Discounted Cash Flow (DCF) Analysis Levered

Prologis, Inc. (PLD)

$132.49

-0.07 (-0.05%)
All numbers are in Millions, Currency in USD
Stock DCF: 236.61 | 132.49 | undervalue

Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 3,330.624,438.734,759.445,973.698,023.4710,035.7912,552.8015,701.0919,638.9824,564.52
Revenue (%)
Operating Cash Flow 2,264.032,9372,996.044,126.435,373.066,686.588,363.6010,461.2213,084.9416,366.69
Operating Cash Flow (%)
Capital Expenditure -322.30-1,248.29-498.99-550.59-691.86-1,327.21-1,660.08-2,076.43-2,597.21-3,248.60
Capital Expenditure (%)
Free Cash Flow 1,941.731,688.712,497.053,575.844,681.205,359.376,703.528,384.7910,487.7313,118.09

Weighted Average Cost Of Capital

Share price $ 132.49
Beta 1.012
Diluted Shares Outstanding 975.15
Cost of Debt
Tax Rate 11.69
After-tax Cost of Debt 3.82%
Risk-Free Rate
Market Risk Premium
Cost of Equity 9.099
Total Debt 31,804.97
Total Equity 129,197.09
Total Capital 161,002.06
Debt Weighting 19.75
Equity Weighting 80.25
Wacc

Build Up Free Cash Flow

Year
A/P
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Actual
2024
Projected
2025
Projected
2026
Projected
2027
Projected
2028
Projected
Revenue 3,330.624,438.734,759.445,973.698,023.4710,035.7912,552.8015,701.0919,638.9824,564.52
Operating Cash Flow 2,264.032,9372,996.044,126.435,373.066,686.588,363.6010,461.2213,084.9416,366.69
Capital Expenditure -322.30-1,248.29-498.99-550.59-691.86-1,327.21-1,660.08-2,076.43-2,597.21-3,248.60
Free Cash Flow 1,941.731,688.712,497.053,575.844,681.205,359.376,703.528,384.7910,487.7313,118.09
WACC
PV LFCF 4,959.635,740.816,645.047,691.698,903.20
SUM PV LFCF 33,940.36

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 8.06
Free cash flow (t + 1) 13,642.82
Terminal Value 336,029.99
Present Value of Terminal Value 228,062.15

Intrinsic Value

Enterprise Value 262,002.51
Net Debt 31,274.58
Equity Value 230,727.93
Shares Outstanding 975.15
Equity Value Per Share 236.61