the cash flow calculation in this report is funky, but the point is that the company is guiding that the core business (making and selling cars) will be cash flow positive in 2016 and will be able to support investments for future growth. As long as the company is able to increase revenue at these insane rates (+40-50% y/y when you are talking about Billions, come on, how many companies are able to do that?) without massive dilution then I'm all in. The valuation will always be some combination of the current business + future business and as the current business is now at $5B (2015 revenue) with 2016 growth to ~$8B we are talking about reasonable multiples for price to sales. If TSLA is able to execute in 2016 then it will be a $8B revenue run rate looking at $11B+ in 2017. If they maintain 20%+ margins & 40% growth then I'm not really concerned about the current $19B valuation.