Tesla, Inc.'s integrated software, manufacturing, charging, and energy businesses could sustain their premium, but robotaxi and humanoid competitors challenge future profitability. My $367 TSLA stock valuation scenario requires roughly 29% annual EPS growth for 10 years, then 10% for 20 years, with a 10% discount rate and 4% terminal growth. This is demanding. I rate TSLA stock a Hold: its exceptional business could preserve a substantial valuation premium, but even bullish growth scenarios offer too little margin of safety for me to buy.
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