No, it says that for the present valuation to be fair, then all those conditions must be true. But if all those conditions were true, then Tesla would control a

No, it says that for the present valuation to be fair, then all those conditions must be true. But if all those conditions were true, then Tesla would control at least a quarter of the global automotive market, and its valuation would be considerably higher. Obviously not all of those conditions will be true, however -- only the craziest Tesla bulls would argue that. Conversely, if none of them are true, then Tesla is definitely over-valued. But I think you'd have to be a pretty crazy Tesla bear to make that argument. Finally, if those conditionals are a mix of true and false... well, that doesn't really doesn't tell you much about Tesla's fair market value, which is why I don't think this is a particularly useful analysis.