As a general disclaimer to begin, I am not a Tesla shareholder. I feel there are too many unknowns surrounding the company, from its financials to the general appeal their vehicles will have in the market. -- I’ll set up the basic valuation behind Tesla and share some of its operating details: I assume revenues of $9B in 2016, which would require the company to roughly replicate its Q1 performance in each subsequent quarterBased on a conservative estimate of order flow, I have revenues jumping 20% to $10.8B in 2017 (consensus is somewhere in the $11B-$12B range).Revenues are expected to spike heavily in 2018 due to enhanced order flow (up to 100%) and then likely dwindle from there. I assumed 20% Y/Y growth from 2018 to 2019, followed a year-over-year decay of 10% of that amount going forward (i.e., 18% in 2020, 16.2% in 2021, etc.).EBITDA margins: These are of course negative. I have the company’s EBITDA margin at -5% for 2016, and increasing at 200 bps each year throughout the projection period, such that it’s at 15% by the FY2026.Depreciation projects to come in at around 12% of sales for 2016. Like post-2019 revenue, I have this decaying at 90% Y/Y (10.8% of sales in 2017, 9.6% of sales in 2018, and so forth), as I don’t believe it’ll be strictly linear.In conjunction with depreciation, I have capex at 30% of 2016 sales, 20% in 2017, 10% in 2018, and 5% in 2019 and from then forward. I have growth in working capital and operating assets over liabilities at 2% year-over-year. The Valuation