Börse Express – FOCUS 3 SHARE: Tesla rally continues

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(new: closing price, comment DZ Bank)

NEW YORK (dpa-AFX) – The record rally of Tesla, the most valuable car maker on the stock exchange continued on Thursday in a continued friendly market environment. After a positive surprise in the delivery figures in the second quarter, the papers of the electric car manufacturer rose by around eight percent to $ 1208.66 in the end and were thus the best value in the technology-heavy selection index Nasdaq 100
. This results in a market value of around $ 224 billion for Tesla. In early trading, the shares had reached a record high at around $ 1,228.

Tesla delivered 90,650 cars to customers worldwide in the three months to the end of June. This far exceeded the analysts’ forecasts. With 80,050 units, the majority of deliveries were made to Tesla’s cheapest Model 3 vehicle and the new compact SUV Model Y. With these offers, tech billionaire Elon Musk’s company is increasingly establishing itself on the mass market.

The strong numbers underline Tesla’s winning streak. The US investor magazine “Barron’s” spoke of “an unbelievable achievement in the midst of downtimes and a global pandemic”. The Tesla shares have tripled their value in the current year alone despite the temporary setback due to the Corona crisis.

Only the day before, Tesla had the Japanese competitor Toyota
as the world‘s most valuable car maker to date. The Japanese bring it to a market capitalization of around $ 206 billion. For comparison: BMW’s three German carmakers , Daimler
and Volkswagen the total is $ 166 billion. The fact that Tesla is higher in price than the established competition despite much lower sales on the financial market shows that investors are betting on e-mobility and that the high-flyer from the tech stronghold Silicon Valley is confident of stronger growth.

The month-long rally of Tesla papers had gained new momentum at the beginning of the week. In an email to the employees, company boss Elon Musk had shown himself confidently that there would be no loss in the second business quarter.

On average, analysts still expect Tesla to report a loss of approximately $ 1.80 per share for the second quarter based on the internationally recognized US GAAP accounting standard. But the expert Dan Levy from the Swiss bank Credit Suisse had already thought that a surprise was possible in a study at the beginning of the week. It is a “less radical idea” that Tesla could once again have been profitable. In addition to unexpectedly high cost savings, surprisingly high deliveries could also have a positive impact, Levy had predicted. The latter has now come true.

Positive quarterly results and a high market capitalization are prerequisites for Tesla being included in the most important US stock index S&P 500 can be included. This would give more attention to the share certificates and could further drive the rally.

However, analyst Matthias Volkert from DZ Bank expressed skepticism in this regard. Relevant financial indicators, such as the ratio of the company’s value to the operating result, signaled that the group was seen solely as a technology title. Despite an existing lead in important aspects of electric car development, this does not appear to be fully justified. A status of Tesla as a technology title would require a complete crowding out of the well-known automobile manufacturers and, from the current perspective, is far from a basic scenario./la/fba

 ISIN  US88160R1014

AXC0378 2020-07-02/22:54

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