10. Summarize the primary reason(s) for the difference between the gross margins that you computed above. Forecasting and Valuation 11. 12. 13. 14. The forecasting model provided as Exhibit 3 in the online exhibits forecasts that Tesla's operating margin will grow from -5.8% in 2014 to 10.9% in 2017 (see Table 1 of the model). Identify the key drivers of the improved margin, The forecasting model forecasts that Tesla's 'Operating lease vehicles, net' balance will grow from 766,744 in 2014 to 1 110 200 in 2017 (see Table 2 of the model). Briey evaluate the plausibility of this forecasting assumption. The forecasting model forecasts that Tesla's 'Revenue' will grow 11.0% in 2025, while Tesla's 'FCF' will grow 1 6% in 2025 (see Table 3 0f the model). Identify the primary reason(s) for the differing growth rates. In the fall of 2015, Tesla was trading at around $250/share. Provide a full set of forecast nancial statements out at least 10 years into the future and an associated valuation model to try and 'reverse engineer' this valuation. Use a cost of equity of 8% and a valuation date of 9/17/2015. Do you think that the valuation is reasonable? If not, provide a more reasonable valuation. (Note: you may use 6V3] for this question, but you are not anniuarl +n An nn\\