https://finance.yahoo.com/news/tesla...012352233.html
"At $650, the after-market price is pretty much divorced from any reasonable underlying math. A multiple of forecast GAAP earnings for the year of 275 times is all but meaningless. Tesla has been a “terminal value” stock for so long, in the sense that its price rests implicitly on long-term profit expectations. But it’s worth thinking about the numbers for a second.
As of Wednesday evening, the consensus forecast has Tesla flipping from a net loss of almost $5 a share last year to a profit of almost $2.40 in 2020 and then growing at more than 100%, compounded, through 2023. Looking out 10 years, I wondered what sort of earnings Tesla would need in 2029 to justify its stock price, assuming its terminal value in that year accounted for half the current market cap. At a 10% cost of capital, it works out to just over $200 per share — or an 86-fold increase versus 2020’s (forecast) earnings."
That is why I wouldn't buy Tesla stock at this point. In just 9 years they have to have an 86 fold increase in their current earnings? And at that point they will have been listed for 20 years and the author is only saying they will still have 50% of their value as speculative at that point, AKA 100% overvalued. By comparison GM is 7% undervalued but has been around a long time and is a known commodity. I wouldn't buy them either BTW.