on our Tesla Network Services valuation,” added the analyst.Tesla stock closed up about 2.8% to almost $756 a share on Wednesday. The S&P 500 and Dow Jones Industrial Averageare up about 0.6% and 1.4%, respectively.Jonas didn’t mention the outcome of the Georgia senaterunoff election. But a higher potential for a blue wave election outcome, giving democrats control of both houses of Congress, is seen my many on the Street as more good news for green technologies such as battery powered cars.At $810 a share, Tesla stock would be worth an aggregate of about $990 billion, just 1% shy of $1 trillion, based on 1.2 billionfully diluted sharesoutstanding.Tesla used 1.1 billion shares when calculating third-quarter figures, but that’s an average count over the entire quarter. And as Tesla stock keeps rising, and Elon Musk’s stock options keep vesting. FactSet estimates the fully diluted shares at this point in time are more than 1.2 billion.Tesla has, roughly, 950 million shares issued and outstanding. The difference between the two numbers is that the larger includes all of management’s stock-based compensation, as well as convertible debt, warrants, and restricted stock units.Which number is the right one to use can be debated. 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How could it be valued at such a high value?&nbsp;","listText":"Tesla is the least reliable EV car in US. How could it be valued at such a high value?&nbsp;","text":"Tesla is the least reliable EV car in US. How could it be valued at such a high value?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/336978043","repostId":1152505897,"repostType":4,"repost":{"id":"1152505897","kind":"news","pubTimestamp":1609989333,"share":"https://www.laohu8.com/m/news/1152505897?lang=zh_CN&edition=full","pubTime":"2021-01-07 11:15","market":"us","language":"en","title":"What’s Next for Tesla: A Trillion-Dollar Valuation<blockquote>特斯拉的下一步是什么：万亿美元估值</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1152505897","media":"Barrons","summary":"Morgan Stanley analyst Adam Jonas ratesTesla stock at Buy. On Wednesday he increased his price targe","content":"Morgan Stanley analyst&nbsp;Adam Jonas&nbsp;ratesTesla&nbsp;stock at&nbsp;Buy. On Wednesday he increased his&nbsp;price target&nbsp;on shares to $810, the highest mark on Wall Street, from $540. Hitting $810 would make Tesla stock, by one measure, worth just under $1 trillion dollars.<blockquote>摩根士丹利分析师亚当·乔纳斯(Adam Jonas)将特斯拉股票评级为买入。周三，他将股票目标价从540美元上调至810美元，这是华尔街的最高点。按照一项衡量标准，达到810美元将使特斯拉股票价值略低于1万亿美元。</blockquote>That value puts Tesla in some elite company, there are only four U.S.-listed companies with market capitalizations north of $1 trillion.<blockquote>这一价值使特斯拉跻身精英公司之列，只有四家美国上市公司的市值超过1万亿美元。</blockquote>The reason Jonas took his target price up Wednesday looks to be fourfold. First, Tesla posted better-than-expecteddelivery volumesfor the fourth quarter. More deliveries now and in the future is bullish for any auto maker.<blockquote>乔纳斯周三上调目标价的原因似乎有四倍。首先，特斯拉公布的第四季度交付量好于预期。现在和未来更多的交付量对任何汽车制造商来说都是利好。</blockquote>Tesla also recently raised another $5 billion in capital to support growth. Faster growth can help companyvaluation multiples.<blockquote>特斯拉最近还筹集了50亿美元的资金来支持增长。更快的增长有助于公司估值倍数。</blockquote>Third, Tesla was added to the&nbsp;S&amp;P 500&nbsp;Index&nbsp;in December. “In the days leading up to and following” Tesla’s addition, wrote Jonas in a Wednesday research report, “we have been fielding an increased number of calls from a range of investors who are conducting financial and valuation analysis....for the first time.” The S&amp;P 500 addition has more people checking out Tesla stock which means more potential buyers. That can also boost a company’s valuation multiples compared with its own, pre-indexation, history.<blockquote>第三，特斯拉在12月被纳入标准普尔500指数。乔纳斯在周三的一份研究报告中写道：“在特斯拉加入之前和之后的几天里，我们一直在从一系列正在进行财务和估值分析的投资者那里获得越来越多的评级……第一次。”标普500的加入让更多的人查看特斯拉股票，这意味着更多的潜在买家。与指数化前的历史相比，这也可以提高公司的估值倍数。</blockquote>EDITOR'S CHOICE<blockquote>编辑的选择</blockquote>Finally, Jonas increased his value for Tesla’s nascent mobility business, which includes things such as robotaxi services andself driving softwaresales. “The higher population of vehicle[s] in the Tesla [installed base] as a direct knock-on impact on our Tesla Network Services valuation,” added the analyst.<blockquote>最后，Jonas增加了他对特斯拉新兴移动业务的价值，其中包括机器人出租车服务和自动驾驶软件销售等业务。该分析师补充道：“特斯拉[安装基础]中车辆数量的增加对我们的特斯拉网络服务估值产生了直接的连锁反应。”</blockquote>Tesla stock closed up about 2.8% to almost $756 a share on&nbsp;Wednesday. The S&amp;P 500 and&nbsp;Dow Jones Industrial Averageare up about 0.6% and 1.4%, respectively.<blockquote>特斯拉股价周三收盘上涨约2.8%，至每股近756美元。标普500和道琼斯工业平均指数分别上涨约0.6%和1.4%。</blockquote>Jonas didn’t mention the outcome of the Georgia senaterunoff election. But a higher potential for a blue wave election outcome, giving democrats control of both houses of Congress, is seen my many on the Street as more good news for green technologies such as battery powered cars.<blockquote>乔纳斯没有提到佐治亚州参议员选举的结果。但我在街上的许多人认为，蓝波选举结果的可能性更大，让民主党控制国会两院，这对电池驱动汽车等绿色技术来说是更好的消息。</blockquote>At $810 a share, Tesla stock would be worth an aggregate of about $990 billion, just 1% shy of $1 trillion, based on 1.2 billionfully diluted sharesoutstanding.<blockquote>按每股810美元计算，特斯拉股票的总价值约为9900亿美元，仅比1万亿美元低1%，以12亿股完全稀释后的流通股计算。</blockquote>Tesla used 1.1 billion shares when calculating third-quarter figures, but that’s an average count over the entire quarter. And as Tesla stock keeps rising, and Elon Musk’s stock options keep vesting. FactSet estimates the fully diluted shares at this point in time are more than 1.2 billion.<blockquote>特斯拉在计算第三季度数据时使用了11亿股，但这是整个季度的平均数量。随着特斯拉股价不断上涨，Elon Musk的股票期权不断归属。FactSet估计，目前完全稀释的股票超过12亿股。</blockquote>Tesla has, roughly, 950 million shares issued and outstanding. The difference between the two numbers is that the larger includes all of management’s stock-based compensation, as well as convertible debt, warrants, and restricted stock units.<blockquote>特斯拉已发行和流通股约为9.5亿股。这两个数字之间的区别在于，较大的数字包括管理层所有基于股票的薪酬，以及可转换债务、认股权证和限制性股票单位。</blockquote>Which number is the right one to use can be debated. But in-the-money stock options—ones that allow holders to acquire stock for less than the market price—will be converted into shares some day. This isn’t necessarily a negative for the stock price, though. Tesla investors, as a group, know about Musk’s compensation package, so that information is, theoretically, already reflected in the current stock price. The biggest impact in which share count to use is on how Wall Street, and the media, quote Tesla market capitalization.<blockquote>使用哪个数字是正确的是有争议的。但价内股票期权——允许持有者以低于市场价格购买股票的期权——有一天会被转换成股票。不过，这并不一定对股价不利。特斯拉投资者作为一个群体了解马斯克的薪酬方案，因此理论上，这些信息已经反映在当前的股价中。使用股票数量的最大影响是华尔街和媒体如何引用特斯拉市值。</blockquote>For the other trillion-dollar companies, the impact of diluted share counts is less significant that it is for Tesla. The difference for Tesla, between basic and diluted shares outstanding, is about 25% of the current shares outstanding. The average for the trillion-dollar four horsemen—Apple(AAPL),Amazon.com(AMZN),Microsoft(MSFT) and&nbsp;Alphabet(GOOGL)—is about 2% on average.<blockquote>对于其他万亿美元的公司来说，稀释后的股票数量的影响没有特斯拉那么显着。特斯拉的基本流通股和稀释后流通股之间的差额约为当前流通股的25%。万亿美元四骑士——苹果(AAPL)、亚马逊(AMZN)、微软(MSFT)和Alphabet(GOOGL)——的平均增长率约为2%。</blockquote>That’s a bit of fun with numbers, but investors really care about the individual share price and what the forward outlook is. “Despite the extraordinary run in the share price, we continue to believe Tesla can outperform [versus the auto] sector in 2021,” adds Jonas in his report.<blockquote>数字有点有趣，但投资者真正关心的是个股价格和未来前景。Jonas在报告中补充道：“尽管股价大幅上涨，但我们仍然相信特斯拉在2021年的表现能够跑赢（相对于汽车）行业。”</blockquote>That’s what bulls want to hear.<blockquote>这就是多头想听到的。</blockquote>","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>What’s Next for Tesla: A Trillion-Dollar Valuation<blockquote>特斯拉的下一步是什么：万亿美元估值</blockquote></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: 12.5px; color: #7E829C; margin: 0;}\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\">\nWhat’s Next for Tesla: A Trillion-Dollar Valuation<blockquote>特斯拉的下一步是什么：万亿美元估值</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nBarrons2021-01-07 11:15\n\n</h4>\n</header>\n<article>\nMorgan Stanley analyst&nbsp;Adam Jonas&nbsp;ratesTesla&nbsp;stock at&nbsp;Buy. On Wednesday he increased his&nbsp;price target&nbsp;on shares to $810, the highest mark on Wall Street, from $540. Hitting $810 would make Tesla stock, by one measure, worth just under $1 trillion dollars.<blockquote>摩根士丹利分析师亚当·乔纳斯(Adam Jonas)将特斯拉股票评级为买入。周三，他将股票目标价从540美元上调至810美元，这是华尔街的最高点。按照一项衡量标准，达到810美元将使特斯拉股票价值略低于1万亿美元。</blockquote>That value puts Tesla in some elite company, there are only four U.S.-listed companies with market capitalizations north of $1 trillion.<blockquote>这一价值使特斯拉跻身精英公司之列，只有四家美国上市公司的市值超过1万亿美元。</blockquote>The reason Jonas took his target price up Wednesday looks to be fourfold. First, Tesla posted better-than-expecteddelivery volumesfor the fourth quarter. More deliveries now and in the future is bullish for any auto maker.<blockquote>乔纳斯周三上调目标价的原因似乎有四倍。首先，特斯拉公布的第四季度交付量好于预期。现在和未来更多的交付量对任何汽车制造商来说都是利好。</blockquote>Tesla also recently raised another $5 billion in capital to support growth. Faster growth can help companyvaluation multiples.<blockquote>特斯拉最近还筹集了50亿美元的资金来支持增长。更快的增长有助于公司估值倍数。</blockquote>Third, Tesla was added to the&nbsp;S&amp;P 500&nbsp;Index&nbsp;in December. “In the days leading up to and following” Tesla’s addition, wrote Jonas in a Wednesday research report, “we have been fielding an increased number of calls from a range of investors who are conducting financial and valuation analysis....for the first time.” The S&amp;P 500 addition has more people checking out Tesla stock which means more potential buyers. That can also boost a company’s valuation multiples compared with its own, pre-indexation, history.<blockquote>第三，特斯拉在12月被纳入标准普尔500指数。乔纳斯在周三的一份研究报告中写道：“在特斯拉加入之前和之后的几天里，我们一直在从一系列正在进行财务和估值分析的投资者那里获得越来越多的评级……第一次。”标普500的加入让更多的人查看特斯拉股票，这意味着更多的潜在买家。与指数化前的历史相比，这也可以提高公司的估值倍数。</blockquote>EDITOR'S CHOICE<blockquote>编辑的选择</blockquote>Finally, Jonas increased his value for Tesla’s nascent mobility business, which includes things such as robotaxi services andself driving softwaresales. “The higher population of vehicle[s] in the Tesla [installed base] as a direct knock-on impact on our Tesla Network Services valuation,” added the analyst.<blockquote>最后，Jonas增加了他对特斯拉新兴移动业务的价值，其中包括机器人出租车服务和自动驾驶软件销售等业务。该分析师补充道：“特斯拉[安装基础]中车辆数量的增加对我们的特斯拉网络服务估值产生了直接的连锁反应。”</blockquote>Tesla stock closed up about 2.8% to almost $756 a share on&nbsp;Wednesday. The S&amp;P 500 and&nbsp;Dow Jones Industrial Averageare up about 0.6% and 1.4%, respectively.<blockquote>特斯拉股价周三收盘上涨约2.8%，至每股近756美元。标普500和道琼斯工业平均指数分别上涨约0.6%和1.4%。</blockquote>Jonas didn’t mention the outcome of the Georgia senaterunoff election. But a higher potential for a blue wave election outcome, giving democrats control of both houses of Congress, is seen my many on the Street as more good news for green technologies such as battery powered cars.<blockquote>乔纳斯没有提到佐治亚州参议员选举的结果。但我在街上的许多人认为，蓝波选举结果的可能性更大，让民主党控制国会两院，这对电池驱动汽车等绿色技术来说是更好的消息。</blockquote>At $810 a share, Tesla stock would be worth an aggregate of about $990 billion, just 1% shy of $1 trillion, based on 1.2 billionfully diluted sharesoutstanding.<blockquote>按每股810美元计算，特斯拉股票的总价值约为9900亿美元，仅比1万亿美元低1%，以12亿股完全稀释后的流通股计算。</blockquote>Tesla used 1.1 billion shares when calculating third-quarter figures, but that’s an average count over the entire quarter. And as Tesla stock keeps rising, and Elon Musk’s stock options keep vesting. FactSet estimates the fully diluted shares at this point in time are more than 1.2 billion.<blockquote>特斯拉在计算第三季度数据时使用了11亿股，但这是整个季度的平均数量。随着特斯拉股价不断上涨，Elon Musk的股票期权不断归属。FactSet估计，目前完全稀释的股票超过12亿股。</blockquote>Tesla has, roughly, 950 million shares issued and outstanding. The difference between the two numbers is that the larger includes all of management’s stock-based compensation, as well as convertible debt, warrants, and restricted stock units.<blockquote>特斯拉已发行和流通股约为9.5亿股。这两个数字之间的区别在于，较大的数字包括管理层所有基于股票的薪酬，以及可转换债务、认股权证和限制性股票单位。</blockquote>Which number is the right one to use can be debated. But in-the-money stock options—ones that allow holders to acquire stock for less than the market price—will be converted into shares some day. This isn’t necessarily a negative for the stock price, though. Tesla investors, as a group, know about Musk’s compensation package, so that information is, theoretically, already reflected in the current stock price. The biggest impact in which share count to use is on how Wall Street, and the media, quote Tesla market capitalization.<blockquote>使用哪个数字是正确的是有争议的。但价内股票期权——允许持有者以低于市场价格购买股票的期权——有一天会被转换成股票。不过，这并不一定对股价不利。特斯拉投资者作为一个群体了解马斯克的薪酬方案，因此理论上，这些信息已经反映在当前的股价中。使用股票数量的最大影响是华尔街和媒体如何引用特斯拉市值。</blockquote>For the other trillion-dollar companies, the impact of diluted share counts is less significant that it is for Tesla. The difference for Tesla, between basic and diluted shares outstanding, is about 25% of the current shares outstanding. The average for the trillion-dollar four horsemen—Apple(AAPL),Amazon.com(AMZN),Microsoft(MSFT) and&nbsp;Alphabet(GOOGL)—is about 2% on average.<blockquote>对于其他万亿美元的公司来说，稀释后的股票数量的影响没有特斯拉那么显着。特斯拉的基本流通股和稀释后流通股之间的差额约为当前流通股的25%。万亿美元四骑士——苹果(AAPL)、亚马逊(AMZN)、微软(MSFT)和Alphabet(GOOGL)——的平均增长率约为2%。</blockquote>That’s a bit of fun with numbers, but investors really care about the individual share price and what the forward outlook is. “Despite the extraordinary run in the share price, we continue to believe Tesla can outperform [versus the auto] sector in 2021,” adds Jonas in his report.<blockquote>数字有点有趣，但投资者真正关心的是个股价格和未来前景。Jonas在报告中补充道：“尽管股价大幅上涨，但我们仍然相信特斯拉在2021年的表现能够跑赢（相对于汽车）行业。”</blockquote>That’s what bulls want to hear.<blockquote>这就是多头想听到的。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-could-be-worth-a-trillion-dollars-51609963298?mod=hp_LEADSUPP_2\">Barrons</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-could-be-worth-a-trillion-dollars-51609963298?mod=hp_LEADSUPP_2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152505897","content_text":"Morgan Stanley analyst Adam Jonas ratesTesla stock at Buy. On Wednesday he increased his price target on shares to $810, the highest mark on Wall Street, from $540. Hitting $810 would make Tesla stock, by one measure, worth just under $1 trillion dollars.That value puts Tesla in some elite company, there are only four U.S.-listed companies with market capitalizations north of $1 trillion.The reason Jonas took his target price up Wednesday looks to be fourfold. First, Tesla posted better-than-expecteddelivery volumesfor the fourth quarter. More deliveries now and in the future is bullish for any auto maker.Tesla also recently raised another $5 billion in capital to support growth. Faster growth can help companyvaluation multiples.Third, Tesla was added to the S&P 500 Index in December. “In the days leading up to and following” Tesla’s addition, wrote Jonas in a Wednesday research report, “we have been fielding an increased number of calls from a range of investors who are conducting financial and valuation analysis....for the first time.” The S&P 500 addition has more people checking out Tesla stock which means more potential buyers. That can also boost a company’s valuation multiples compared with its own, pre-indexation, history.EDITOR'S CHOICEFinally, Jonas increased his value for Tesla’s nascent mobility business, which includes things such as robotaxi services andself driving softwaresales. “The higher population of vehicle[s] in the Tesla [installed base] as a direct knock-on impact on our Tesla Network Services valuation,” added the analyst.Tesla stock closed up about 2.8% to almost $756 a share on Wednesday. The S&P 500 and Dow Jones Industrial Averageare up about 0.6% and 1.4%, respectively.Jonas didn’t mention the outcome of the Georgia senaterunoff election. But a higher potential for a blue wave election outcome, giving democrats control of both houses of Congress, is seen my many on the Street as more good news for green technologies such as battery powered cars.At $810 a share, Tesla stock would be worth an aggregate of about $990 billion, just 1% shy of $1 trillion, based on 1.2 billionfully diluted sharesoutstanding.Tesla used 1.1 billion shares when calculating third-quarter figures, but that’s an average count over the entire quarter. And as Tesla stock keeps rising, and Elon Musk’s stock options keep vesting. FactSet estimates the fully diluted shares at this point in time are more than 1.2 billion.Tesla has, roughly, 950 million shares issued and outstanding. The difference between the two numbers is that the larger includes all of management’s stock-based compensation, as well as convertible debt, warrants, and restricted stock units.Which number is the right one to use can be debated. But in-the-money stock options—ones that allow holders to acquire stock for less than the market price—will be converted into shares some day. This isn’t necessarily a negative for the stock price, though. Tesla investors, as a group, know about Musk’s compensation package, so that information is, theoretically, already reflected in the current stock price. The biggest impact in which share count to use is on how Wall Street, and the media, quote Tesla market capitalization.For the other trillion-dollar companies, the impact of diluted share counts is less significant that it is for Tesla. The difference for Tesla, between basic and diluted shares outstanding, is about 25% of the current shares outstanding. The average for the trillion-dollar four horsemen—Apple(AAPL),Amazon.com(AMZN),Microsoft(MSFT) and Alphabet(GOOGL)—is about 2% on average.That’s a bit of fun with numbers, but investors really care about the individual share price and what the forward outlook is. “Despite the extraordinary run in the share price, we continue to believe Tesla can outperform [versus the auto] sector in 2021,” adds Jonas in his report.That’s what bulls want to hear.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3290269,"gmtCreate":1610026425450,"gmtModify":1610026425450,"authorId":275819275022896,"author":{"id":275819275022896,"idStr":"275819275022896","authorId":275819275022896,"name":"约翰","avatar":"https://static.tigerbbs.com/ad1bbc78ee49142cbe14dec72f0436a6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":336978043,"type":1,"supId":0,"prevId":0,"content":"You have been in USA for so long long time and have no ideas what happened in China? Is your head always in sands?","text":"You have been in USA for so long long time and have no ideas what happened in China? Is your head always in sands?","html":"You have been in USA for so long long time and have no ideas what happened in China? Is your head always in sands?"}],"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":9,"commentSize":2,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1152505897","isCrawlerRequest":true}