Discounted Cash Flow (DCF) Analysis Levered

Prologis, Inc. (PLD)

$130.97

-0.65 (-0.49%)
All numbers are in Millions, Currency in USD
Stock DCF: 175.27 | 130.97 | undervalue

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 2,618.132,804.453,330.624,438.745,313.896,361.597,615.869,117.4310,915.0413,067.0815,643.43
Revenue (%)
Operating Cash Flow 1,687.251,803.562,264.032,937.013,492.544,181.145,005.515,992.417,173.898,588.3110,281.61
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 1,576.611,685.052,123.292,749.443,267.993,912.324,683.685,607.136,712.658,036.149,620.56

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 2,618.132,804.453,330.624,438.745,313.896,361.597,615.869,117.4310,915.0413,067.0815,643.43
Operating Cash Flow 1,687.251,803.562,264.032,937.013,492.544,181.145,005.515,992.417,173.898,588.3110,281.61
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 1,576.611,685.052,123.292,749.443,267.993,912.324,683.685,607.136,712.658,036.149,620.56
WACC
PV LFCF 2,197.562,430.112,687.272,971.643,286.113,633.854,018.39
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