Intrinsic value of Dupont Fabros Technology - DFT

Previous Close

$63.16

  Intrinsic Value

$3.08

stock screener

  Rating & Target

str. sell

-95%

  Value-price divergence*

-42%

Previous close

$63.16

 
Intrinsic value

$3.08

 
Up/down potential

-95%

 
Rating

str. sell

 
Value-price divergence*

-42%

Our model is not good at valuating stocks of financial companies, such as DFT.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of DFT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  17.04
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  529
  593
  661
  732
  806
  884
  965
  1,050
  1,138
  1,230
  1,325
  1,424
  1,527
  1,634
  1,745
  1,861
  1,981
  2,106
  2,236
  2,372
  2,513
  2,660
  2,814
  2,975
  3,142
  3,317
  3,500
  3,691
  3,890
  4,099
  4,318
Variable operating expenses, $m
 
  541
  603
  668
  736
  807
  881
  958
  1,039
  1,123
  1,210
  1,300
  1,394
  1,492
  1,593
  1,699
  1,808
  1,923
  2,042
  2,165
  2,294
  2,429
  2,569
  2,716
  2,869
  3,028
  3,195
  3,370
  3,552
  3,743
  3,942
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  318
  541
  603
  668
  736
  807
  881
  958
  1,039
  1,123
  1,210
  1,300
  1,394
  1,492
  1,593
  1,699
  1,808
  1,923
  2,042
  2,165
  2,294
  2,429
  2,569
  2,716
  2,869
  3,028
  3,195
  3,370
  3,552
  3,743
  3,942
Operating income, $m
  211
  52
  57
  64
  70
  77
  84
  91
  99
  107
  115
  124
  133
  142
  152
  162
  172
  183
  195
  206
  219
  231
  245
  259
  273
  289
  304
  321
  338
  357
  376
EBITDA, $m
  319
  173
  192
  213
  235
  257
  281
  306
  331
  358
  386
  414
  444
  475
  508
  541
  576
  613
  651
  690
  731
  774
  819
  866
  914
  965
  1,018
  1,074
  1,132
  1,193
  1,257
Interest expense (income), $m
  49
  50
  60
  71
  82
  94
  106
  119
  132
  146
  160
  175
  191
  207
  224
  241
  259
  278
  298
  318
  340
  362
  385
  409
  434
  461
  488
  517
  547
  578
  611
Earnings before tax, $m
  181
  2
  -3
  -7
  -12
  -17
  -22
  -27
  -33
  -39
  -45
  -51
  -58
  -65
  -72
  -79
  -87
  -95
  -103
  -112
  -121
  -130
  -140
  -150
  -161
  -172
  -184
  -196
  -208
  -221
  -235
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  157
  1
  -3
  -7
  -12
  -17
  -22
  -27
  -33
  -39
  -45
  -51
  -58
  -65
  -72
  -79
  -87
  -95
  -103
  -112
  -121
  -130
  -140
  -150
  -161
  -172
  -184
  -196
  -208
  -221
  -235

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,038
  3,369
  3,753
  4,157
  4,580
  5,022
  5,484
  5,965
  6,465
  6,986
  7,528
  8,091
  8,675
  9,283
  9,915
  10,572
  11,255
  11,965
  12,705
  13,476
  14,279
  15,116
  15,990
  16,901
  17,852
  18,846
  19,884
  20,970
  22,105
  23,292
  24,535
Adjusted assets (=assets-cash), $m
  2,999
  3,369
  3,753
  4,157
  4,580
  5,022
  5,484
  5,965
  6,465
  6,986
  7,528
  8,091
  8,675
  9,283
  9,915
  10,572
  11,255
  11,965
  12,705
  13,476
  14,279
  15,116
  15,990
  16,901
  17,852
  18,846
  19,884
  20,970
  22,105
  23,292
  24,535
Revenue / Adjusted assets
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
  0.176
Average production assets, $m
  2,688
  3,012
  3,356
  3,716
  4,095
  4,490
  4,903
  5,333
  5,781
  6,246
  6,730
  7,234
  7,756
  8,300
  8,865
  9,452
  10,063
  10,698
  11,360
  12,049
  12,767
  13,515
  14,296
  15,111
  15,961
  16,850
  17,778
  18,749
  19,764
  20,825
  21,936
Working capital, $m
  0
  -44
  -49
  -54
  -60
  -65
  -71
  -78
  -84
  -91
  -98
  -105
  -113
  -121
  -129
  -138
  -147
  -156
  -165
  -176
  -186
  -197
  -208
  -220
  -233
  -245
  -259
  -273
  -288
  -303
  -320
Total debt, $m
  1,248
  1,505
  1,770
  2,049
  2,342
  2,647
  2,966
  3,299
  3,645
  4,005
  4,379
  4,768
  5,172
  5,592
  6,028
  6,482
  6,954
  7,445
  7,956
  8,489
  9,044
  9,622
  10,226
  10,856
  11,513
  12,200
  12,917
  13,667
  14,451
  15,272
  16,131
Total liabilities, $m
  2,071
  2,328
  2,593
  2,872
  3,165
  3,470
  3,789
  4,122
  4,468
  4,828
  5,202
  5,591
  5,995
  6,415
  6,851
  7,305
  7,777
  8,268
  8,779
  9,312
  9,867
  10,445
  11,049
  11,679
  12,336
  13,023
  13,740
  14,490
  15,274
  16,095
  16,954
Total equity, $m
  967
  1,041
  1,160
  1,284
  1,415
  1,552
  1,694
  1,843
  1,998
  2,159
  2,326
  2,500
  2,681
  2,868
  3,064
  3,267
  3,478
  3,697
  3,926
  4,164
  4,412
  4,671
  4,941
  5,222
  5,516
  5,823
  6,144
  6,480
  6,830
  7,197
  7,581
Total liabilities and equity, $m
  3,038
  3,369
  3,753
  4,156
  4,580
  5,022
  5,483
  5,965
  6,466
  6,987
  7,528
  8,091
  8,676
  9,283
  9,915
  10,572
  11,255
  11,965
  12,705
  13,476
  14,279
  15,116
  15,990
  16,901
  17,852
  18,846
  19,884
  20,970
  22,104
  23,292
  24,535
Debt-to-equity ratio
  1.291
  1.450
  1.530
  1.600
  1.650
  1.710
  1.750
  1.790
  1.820
  1.860
  1.880
  1.910
  1.930
  1.950
  1.970
  1.980
  2.000
  2.010
  2.030
  2.040
  2.050
  2.060
  2.070
  2.080
  2.090
  2.090
  2.100
  2.110
  2.120
  2.120
  2.130
Adjusted equity ratio
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309
  0.309

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  157
  1
  -3
  -7
  -12
  -17
  -22
  -27
  -33
  -39
  -45
  -51
  -58
  -65
  -72
  -79
  -87
  -95
  -103
  -112
  -121
  -130
  -140
  -150
  -161
  -172
  -184
  -196
  -208
  -221
  -235
Depreciation, amort., depletion, $m
  108
  121
  135
  149
  164
  180
  197
  214
  232
  251
  270
  291
  312
  333
  356
  380
  404
  430
  456
  484
  513
  543
  574
  607
  641
  677
  714
  753
  794
  836
  881
Funds from operations, $m
  303
  122
  132
  142
  153
  164
  175
  187
  199
  212
  225
  239
  254
  269
  284
  300
  317
  335
  353
  372
  392
  412
  434
  457
  480
  505
  530
  557
  585
  615
  646
Change in working capital, $m
  13
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
Cash from operations, $m
  290
  127
  137
  147
  158
  169
  181
  193
  206
  219
  232
  247
  261
  277
  292
  309
  326
  344
  363
  382
  402
  423
  445
  468
  493
  518
  544
  572
  600
  630
  662
Maintenance CAPEX, $m
  0
  -108
  -121
  -135
  -149
  -164
  -180
  -197
  -214
  -232
  -251
  -270
  -291
  -312
  -333
  -356
  -380
  -404
  -430
  -456
  -484
  -513
  -543
  -574
  -607
  -641
  -677
  -714
  -753
  -794
  -836
New CAPEX, $m
  -369
  -325
  -343
  -361
  -378
  -395
  -413
  -430
  -448
  -466
  -484
  -503
  -523
  -543
  -565
  -587
  -611
  -636
  -662
  -689
  -718
  -749
  -781
  -815
  -851
  -888
  -928
  -970
  -1,015
  -1,062
  -1,111
Cash from investing activities, $m
  -261
  -433
  -464
  -496
  -527
  -559
  -593
  -627
  -662
  -698
  -735
  -773
  -814
  -855
  -898
  -943
  -991
  -1,040
  -1,092
  -1,145
  -1,202
  -1,262
  -1,324
  -1,389
  -1,458
  -1,529
  -1,605
  -1,684
  -1,768
  -1,856
  -1,947
Free cash flow, $m
  29
  -306
  -327
  -348
  -369
  -391
  -412
  -434
  -456
  -479
  -503
  -527
  -552
  -578
  -606
  -634
  -664
  -696
  -729
  -763
  -800
  -838
  -878
  -920
  -965
  -1,012
  -1,061
  -1,113
  -1,168
  -1,225
  -1,285
Issuance/(repayment) of debt, $m
  47
  257
  265
  279
  292
  306
  319
  332
  346
  360
  374
  389
  404
  420
  436
  454
  472
  491
  511
  533
  555
  579
  603
  630
  657
  687
  718
  750
  784
  820
  859
Issuance/(repurchase) of shares, $m
  126
  112
  121
  132
  143
  153
  165
  176
  188
  200
  212
  225
  239
  253
  267
  282
  298
  315
  332
  350
  369
  389
  410
  432
  455
  479
  504
  531
  559
  588
  619
Cash from financing (excl. dividends), $m  
  140
  369
  386
  411
  435
  459
  484
  508
  534
  560
  586
  614
  643
  673
  703
  736
  770
  806
  843
  883
  924
  968
  1,013
  1,062
  1,112
  1,166
  1,222
  1,281
  1,343
  1,408
  1,478
Total cash flow (excl. dividends), $m
  169
  63
  59
  62
  65
  68
  71
  74
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  119
  124
  130
  135
  141
  147
  154
  161
  168
  176
  184
  192
Retained Cash Flow (-), $m
  -11
  -113
  -121
  -132
  -143
  -153
  -165
  -176
  -188
  -200
  -212
  -225
  -239
  -253
  -267
  -282
  -298
  -315
  -332
  -350
  -369
  -389
  -410
  -432
  -455
  -479
  -504
  -531
  -559
  -588
  -619
Prev. year cash balance distribution, $m
 
  39
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -11
  -62
  -69
  -77
  -85
  -93
  -101
  -110
  -119
  -128
  -138
  -148
  -158
  -169
  -180
  -192
  -205
  -217
  -231
  -245
  -259
  -275
  -291
  -308
  -325
  -344
  -363
  -383
  -404
  -427
Discount rate, %
 
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.85
  11.40
  11.97
  12.57
  13.19
  13.85
  14.55
  15.27
  16.04
  16.84
  17.68
  18.57
  19.49
  20.47
  21.49
  22.57
  23.69
  24.88
  26.12
  27.43
  28.80
  30.24
  31.75
  33.34
PV of cash for distribution, $m
 
  -10
  -53
  -54
  -54
  -53
  -52
  -49
  -46
  -43
  -39
  -35
  -31
  -27
  -23
  -19
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  97.7
  95.5
  93.5
  91.5
  89.6
  87.8
  86.0
  84.4
  82.7
  81.2
  79.7
  78.2
  76.8
  75.5
  74.1
  72.8
  71.6
  70.3
  69.1
  68.0
  66.8
  65.7
  64.6
  63.5
  62.5
  61.4
  60.4
  59.4
  58.4
  57.5

DuPont Fabros Technology, Inc., a real estate investment trust (REIT), engages in the ownership, acquisition, development, operation, management, and lease of large-scale data center facilities in the United States. The company leases its data centers to the American and international technology companies to house, power, and cool the computer servers that support their critical business processes. It also provides certain technical services to tenants, including layout design and installation of electrical power circuits, data cabling, server cabinets and racks, computer room airflow analyses, and monitoring. As of December 31, 2011, the company owned and operated seven data centers located in Northern Virginia; one data center in suburban Chicago, Illinois; one data center in Piscataway, New Jersey; one data center in Santa Clara, California. DuPont Fabros Technology, Inc. has elected to be taxed as a REIT. As a REIT, it would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was founded in 2007 and is headquartered in Washington, District of Columbia.

FINANCIAL RATIOS  of  Dupont Fabros Technology (DFT)

Valuation Ratios
P/E Ratio 30.5
Price to Sales 9.1
Price to Book 5
Price to Tangible Book
Price to Cash Flow 16.5
Price to Free Cash Flow -60.7
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 62.6%
Cap. Spend. - 3 Yr. Gr. Rate 20.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 129.1%
Total Debt to Equity 129.1%
Interest Coverage 5
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 4.8%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 4.1%
Return On Equity 16.3%
Return On Equity - 3 Yr. Avg. 8.5%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 66.9%
Gross Margin - 3 Yr. Avg. 67.3%
EBITDA Margin 63.9%
EBITDA Margin - 3 Yr. Avg. 53.6%
Operating Margin 39.9%
Oper. Margin - 3 Yr. Avg. 29.1%
Pre-Tax Margin 34.2%
Pre-Tax Margin - 3 Yr. Avg. 21.1%
Net Profit Margin 29.7%
Net Profit Margin - 3 Yr. Avg. 18.5%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 103.2%

DFT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DFT stock intrinsic value calculation we used $529 million for the last fiscal year's total revenue generated by Dupont Fabros Technology. The default revenue input number comes from 2016 income statement of Dupont Fabros Technology. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DFT stock valuation model: a) initial revenue growth rate of 12.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.1%, whose default value for DFT is calculated based on our internal credit rating of Dupont Fabros Technology, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Dupont Fabros Technology.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DFT stock the variable cost ratio is equal to 91.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DFT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Dupont Fabros Technology.

Corporate tax rate of 27% is the nominal tax rate for Dupont Fabros Technology. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DFT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DFT are equal to 508%.

Life of production assets of 24.9 years is the average useful life of capital assets used in Dupont Fabros Technology operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DFT is equal to -7.4%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $967 million for Dupont Fabros Technology - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 78.555 million for Dupont Fabros Technology is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Dupont Fabros Technology at the current share price and the inputted number of shares is $5.0 billion.

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COMPANY NEWS

▶ [$$] Five things we learnt from the US earnings season   [Aug-08-17 08:15AM  Financial Times]
▶ Technical Buy Points for Strong Trending Stocks   [Aug-02-17 01:00PM  Investopedia]
▶ Dupont Fabros reports 2Q results   [Jul-28-17 01:32AM  Associated Press]
▶ Stocks aren't priced for perfection: Trader   [Jul-25-17 12:01PM  CNBC Videos]
▶ [$$] The Growing Allure of Data-Center REITs   [Jun-17-17 01:07AM  Barrons.com]
▶ Company News for June 12, 2017   [10:15AM  Zacks]
▶ New Deal Creates Largest Data Center REIT   [Jun-09-17 06:18PM  Barrons.com]
▶ Digital Realty to buy DuPont Fabros in $7.6 billion deal   [03:59PM  American City Business Journals]
▶ 7 Tech Stocks That Dial Dividends Up To 14%   [May-21-17 08:12AM  Forbes]
▶ Dow Chemical, DuPont Will Re-Examine Post-Merger Plans   [May-11-17 12:49PM  TheStreet.com]
▶ Dupont Fabros reports 1Q results   [Apr-27-17 08:18AM  Associated Press]
▶ Longleaf Partners Comments on DuPont   [Apr-14-17 06:09PM  GuruFocus.com]
▶ Longleaf Partners 1st Quarter Commentary   [05:50PM  GuruFocus.com]
▶ 6 Great Data Center REITs For 2017   [Mar-13-17 12:03PM  Motley Fool]
▶ 6 Great Data Center REITs For 2017   [12:03PM  at Motley Fool]
▶ Hedge Funds Are Dumping DuPont Fabros Technology, Inc. (DFT)   [Dec-07-16 08:24AM  at Insider Monkey]
Stock chart of DFT Financial statements of DFT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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