Discounted Cash Flow (DCF) Analysis Levered

Digital Realty Trust, Inc. (DLR)

$92.29

-5.54 (-5.66%)
All numbers are in Millions, Currency in USD
Stock DCF: 400.29 | 92.29 | 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 $ 92.29
Beta 0.542
Diluted Shares Outstanding 297.92
Cost of Debt
Tax Rate 8.26
After-tax Cost of Debt 1.52%
Risk-Free Rate
Market Risk Premium
Cost of Equity 6.059
Total Debt 18,067.85
Total Equity 27,494.94
Total Capital 45,562.79
Debt Weighting 39.65
Equity Weighting 60.35
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 2,110.882,259.342,418.252,588.322,770.36
SUM PV LFCF 12,147.16

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 4.26
Free cash flow (t + 1) 3,481.17
Terminal Value 154,034.16
Present Value of Terminal Value 125,034.09

Intrinsic Value

Enterprise Value 137,181.25
Net Debt 17,926.07
Equity Value 119,255.18
Shares Outstanding 297.92
Equity Value Per Share 400.29