Intrinsic value of Dupont Fabros Technology - DFT

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$62.71

  Intrinsic Value

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  Value-price divergence*

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$62.71

 
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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 4.9

 

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
  22.40
  20.66
  19.09
  17.68
  16.42
  15.27
  14.25
  13.32
  12.49
  11.74
  11.07
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
Revenue, $m
  529
  647
  781
  930
  1,095
  1,275
  1,469
  1,679
  1,902
  2,140
  2,391
  2,656
  2,934
  3,225
  3,529
  3,845
  4,175
  4,519
  4,876
  5,247
  5,633
  6,034
  6,450
  6,883
  7,333
  7,802
  8,289
  8,797
  9,326
  9,877
  10,452
Variable operating expenses, $m
 
  591
  713
  849
  1,000
  1,164
  1,342
  1,533
  1,737
  1,954
  2,183
  2,425
  2,679
  2,944
  3,222
  3,511
  3,812
  4,126
  4,452
  4,791
  5,143
  5,509
  5,889
  6,284
  6,695
  7,123
  7,568
  8,032
  8,515
  9,018
  9,543
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
  591
  713
  849
  1,000
  1,164
  1,342
  1,533
  1,737
  1,954
  2,183
  2,425
  2,679
  2,944
  3,222
  3,511
  3,812
  4,126
  4,452
  4,791
  5,143
  5,509
  5,889
  6,284
  6,695
  7,123
  7,568
  8,032
  8,515
  9,018
  9,543
Operating income, $m
  211
  56
  68
  81
  95
  111
  128
  146
  166
  186
  208
  231
  255
  281
  307
  335
  363
  393
  424
  456
  490
  525
  561
  599
  638
  679
  721
  765
  811
  859
  909
EBITDA, $m
  319
  188
  227
  271
  319
  371
  428
  489
  554
  623
  696
  773
  854
  938
  1,027
  1,119
  1,215
  1,315
  1,419
  1,527
  1,639
  1,756
  1,877
  2,003
  2,134
  2,270
  2,412
  2,560
  2,714
  2,874
  3,042
Interest expense (income), $m
  49
  50
  69
  90
  113
  139
  167
  198
  231
  266
  303
  343
  384
  428
  474
  521
  571
  623
  677
  733
  791
  852
  915
  980
  1,048
  1,119
  1,192
  1,269
  1,349
  1,432
  1,518
Earnings before tax, $m
  181
  6
  -1
  -9
  -18
  -28
  -39
  -52
  -65
  -80
  -95
  -112
  -129
  -147
  -167
  -187
  -208
  -230
  -253
  -276
  -301
  -327
  -353
  -381
  -410
  -440
  -471
  -504
  -537
  -572
  -609
Tax expense, $m
  0
  2
  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
  5
  -1
  -9
  -18
  -28
  -39
  -52
  -65
  -80
  -95
  -112
  -129
  -147
  -167
  -187
  -208
  -230
  -253
  -276
  -301
  -327
  -353
  -381
  -410
  -440
  -471
  -504
  -537
  -572
  -609

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
  3,679
  4,439
  5,287
  6,222
  7,243
  8,349
  9,539
  10,809
  12,160
  13,587
  15,091
  16,670
  18,322
  20,049
  21,849
  23,724
  25,675
  27,704
  29,813
  32,004
  34,282
  36,649
  39,109
  41,667
  44,329
  47,099
  49,984
  52,989
  56,121
  59,387
Adjusted assets (=assets-cash), $m
  2,999
  3,679
  4,439
  5,287
  6,222
  7,243
  8,349
  9,539
  10,809
  12,160
  13,587
  15,091
  16,670
  18,322
  20,049
  21,849
  23,724
  25,675
  27,704
  29,813
  32,004
  34,282
  36,649
  39,109
  41,667
  44,329
  47,099
  49,984
  52,989
  56,121
  59,387
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
  3,289
  3,969
  4,727
  5,563
  6,476
  7,465
  8,528
  9,665
  10,872
  12,148
  13,493
  14,904
  16,382
  17,925
  19,535
  21,211
  22,956
  24,770
  26,655
  28,615
  30,651
  32,767
  34,967
  37,254
  39,634
  42,111
  44,690
  47,376
  50,176
  53,096
Working capital, $m
  0
  -48
  -58
  -69
  -81
  -94
  -109
  -124
  -141
  -158
  -177
  -197
  -217
  -239
  -261
  -285
  -309
  -334
  -361
  -388
  -417
  -446
  -477
  -509
  -543
  -577
  -613
  -651
  -690
  -731
  -773
Total debt, $m
  1,248
  1,719
  2,244
  2,830
  3,476
  4,182
  4,946
  5,768
  6,646
  7,579
  8,566
  9,605
  10,696
  11,838
  13,031
  14,275
  15,571
  16,919
  18,321
  19,778
  21,292
  22,866
  24,501
  26,201
  27,969
  29,808
  31,723
  33,716
  35,792
  37,956
  40,213
Total liabilities, $m
  2,071
  2,542
  3,067
  3,653
  4,299
  5,005
  5,769
  6,591
  7,469
  8,402
  9,389
  10,428
  11,519
  12,661
  13,854
  15,098
  16,394
  17,742
  19,144
  20,601
  22,115
  23,689
  25,324
  27,024
  28,792
  30,631
  32,546
  34,539
  36,615
  38,779
  41,036
Total equity, $m
  967
  1,137
  1,372
  1,634
  1,922
  2,238
  2,580
  2,947
  3,340
  3,757
  4,198
  4,663
  5,151
  5,662
  6,195
  6,751
  7,331
  7,934
  8,561
  9,212
  9,889
  10,593
  11,324
  12,085
  12,875
  13,698
  14,554
  15,445
  16,374
  17,341
  18,350
Total liabilities and equity, $m
  3,038
  3,679
  4,439
  5,287
  6,221
  7,243
  8,349
  9,538
  10,809
  12,159
  13,587
  15,091
  16,670
  18,323
  20,049
  21,849
  23,725
  25,676
  27,705
  29,813
  32,004
  34,282
  36,648
  39,109
  41,667
  44,329
  47,100
  49,984
  52,989
  56,120
  59,386
Debt-to-equity ratio
  1.291
  1.510
  1.640
  1.730
  1.810
  1.870
  1.920
  1.960
  1.990
  2.020
  2.040
  2.060
  2.080
  2.090
  2.100
  2.110
  2.120
  2.130
  2.140
  2.150
  2.150
  2.160
  2.160
  2.170
  2.170
  2.180
  2.180
  2.180
  2.190
  2.190
  2.190
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
  5
  -1
  -9
  -18
  -28
  -39
  -52
  -65
  -80
  -95
  -112
  -129
  -147
  -167
  -187
  -208
  -230
  -253
  -276
  -301
  -327
  -353
  -381
  -410
  -440
  -471
  -504
  -537
  -572
  -609
Depreciation, amort., depletion, $m
  108
  132
  159
  190
  223
  260
  300
  343
  388
  437
  488
  542
  599
  658
  720
  785
  852
  922
  995
  1,070
  1,149
  1,231
  1,316
  1,404
  1,496
  1,592
  1,691
  1,795
  1,903
  2,015
  2,132
Funds from operations, $m
  303
  137
  159
  181
  205
  232
  260
  291
  323
  357
  393
  430
  470
  511
  553
  598
  644
  692
  742
  794
  848
  904
  962
  1,023
  1,086
  1,152
  1,220
  1,291
  1,365
  1,443
  1,523
Change in working capital, $m
  13
  -9
  -10
  -11
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
Cash from operations, $m
  290
  256
  168
  192
  218
  245
  275
  306
  339
  375
  411
  450
  490
  532
  576
  621
  669
  718
  769
  822
  877
  934
  993
  1,055
  1,119
  1,186
  1,256
  1,329
  1,405
  1,484
  1,566
Maintenance CAPEX, $m
  0
  -108
  -132
  -159
  -190
  -223
  -260
  -300
  -343
  -388
  -437
  -488
  -542
  -599
  -658
  -720
  -785
  -852
  -922
  -995
  -1,070
  -1,149
  -1,231
  -1,316
  -1,404
  -1,496
  -1,592
  -1,691
  -1,795
  -1,903
  -2,015
New CAPEX, $m
  -369
  -602
  -680
  -758
  -836
  -913
  -989
  -1,064
  -1,136
  -1,207
  -1,276
  -1,344
  -1,411
  -1,478
  -1,544
  -1,610
  -1,677
  -1,744
  -1,814
  -1,885
  -1,959
  -2,036
  -2,116
  -2,200
  -2,288
  -2,380
  -2,477
  -2,579
  -2,687
  -2,800
  -2,920
Cash from investing activities, $m
  -261
  -710
  -812
  -917
  -1,026
  -1,136
  -1,249
  -1,364
  -1,479
  -1,595
  -1,713
  -1,832
  -1,953
  -2,077
  -2,202
  -2,330
  -2,462
  -2,596
  -2,736
  -2,880
  -3,029
  -3,185
  -3,347
  -3,516
  -3,692
  -3,876
  -4,069
  -4,270
  -4,482
  -4,703
  -4,935
Free cash flow, $m
  29
  -454
  -643
  -725
  -808
  -891
  -974
  -1,057
  -1,139
  -1,221
  -1,302
  -1,382
  -1,463
  -1,544
  -1,626
  -1,708
  -1,793
  -1,879
  -1,967
  -2,059
  -2,153
  -2,251
  -2,354
  -2,461
  -2,572
  -2,690
  -2,812
  -2,941
  -3,077
  -3,219
  -3,369
Issuance/(repayment) of debt, $m
  47
  471
  525
  586
  646
  706
  764
  822
  878
  933
  987
  1,039
  1,091
  1,142
  1,193
  1,244
  1,296
  1,348
  1,402
  1,457
  1,514
  1,574
  1,635
  1,700
  1,768
  1,839
  1,914
  1,993
  2,076
  2,164
  2,257
Issuance/(repurchase) of shares, $m
  126
  152
  353
  401
  451
  501
  552
  603
  654
  705
  756
  808
  860
  913
  966
  1,021
  1,076
  1,133
  1,192
  1,253
  1,316
  1,381
  1,450
  1,521
  1,595
  1,673
  1,754
  1,839
  1,929
  2,023
  2,122
Cash from financing (excl. dividends), $m  
  140
  623
  878
  987
  1,097
  1,207
  1,316
  1,425
  1,532
  1,638
  1,743
  1,847
  1,951
  2,055
  2,159
  2,265
  2,372
  2,481
  2,594
  2,710
  2,830
  2,955
  3,085
  3,221
  3,363
  3,512
  3,668
  3,832
  4,005
  4,187
  4,379
Total cash flow (excl. dividends), $m
  169
  17
  -118
  -139
  -162
  -186
  -210
  -235
  -261
  -288
  -315
  -343
  -372
  -402
  -433
  -464
  -497
  -530
  -565
  -601
  -639
  -678
  -718
  -760
  -804
  -850
  -898
  -948
  -1,000
  -1,055
  -1,112
Retained Cash Flow (-), $m
  -11
  -209
  -235
  -262
  -289
  -316
  -342
  -368
  -393
  -417
  -441
  -465
  -488
  -511
  -533
  -556
  -579
  -603
  -627
  -652
  -677
  -704
  -731
  -760
  -791
  -822
  -856
  -891
  -929
  -968
  -1,009
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
 
  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
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
 
  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
Current shareholders' claim on cash, %
  100
  96.9
  91.3
  86.4
  81.9
  77.9
  74.3
  71.1
  68.1
  65.4
  62.9
  60.6
  58.5
  56.5
  54.7
  53.0
  51.4
  49.9
  48.4
  47.1
  45.8
  44.6
  43.4
  42.3
  41.2
  40.2
  39.2
  38.3
  37.4
  36.5
  35.6

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 30.3
Price to Sales 9
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 16.4
Price to Free Cash Flow -60.3
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 22.4% 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 $4.9 billion.


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COMPANY NEWS

▶ [$$] 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 Annual reports 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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