I agree, but only to a point. Here's what's going on broadly with regard to when we will see more profitability/recognition and appreciation:
Many years ago Musk saw that the declining cost curves of batteries and associated components was going to intersect and pass the cost curves of ICE cars but that no ICE manufacturer was going to be prepared to hit the ground running with EV's (for numerous reasons). Not only would this be bad for AGW, but it also spelled opportunity. So Tesla has now positioned itself exceedingly well and the cost curves are just now starting to come into line.
However, Musk was a little too optimistic with regard to the kind of production efficiency he could achieve with the Model 3. The fact that they spent extra money making the car extra good didn't help. Specifically, the super safe and highly engineered chassis, the glass roof that improves safety, interior volume and aerodynamics (as well as making the cabin feel light and airy), the responsive suspension and electric steering with redundant power feeds, the low rolling friction Brembo brakes, the spun-cast and roll-forged 18" wheels, the durable, comfy seats engineered and produced in-house, the the durable and highly reliable powertrain, the high-tech silicon carbide power inverters, etc., etc. etc. It's really too "nice", too well equipped with high-quality components and too durable and long-lasting for a true mass-market car. But they knew they were going to disrupt some of the richest and most powerful people in the world so they couldn't show up to a gunfight with only a knife. The FUD was going to be running thick and strong and they needed to be ready for it. They needed a car beyond reproach. I think they made the safe choice although it definitely delayed the milestone of large and sustained profitability.
But remember the declining cost curves of BEV's. It's just a matter of time. And Tesla's position in the BEV space is basically beyond reproach based on the strength of its products to date. As long as Tesla keeps its development efforts of its core technologies and software ahead of the game and continues to increase manufacturing volumes and efficiencies, they will be able to offer more compelling BEV's than the competition which will make them untouchable for the foreseeable future. The declining cost curves will drop Tesla into a very enviable position. It didn't happen with Model 3 because Tesla played the safe side of the cost/quality curve because they knew their products would be under a microscope.
Wall Steet wants to see the money, not next year, right now. That's all they care about. They have no vision and no soul. They think EV's are just electric motors hooked up to a bunch of batteries (everyone knows the red wire goes to "+" and the black wire goes to "-"). How hard can it be, right? Didn't everyone play with electric motors as a kid?
So, I agree, no one knows exactly when the future value of Tesla will be fully recognized in the share price but you can bet it's a lot closer than it was in 2014. It's completely normal for speculative stocks like TSLA to not appreciate steadily and gradually but instead to do it in fits and spurts of 5 or 10 years, especially when you are not selling the latest fashions or the coolest new widget but, are building a global heavy manufacturing capability to take on established multi-billion dollar companies and deeply entrenched oil and gas interests. What Amazon has done is incredible. This is orders of magnitude more difficult. The really difficult part has been accomplished (technological lead and volume manufacturing with good gross margins). It's really just a matter of continuing to expand, release new models and watching the battery/motor/controller cost curve continue to decline. Wall Street won't come around until it's so obvious even Homer Simpson can see it.