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22.4. Tesla's Accounts Payable Problem - Chronic Rather Than Acute, But Still Severe https://seekingalpha.com/article/4255820-teslas-accounts-pay… => Summary • Tesla has a massive working capital deficit. • Tesla's balance sheet is highly dependent on credit from suppliers. • Bulls may be underestimating how closely supplier credit is linked to other Tesla liabilities and bears may be overestimating how soon the consequences will be felt (*). (*) ist der interessanteste Punkt hier als FUDler --> längerer Artikel, den man vielleicht zweimal lesen muss => am Ende: ...I don't think suppliers are suddenly going to walk away or to start demanding cash-on-delivery. However, they may feel, I think they are mostly locked into long-term contracts which include the payment delays. I think the suppliers' revolt will be a more gradual process, as they (I) resist price cuts, (II) refuse to renew, extend or expand contracts except on better terms, and (III) decline to participate in new projects - Model Y, Semi, GF 3. Look for their resistance to become apparent through increasing COGS, and decreasing days payable (particularly on Tesla's own, more accurate measure). Has this already begun? We don't know, but recently we saw a very substantial straw in the wind. In the Q4 2018 update letter, Tesla noted that "our days payable outstanding decreased significantly" - enough to have a material effect on cash flow. Readers should carefully peruse next week's release to see if that change was entirely due to inventory effects. If not, if the decline seems persistent - expect major stress on Tesla's working capital position and new project costs in coming quarters. (FC: Format) COGS = Cost of Goods Sold |
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| aus der Diskussion: | ROUNDUP/'WSJ': FBI ermittelt wegen Falschangaben zu Model 3 gegen Tesla |
| Autor (Datum des Eintrages): | faultcode (24.04.19 15:14:27) |
| Beitrag: | 625 von 10,213 (ID:60412917) |
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