Tesla (TSLA) investors buying near today’s $445 share price are getting a big bonus: the Optimus robot business for free.

At least that’s what Piper Sandler analyst Alexander Potter wrote in the investment bank’s second edition of his “Definitive Guide to Investing in Tesla.” Per Piper’s discounted cash flow (DCF) analysis, Tesla is worth around $400 per share, but Optimus is not part of that analysis.

The updated model breaks Tesla into 17 product lines, ranging from vehicles and energy storage to supercharging, in-house insurance, FSD subscriptions, and the robotaxi business. The sum of those lines, using a 20-year DCF analysis, suggests Tesla is worth $400 per share — “just shy of TSLA’s current share…