Tesla (TSLA) has evolved into a dynamic technology innovator. It has transformed the EV space like Amazon changed the retail landscape and Netflix revolutionized entertainment. Tesla snapped its 10-quarter winning streak in the third quarter of 2023 but maintains strong long-term potential. The 20% stock decline over the past month offers a buying opportunity. We expect deliveries to see an annualized growth of around 37% in 2023. Production ramp-up at Gigafactory 4 and 5 and the introduction of new models, including Semi and Cybertruck, are set to support long-term delivery growth. We anticipate automotive revenues to rise more than 16% this year. Additionally, Tesla’s energy generation and storage revenue outlook is promising. Robust liquidity and the solid potential of its charging business are other positives. While shrinking margins remain a near-term concern, we expect Tesla to deliver outsized returns in the long run on the back of output ramp-up and the introduction of new models. Tesla’s automotive revenues, which represent roughly 90% of the company’s total revenues, are boosting the overall results. High liquidity and low leverage provide Tesla with the financial flexibility to tap growth opportunities.
Cboe Global Markets, Inc. (CBOE) (effective Oct 17, 2017, CBOE Holdings, Inc. came to be known as Cboe Global Markets, Inc.) is one of the largest stock exchange operators by volume in the United States and a leading market globally for ETP trading. Shares of Cboe Global have outperformed the industry over the past year. Strategic acquisitions are improving its competitive edge by diversifying its portfolio, adding capabilities, generating expense synergies and through expansion into new geographies. For 2023, Cboe projects organic net revenue growth to be in the range of 7%-9% and continues to expect Data and Access Solutions organic net revenue growth in the range of 7%-10%. CBOE Global remains on track to grow its recurring non-transaction revenues. Trading volume growth should continue to drive transaction fee. Strong liquidity has been aiding capital deployment. Cboe Global’s debt has been decreasing over the past several quarters. Cboe Global’s return on equity of 22.2% improved 100 basis points year over year and bettered the industry average of 12.4%.
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