Merrill $TSLA #TSLA Updated Research Report. PO:$220 Est.(Dec)(US$)2022A 2023A 2024E 2025E 2026E EPS 4.07, 3.13, 2.60, 3.40, 4.15 GAAP EPS 3.62, 2.60, 2.09, 2.87, 3.60 EPS Change (YoY) 80.1%, -23.1%, -16.9%, 30.8%, 22.1% Consensus EPS (Bloomberg) 2.77, 3.68, 4.62 Valuation (Dec) P/E 35.5x, 46.2x, 55.6x,42.6x,34.9x GAAP P/E 40.0x, 55.6x, 69.2x,50.4x, 40.2x EV / EBITDA* 26.2x, 31.9x, 31.8x, 24.1x, 20.3x Free Cash Flow Yield* 1.5%, 0.9%, 0.6%, 1.3%, 2.1% *IMHO with M3 upgrade/Performance model, CyberTruck ramp, FSD rollout, & Energy acceleration 2026 EPS gets pulled forward into 2025.
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