IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

14 years of experience in global investment research and trading. In relation to research, we focus on IPO, Event-driven and large-cap non-consensual ideas. In relation to trading, we focus on generating positive index-adjusted returns and have had several top-decile or top-quartile performances over the past three years. In terms of background, I have worked at several sell-side firms (JP, Redburn, Haitong, Mainfirst), won Starmine as top stock picker in European Food Retail in 2015 and have been voted top one to top-five by institutions and hedge funds.

IPO and L/S equity, 2015 Starmine top stock picker

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> produced another phenomenal set of quarterly results, with the company generating 74% sales growth in 1Q21, its best quarterly result in over two years. While there are genuine questions about increased competition as well as the durability of Tesla' regulatory credits, we believe the market has not considered the potential significant change in Tesla’s cost of capital, which we believe could have a significant impact on its valuation. We dig into these elements in the detailed section of this note.</p>

Tesla Motors (TSLA US) produced another phenomenal set of quarterly results, with the company generating 74% sales growth in 1Q21, its best quarterly result in over two years. While there are genuine questions about increased competition as well as the durability of Tesla' regulatory credits, we believe the market has not considered the potential significant change in Tesla’s cost of capital, which we believe could have a significant impact on its valuation. We dig into these elements in the detailed section of this note.

Tesla

Tesla – the Cost of Capital Dilemma