Please enter the correct answer into the yellow cells on the right.

		View this Tesla valuation report by Tasha Keeney from ARK Invest, dated May 22nd 2019.
		The spreadsheet model named 'Tesla Valuation for Github_5.27.19_v3.5.xlsx' is copied in this workbook in the sheet 'Tesla Model' for you to see. The below questions are based on this model.
		https://ark-invest.com/articles/analyst-research/tesla-valuation-model/
Q9a	1	Does ARK value Tesla using DCF or multiples? Write 'DCF' or 'multiples'.
Q9b	1	Do they value Tesla as a single uniform entity or by summing valuations of multiple divisions? Write 'single' or 'sum'.
Q9c	1	What assumptions are made about Tesla's interest-bearing leverage in 2023? Write 'levered' or 'unlevered'.
Q9d	1	Does the valuation model include the benefit of interest tax shields? Write 'includes' or 'excludes'.
Q9e	2	Based on the current Tesla share price of $620, is this better than the bull scenario, worse than the bear scenario or in between? Write 'better', 'worse' or 'between'.
		With regards to the above question, keep in mind that there was a stock split in 2020 that you should adjust for. Ignore timing differences between now and 2023 and simply compare stock prices, adjusted for the stock split.
Q9f	2	Are the stock prices on line 68 of the Tesla vauation model present values as at 2018 or future values as at 2023? Write '2018' or '2023'.

Key: Blue text indicates assumptions that can be altered, altering one input may require altering another input in order t. Black text indicates cells with formulas Key: Blue text indicates assumptions that can be altered, altering one input may require altering another input in order t. Black text indicates cells with formulas