Discounted Cash Flow (DCF) Analysis Levered

Digital Realty Trust, Inc. (DLR)

$98.89

+6.67 (+7.23%)
All numbers are in Millions, Currency in USD
Stock DCF: 350.36 | 98.89 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 3,046.483,209.243,903.614,427.884,691.835,235.745,842.716,520.047,275.888,119.35
Revenue (%)
Operating Cash Flow 1,385.321,513.821,706.541,702.231,659.392,200.812,455.942,740.653,058.373,412.91
Operating Cash Flow (%)
Capital Expenditure ----------
Capital Expenditure (%)
Free Cash Flow -----2,200.812,455.942,740.653,058.373,412.91

Weighted Average Cost Of Capital

Share price $ 98.89
Beta 0.544
Diluted Shares Outstanding 297.92
Cost of Debt
Tax Rate 8.30
After-tax Cost of Debt 1.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.379
Total Debt 18,067.85
Total Equity 29,461.21
Total Capital 47,529.06
Debt Weighting 38.01
Equity Weighting 61.99
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 3,046.483,209.243,903.614,427.884,691.835,235.745,842.716,520.047,275.888,119.35
Operating Cash Flow 1,385.321,513.821,706.541,702.231,659.392,200.812,455.942,740.653,058.373,412.91
Capital Expenditure ----------
Free Cash Flow -----2,200.812,455.942,740.653,058.373,412.91
WACC
PV LFCF 2,105.432,247.692,399.562,561.692,734.77
SUM PV LFCF 12,049.13

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.53
Free cash flow (t + 1) 3,481.17
Terminal Value 137,595.73
Present Value of Terminal Value 110,255.49

Intrinsic Value

Enterprise Value 122,304.62
Net Debt 17,926.07
Equity Value 104,378.54
Shares Outstanding 297.92
Equity Value Per Share 350.36