Pod: Car Company 😉

The full Monday note can always be found at www.blindsquirrelmacro.com

The Monday Note:

Car Company 😉

Show Note Visuals:

Extract from the financing section of the Twitter LBO circular.

Source: Morgan Stanley. The 🐿️ does wonder what has enabled Jonas to update the constituent valuations since the original valuation thesis was floated in November 2020 (prevailing share price at time was $455 (pre 3 for 1 split in August 2022) - price target at that time was $540 ($180 split adjusted).

It may also be tempting to ‘nitpick’ some of Jonas’ eyebrow-raising unit economics assumptions line by line (risible stuff!). I shall resist on that front too.

Sure, estimated gross margins have collapsed by 10% in the past 18 months but let’s run the forward PE multiple up to 89x!

Let’s walk through the economics of owning that option. Click the image below to link to the profit and loss worksheet.

Trump’s odd of winning versus the Tesla stock price.

Music from Max Slorach. Find him at:

email: maxonsaxentertainment@gmail.com / web: maxonsax.com.au

Thanks for listening!

Squirrel Out!

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