In my original post on Tesla’s valuation I made revenue growth adjustments based on projected near-term order flow. However, for this post, I am simply attempting to back out the market’s current projection of TSLA based on simple Y/Y revenue growth estimates. This involves the assumption of an EBITDA margin of -5% in 2016 with 200 bps of increase in each successive year throughout the projection period (to a 15% EBITDA margin by 2026). Graphically, the results are as follows: Currently the market is roughly weighting the stock at the cash-flow equivalent of 20% Y/Y revenue growth over the next ten years.