Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (7 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
zoroaster
Forumer attivo
Omero
Forumer storico
angy2008
Forumer storico
ora 1,146 dopo una notte di passione per l'€ , ma che stipendio hanno quelli che fanno le previsioni sui cambi?
fabriziof
Forumer storico
Grazie ,la mia latita
For Tesla, SEC-mandated changes are constructive, but China, maturing debt and executive departures pose risks
On 29 September, the US Securities and Exchange Commission (SEC) reached an agreement with Tesla, Inc. (B3 negative) and its founder and Chief Executive Elon Musk, settling charges brought by the regulator. The deal may help with certain governance and oversight shortcomings within the electric car manufacturer. The agreement requires the following: Mr. Musk will step down as Tesla's chairman and be replaced by an independent director; Tesla will appoint two new independent directors to its board, increasing total board membership to 11 from 9; additional controls will be implemented to oversee Mr. Musk's communications with the investor community; Mr. Musk and Tesla will each pay separate $20 million penalties. These changes will help reduce governance risk within the company and bring it more in line with best practices for publicly listed companies. Despite these improvements, however, Tesla continues to face important governance, financial and operational challenges. Tesla will have to contend with sizable debt maturities during the next 12 months, with approximately $230 million coming due in November 2018, followed by $920 million in March 2019. The company's cash position was $2.2 billion at June 2018. In addition, Tesla has significantly increased the production of its Model 3 sedan. At the end of June, the average weekly production rate approximated 2,200 units. For the third quarter that ended in September, the Model 3 average-weekly-production rate was approximately 5,000. This is the production rate at which Tesla should approach break-even earnings and cash generation. Tesla's current cash position, and the continued production and delivery of the Model 3, increases the likelihood the company will be able to fund repayment of these maturing obligations from internal sources. Cash generation could be dampened, however, by rising trade tensions with China that resulted in an import tariff of 40% on Tesla's vehicles, compared with a 15% tariff on other imported vehicles. China is an important long-term market for Tesla and exports to the country represented approximately 20% of its automotive revenues during 2017. In addition to governance and operational challenges, Tesla had to contend with the departure of 10 senior operating and financial executives during 2018. Departures include two chief accounting officers, the treasurer, and various executives in the engineering and sales areas. These departures follow a similar level of executive exits during 2017, and come as the company continues to face important operating, financial and competitive challenges. Tesla has progressed from a disruptive company with new products in development that threaten traditional providers, to a company that faces more fundamental challenges around manufacturing at scale, distributing its products and lowering costs to be competitive. Moreover, as the Model 3 came to market with very low rate of initial deliveries last year, many other carmakers announced or accelerated their own plans to make a range of cars with electric or other alternative-propulsion systems. These companies have meaningful financial capital and manufacturing, marketing and distribution experience to fulfill the market need with a range of appealing alternatives at a number of price points. With the delivery delays and initially low rate production, as well as a delivered cost to the consumer that is well above the initial expected price of about $35,000, Tesla's advantage of being first to market with a unique product is less formidable than it was.
On 29 September, the US Securities and Exchange Commission (SEC) reached an agreement with Tesla, Inc. (B3 negative) and its founder and Chief Executive Elon Musk, settling charges brought by the regulator. The deal may help with certain governance and oversight shortcomings within the electric car manufacturer. The agreement requires the following: Mr. Musk will step down as Tesla's chairman and be replaced by an independent director; Tesla will appoint two new independent directors to its board, increasing total board membership to 11 from 9; additional controls will be implemented to oversee Mr. Musk's communications with the investor community; Mr. Musk and Tesla will each pay separate $20 million penalties. These changes will help reduce governance risk within the company and bring it more in line with best practices for publicly listed companies. Despite these improvements, however, Tesla continues to face important governance, financial and operational challenges. Tesla will have to contend with sizable debt maturities during the next 12 months, with approximately $230 million coming due in November 2018, followed by $920 million in March 2019. The company's cash position was $2.2 billion at June 2018. In addition, Tesla has significantly increased the production of its Model 3 sedan. At the end of June, the average weekly production rate approximated 2,200 units. For the third quarter that ended in September, the Model 3 average-weekly-production rate was approximately 5,000. This is the production rate at which Tesla should approach break-even earnings and cash generation. Tesla's current cash position, and the continued production and delivery of the Model 3, increases the likelihood the company will be able to fund repayment of these maturing obligations from internal sources. Cash generation could be dampened, however, by rising trade tensions with China that resulted in an import tariff of 40% on Tesla's vehicles, compared with a 15% tariff on other imported vehicles. China is an important long-term market for Tesla and exports to the country represented approximately 20% of its automotive revenues during 2017. In addition to governance and operational challenges, Tesla had to contend with the departure of 10 senior operating and financial executives during 2018. Departures include two chief accounting officers, the treasurer, and various executives in the engineering and sales areas. These departures follow a similar level of executive exits during 2017, and come as the company continues to face important operating, financial and competitive challenges. Tesla has progressed from a disruptive company with new products in development that threaten traditional providers, to a company that faces more fundamental challenges around manufacturing at scale, distributing its products and lowering costs to be competitive. Moreover, as the Model 3 came to market with very low rate of initial deliveries last year, many other carmakers announced or accelerated their own plans to make a range of cars with electric or other alternative-propulsion systems. These companies have meaningful financial capital and manufacturing, marketing and distribution experience to fulfill the market need with a range of appealing alternatives at a number of price points. With the delivery delays and initially low rate production, as well as a delivered cost to the consumer that is well above the initial expected price of about $35,000, Tesla's advantage of being first to market with a unique product is less formidable than it was.
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