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hi my name is Chris Bell and I'd like to give you five reasons not to buy Tesla stock the symbol on the New York Stock Exchange is TSLA the first reason is simple and quick they've only been in business for 15 years since 2003 Elon Musk is the only CEO they've had they've gone through some tough times in the financial crisis and I've been going through tough times since day one because they continue to lose money but otherwise Elon Musk has been the only CEO I like to see multiple CEOs generations and generations of the same business going on past the first CEO and recognizing Disney and McDonald's for the company that they are rather than Elon Musk and Jeff Bezos and Mark Zuckerberg for the company CEO that they are and that the company can continue on past that first CEO so it's not the biggest deal in the world but that's the first reason the second reason is the balance sheet when you look at the balance sheet you'll see that Tesla has assets and liabilities and when they subtract all the liabilities from the assets they end up with four billion dollars and if you subtract the goodwill and intangible assets then you end up with net tangible assets of 3.8 billion so four billion dollars sitting on their balance sheet if they liquidated today they would have four billion dollars but if you look at the market cap and you bought every single share right now for the two hundred and sixty-five dollars or so that it's at then it would cost forty five billion dollars to buy the company and you would only get four billion dollars so if you were to actually take the four the forty five billion dollars out of your pocket and hand it to Elon Musk today you would then be the proud owner of all of their assets on all of their liabilities of which if you subtract you would end up with four so if you invest forty five to buy the company and you end up with four you better hope that there's about ten billion dollars per year coming in in net income so that it will quickly flow in to your pocket as a CEO and the new owner of the company so that you can quickly reach that forty five billion dollars that you just paid for the company so the company was at about fifty two billion dollars when the stock price was closer to three hundred dollars but it dropped quite a bit recently down to about two hundred and sixty five dollars and the market cap went from fifty to down to forty five billion dollars so you can see that it's lowering a little bit but if it went back down to fifty dollars it divided it by five then you would end up a lot closer to nine billion dollars that the company would be worth which maybe that's a little bit closer in my eyes but you'll see some interesting things as we get into the income statement and cash flow statement but reason number two is the balance sheet I would definitely not by Tesla stock based on only having four billion dollars in equity and it cost forty five billion to buy it it just doesn't make any sense to me so I would definitely not buy that stock the third reason for not buying Tesla stock is the income statement which is just awful if you go back four years to 2014 you'll see that Tesla lost three hundred million dollars and then in 2015 they lost almost nine hundred million dollars and in 2016 they lost seven hundred million dollars and in 2017 they lost two billion dollars so if you think about your income and your savings account and your income is negative every single year then your savings account is going negative as well it's just no other way to think about that you are losing money every single year and your savings account must be going down and down and down but for some reason Tesla's balance sheet is going up they have four billion dollars in equity like I was just saying in their balance sheet but they've lost almost four billion dollars in the last four years so how can they possibly have any money on their balance sheet and the answer to that question is well debt but the debt is subtracted anyway so the assets minus liabilities all the debt is included in that but not just by taking on debt the other thing is issuing out their shares when they went public and did their IPO they took on a bunch of money from investors from the public and they still are there selling their stock every single year so that they can put more money into their balance sheet or their savings account so that they can use it to invest in more things like production lines and manufacturing plants to make all these cars but they're losing money every single year so in the last four years they must have taken about four billion dollars from investors because in order to of even supplemented their balance sheet by losing money in their income statement it just it looks so bad it's going up - it's getting worse the numbers went from 300 to 900 to seven hundred to two billion dollars so there's no telling what's how much they're gonna lose in 2018 and it just seems like positive news goes around and around about Tesla and Elon Musk is is genius and he is he's a genius and he created this amazing car but someone else needs to start doing the business around it because they need to start making money for their investors a lot of people are gonna lose some money if they don't start making money soon they're losing billions of dollars every year the fourth reason is the cash flow statement and there's a few lines that I like to look at on the cash flow statement down at the bottom in the financing activities area this is where you can tell if Tesla is giving out a dividend which they're not in the last four years Tesla has not given out any dividend and it's not a huge deal but a lot of companies after a while when they're making money they give something back to the shareholders owning McDonald's stock and Disney stock you can collect a dividend every single year so if there's a big problem in the economy and the whole stock market goes down and your McDonald's stock does too even though the company's still doing really well they'll continue to pay a dividend to you so you get that 3% your stock price goes up and down and up and down but getting that dividend really helps you hold on to that stock longer and Tesla obviously they have no money they aren't making any money they're losing money so there's no way that they can afford to give a dividend so I'm not recommending that they do but just in general when you think about buying a stock I like to look and see if they're giving a dividend because that means that they have plenty of money they don't plan on losing money any time soon they have enough to give out to the shareholders which they usually think about last so that's the first part the second part on the cash flow statement that I look at is the net borrowings it shows whether they're borrowing money or paying off debt a lot of times it'll show a minus in their net borrowings area on the cash flow statement so they use their cash to pay down debt so their cash goes down but on the other hand Tesla's cash is going up in that area for net borrowings which means that they borrowed 8 billion dollars in the last four years so that flows into the balance sheet as a liability and the assets minus liabilities make it four billion dollars which I already said so this is just in addition to what I was saying on the balance sheet but in general they're still borrowing money so they're probably gonna have to borrow some more money this year because they borrowed 8 billion dollars in the last four years so 2 billion every single year that they're borrowing and they lost 2 billion dollars last year so still doesn't look very good to me the last thing on the cash flow statement that you can look at is whether they're buying back their shares or not and again they don't have any money they're losing money so there's no way that they can buy back their shares but as a stockholder if you have a company like McDonald's that is giving you a 3% dividend and they're buying back a billion dollars worth of their shares every year which make yours worth a little bit more and they're paying down their debt that just shows that you have a great company that's been in business for a hundred years they're paying down their own death and giving you a dividend all these nice things that they're doing for the shareholder because you're holding their stock and they're giving back to you by being an owner of their stock so if you want to get involved in Tesla right now you're looking at a very very long term play not only because the company's new they're only 15 years old and they're growing and they're trying to scale and they're trying to grow their manufacturing plants and I understand that but they're taking money from their investors right now at a very high price again you're you're pulling all these people together you're all putting up two hundred and sixty-five dollars a share it looks pretty attractive because it's come down from about 350 so buy the dip right buy the dip well there's a lot more to it than just buying a dip because when you look into the financial statements you'll see that Tesla is losing money they only have some money on their balance sheet because they continue to sell their stock to the public at these high prices instead of buying back their own shares because their share price is nice and low and attractive they are selling their own shares putting more money into the balance sheet investing that and losing more money so their income statement continues to lose money which means obviously their cash flow statement is bad and it obviously means that their balance sheet is bad so I had to dig in to figure out where the money was coming from on the balance sheet but if you look at the cash flow statement you can easily see that Tesla has been they've bought that they've sold their shares at the 300-350 range over the last four years they've been selling their shares and they've sold 4.7 billion dollars worth of their shares to put onto their balance sheet which supplements the entire bounty right now of equity if they didn't sell the four point seven billion dollars in shares then they wouldn't have the four billion on their balance sheet right now they would have a negative which is even worse so again so the balance sheet the income statement the cash flow statement three and solid reasons that I would not buy Tesla stock the fifth and final reason to not buy tesla stock is another quick and easy one like the first one it's the goodwill and intangible assets I like to look at that because it is something like the Tesla brand the McDonald's brand at the Big M it's worth money putting the logo value onto your balance sheet is silly to me so they don't have too many intangible assets but they do have goodwill and goodwill happens when they bought SolarCity a while ago the fossil or City for more than what Solar City had on their books as Book value so Tesla has four billion dollars in equity on their book value right now if somebody bought Tesla for ten billion dollars they would put six billion into their goodwill because they paid more than the book value of the company so Tesla paid more than the book value of Solar City they put some goodwill onto their balance sheet it's been there maybe someone who's gone away I don't know but they have about 300 million dollars of goodwill and their balance sheet so that four number that I keep saying that they haven't equity is a nice round number but it's actually three less than that down to about 3.7 billion dollars because of the goodwill so if you bought Tesla today for forty five billion dollars at the $265 share price it would go it would be worth forty five billion dollars you would only have three point seven so you subtract that from the 45 and you have to make money every single year to make back the money that you just took out of your pocket but they're losing two billion dollars per year so you would have to continue selling the shares as the CEO that Elon Musk is doing right now sell the shares to the public and the public will buy more shares and you'll get more money and you can put it onto your balance sheet if you want to but there's only so many shares that you can sell there's only so much money you can sell I just don't know how else they're going to figure this out unless they take their income statement positive somehow they turn from a negative two billion dollars to a positive two billion dollars and even if you did that then they have positive two billion dollars per year well you start with four we'll call it four even though it's 3.7 and you add to every single year so you have four and then six eight ten twelve fourteen sixteen eighteen twenty that's like thirteen fourteen years later that you finally have a billion but you actually paid 45 in the first place so this stock is worth nothing to me I've said that you know Facebook and Amazon they're making a lot of money on their income statement and they have money on their balance sheet they're just their stock price has gone so high that they are not worth what the stock price is but they're both great companies they're growing like crazy and they're making money Tesla is not even making money so I just don't understand the popularity on this stock at all other than Elon Musk is a genius so I should buy anything that he's touching but it's just it's not even close they're they're losing so much money you're getting nothing by holding the stock as a shareholder you're not getting a dividend they're not buying back the shares they're borrowing money like crazy they're selling their stock to supplement the balance sheet they're losing two billion dollars a year I just I don't see anything positive at all other than it's a cool car that's it I would not pay $1 per share for Tesla stock
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