Discounted Cash Flow (DCF) Analysis Levered
Prologis, Inc. (PLD)
$130.97
-0.65 (-0.49%)
All numbers are in Millions, Currency in USD
Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,618.13 | 2,804.45 | 3,330.62 | 4,438.74 | 5,313.89 | 6,361.59 | 7,615.86 | 9,117.43 | 10,915.04 | 13,067.08 | 15,643.43 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | |||||||||||
| Operating Cash Flow | 1,687.25 | 1,803.56 | 2,264.03 | 2,937.01 | 3,492.54 | 4,181.14 | 5,005.51 | 5,992.41 | 7,173.89 | 8,588.31 | 10,281.61 |
| Operating Cash Flow (%) | |||||||||||
| Capital Expenditure | -110.64 | -118.51 | -140.74 | -187.57 | -224.55 | -268.82 | -321.82 | -385.28 | -461.24 | -552.18 | -661.05 |
| Capital Expenditure (%) | |||||||||||
| Free Cash Flow | 1,576.61 | 1,685.05 | 2,123.29 | 2,749.44 | 3,267.99 | 3,912.32 | 4,683.68 | 5,607.13 | 6,712.65 | 8,036.14 | 9,620.56 |
Weighted Average Cost Of Capital
| Share price | $ 130.97 |
|---|---|
| Beta | 0.983 |
| Diluted Shares Outstanding | 754.41 |
| Cost of Debt | |
| Tax Rate | 15.18 |
| After-tax Cost of Debt | 4.24% |
| Risk-Free Rate | |
| Market Risk Premium | |
| Cost of Equity | 8.255 |
| Total Debt | - |
| Total Equity | 98,805.60 |
| Total Capital | 98,805.60 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash Flow
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Projected | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Revenue | 2,618.13 | 2,804.45 | 3,330.62 | 4,438.74 | 5,313.89 | 6,361.59 | 7,615.86 | 9,117.43 | 10,915.04 | 13,067.08 | 15,643.43 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 1,687.25 | 1,803.56 | 2,264.03 | 2,937.01 | 3,492.54 | 4,181.14 | 5,005.51 | 5,992.41 | 7,173.89 | 8,588.31 | 10,281.61 |
| Capital Expenditure | -110.64 | -118.51 | -140.74 | -187.57 | -224.55 | -268.82 | -321.82 | -385.28 | -461.24 | -552.18 | -661.05 |
| Free Cash Flow | 1,576.61 | 1,685.05 | 2,123.29 | 2,749.44 | 3,267.99 | 3,912.32 | 4,683.68 | 5,607.13 | 6,712.65 | 8,036.14 | 9,620.56 |
| WACC | |||||||||||
| PV LFCF | 2,197.56 | 2,430.11 | 2,687.27 | 2,971.64 | 3,286.11 | 3,633.85 | 4,018.39 | ||||
| SUM PV LFCF | 26,720.50 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.26 |
| Free cash flow (t + 1) | 9,812.98 |
| Terminal Value | 156,756.79 |
| Present Value of Terminal Value | 105,411.08 |
Intrinsic Value
| Enterprise Value | 132,131.58 |
|---|---|
| Net Debt | -93.62 |
| Equity Value | 132,225.20 |
| Shares Outstanding | 754.41 |
| Equity Value Per Share | 175.27 |