Intrinsic value of Prologis - PLD

Previous Close

$61.23

  Intrinsic Value

$7.16

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-10%

Previous close

$61.23

 
Intrinsic value

$7.16

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-10%

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

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

We calculate the intrinsic value of PLD 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 32.1

 

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, %
  15.29
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  2,533
  2,629
  2,732
  2,842
  2,960
  3,084
  3,217
  3,357
  3,506
  3,663
  3,829
  4,004
  4,189
  4,385
  4,591
  4,807
  5,036
  5,277
  5,530
  5,796
  6,077
  6,372
  6,682
  7,008
  7,351
  7,712
  8,091
  8,489
  8,907
  9,347
  9,809
Variable operating expenses, $m
 
  2,277
  2,366
  2,461
  2,563
  2,671
  2,786
  2,907
  3,036
  3,172
  3,316
  3,468
  3,628
  3,797
  3,975
  4,163
  4,361
  4,570
  4,789
  5,020
  5,262
  5,518
  5,787
  6,069
  6,366
  6,678
  7,006
  7,351
  7,714
  8,095
  8,495
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
  1,862
  2,277
  2,366
  2,461
  2,563
  2,671
  2,786
  2,907
  3,036
  3,172
  3,316
  3,468
  3,628
  3,797
  3,975
  4,163
  4,361
  4,570
  4,789
  5,020
  5,262
  5,518
  5,787
  6,069
  6,366
  6,678
  7,006
  7,351
  7,714
  8,095
  8,495
Operating income, $m
  671
  352
  366
  381
  397
  413
  431
  450
  470
  491
  513
  537
  561
  588
  615
  644
  675
  707
  741
  777
  814
  854
  895
  939
  985
  1,033
  1,084
  1,138
  1,194
  1,253
  1,314
EBITDA, $m
  1,602
  1,318
  1,369
  1,424
  1,483
  1,546
  1,612
  1,682
  1,757
  1,835
  1,919
  2,007
  2,099
  2,197
  2,300
  2,409
  2,524
  2,644
  2,771
  2,905
  3,045
  3,193
  3,348
  3,512
  3,684
  3,864
  4,054
  4,254
  4,464
  4,684
  4,915
Interest expense (income), $m
  0
  371
  391
  413
  436
  461
  487
  515
  545
  576
  609
  644
  681
  720
  762
  805
  851
  899
  950
  1,003
  1,059
  1,118
  1,180
  1,246
  1,315
  1,387
  1,463
  1,543
  1,627
  1,715
  1,808
Earnings before tax, $m
  1,347
  -19
  -25
  -32
  -40
  -48
  -56
  -65
  -75
  -85
  -96
  -108
  -120
  -133
  -146
  -161
  -176
  -192
  -209
  -226
  -245
  -264
  -285
  -307
  -330
  -354
  -379
  -405
  -433
  -462
  -493
Tax expense, $m
  54
  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
  1,210
  -19
  -25
  -32
  -40
  -48
  -56
  -65
  -75
  -85
  -96
  -108
  -120
  -133
  -146
  -161
  -176
  -192
  -209
  -226
  -245
  -264
  -285
  -307
  -330
  -354
  -379
  -405
  -433
  -462
  -493

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  807
  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
  30,250
  30,573
  31,771
  33,051
  34,414
  35,864
  37,403
  39,035
  40,762
  42,590
  44,522
  46,561
  48,714
  50,985
  53,378
  55,901
  58,558
  61,355
  64,300
  67,400
  70,660
  74,090
  77,697
  81,491
  85,478
  89,670
  94,077
  98,708
  103,574
  108,688
  114,061
Adjusted assets (=assets-cash), $m
  29,443
  30,573
  31,771
  33,051
  34,414
  35,864
  37,403
  39,035
  40,762
  42,590
  44,522
  46,561
  48,714
  50,985
  53,378
  55,901
  58,558
  61,355
  64,300
  67,400
  70,660
  74,090
  77,697
  81,491
  85,478
  89,670
  94,077
  98,708
  103,574
  108,688
  114,061
Revenue / Adjusted assets
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
  0.086
Average production assets, $m
  23,804
  24,710
  25,678
  26,713
  27,815
  28,986
  30,230
  31,549
  32,945
  34,422
  35,984
  37,632
  39,372
  41,207
  43,142
  45,181
  47,328
  49,589
  51,969
  54,474
  57,110
  59,882
  62,797
  65,863
  69,086
  72,474
  76,035
  79,778
  83,712
  87,845
  92,187
Working capital, $m
  0
  -263
  -273
  -284
  -296
  -308
  -322
  -336
  -351
  -366
  -383
  -400
  -419
  -438
  -459
  -481
  -504
  -528
  -553
  -580
  -608
  -637
  -668
  -701
  -735
  -771
  -809
  -849
  -891
  -935
  -981
Total debt, $m
  10,608
  11,186
  11,806
  12,469
  13,176
  13,927
  14,724
  15,569
  16,464
  17,411
  18,411
  19,468
  20,583
  21,759
  22,999
  24,306
  25,682
  27,131
  28,657
  30,262
  31,951
  33,728
  35,596
  37,561
  39,627
  41,798
  44,081
  46,480
  49,000
  51,649
  54,432
Total liabilities, $m
  15,259
  15,837
  16,457
  17,120
  17,827
  18,578
  19,375
  20,220
  21,115
  22,062
  23,062
  24,119
  25,234
  26,410
  27,650
  28,957
  30,333
  31,782
  33,308
  34,913
  36,602
  38,379
  40,247
  42,212
  44,278
  46,449
  48,732
  51,131
  53,651
  56,300
  59,083
Total equity, $m
  14,991
  14,736
  15,314
  15,931
  16,588
  17,286
  18,028
  18,815
  19,648
  20,528
  21,459
  22,443
  23,480
  24,575
  25,728
  26,944
  28,225
  29,573
  30,993
  32,487
  34,058
  35,711
  37,450
  39,278
  41,201
  43,221
  45,345
  47,577
  49,923
  52,388
  54,977
Total liabilities and equity, $m
  30,250
  30,573
  31,771
  33,051
  34,415
  35,864
  37,403
  39,035
  40,763
  42,590
  44,521
  46,562
  48,714
  50,985
  53,378
  55,901
  58,558
  61,355
  64,301
  67,400
  70,660
  74,090
  77,697
  81,490
  85,479
  89,670
  94,077
  98,708
  103,574
  108,688
  114,060
Debt-to-equity ratio
  0.708
  0.760
  0.770
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.890
  0.900
  0.910
  0.920
  0.920
  0.930
  0.940
  0.940
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
Adjusted equity ratio
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482
  0.482

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,210
  -19
  -25
  -32
  -40
  -48
  -56
  -65
  -75
  -85
  -96
  -108
  -120
  -133
  -146
  -161
  -176
  -192
  -209
  -226
  -245
  -264
  -285
  -307
  -330
  -354
  -379
  -405
  -433
  -462
  -493
Depreciation, amort., depletion, $m
  931
  965
  1,003
  1,043
  1,087
  1,132
  1,181
  1,232
  1,287
  1,345
  1,406
  1,470
  1,538
  1,610
  1,685
  1,765
  1,849
  1,937
  2,030
  2,128
  2,231
  2,339
  2,453
  2,573
  2,699
  2,831
  2,970
  3,116
  3,270
  3,431
  3,601
Funds from operations, $m
  1,624
  946
  978
  1,011
  1,047
  1,084
  1,124
  1,167
  1,212
  1,259
  1,309
  1,362
  1,418
  1,477
  1,539
  1,604
  1,673
  1,745
  1,821
  1,902
  1,986
  2,075
  2,168
  2,266
  2,369
  2,477
  2,591
  2,711
  2,837
  2,969
  3,108
Change in working capital, $m
  207
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
Cash from operations, $m
  1,417
  956
  988
  1,022
  1,058
  1,097
  1,138
  1,181
  1,227
  1,275
  1,326
  1,380
  1,436
  1,496
  1,559
  1,626
  1,696
  1,769
  1,847
  1,928
  2,014
  2,104
  2,199
  2,299
  2,403
  2,513
  2,629
  2,751
  2,879
  3,013
  3,154
Maintenance CAPEX, $m
  0
  -930
  -965
  -1,003
  -1,043
  -1,087
  -1,132
  -1,181
  -1,232
  -1,287
  -1,345
  -1,406
  -1,470
  -1,538
  -1,610
  -1,685
  -1,765
  -1,849
  -1,937
  -2,030
  -2,128
  -2,231
  -2,339
  -2,453
  -2,573
  -2,699
  -2,831
  -2,970
  -3,116
  -3,270
  -3,431
New CAPEX, $m
  -2,202
  -906
  -969
  -1,034
  -1,102
  -1,172
  -1,244
  -1,319
  -1,396
  -1,477
  -1,561
  -1,649
  -1,740
  -1,835
  -1,935
  -2,039
  -2,147
  -2,261
  -2,380
  -2,505
  -2,635
  -2,772
  -2,915
  -3,066
  -3,223
  -3,388
  -3,561
  -3,743
  -3,933
  -4,133
  -4,343
Cash from investing activities, $m
  1,252
  -1,836
  -1,934
  -2,037
  -2,145
  -2,259
  -2,376
  -2,500
  -2,628
  -2,764
  -2,906
  -3,055
  -3,210
  -3,373
  -3,545
  -3,724
  -3,912
  -4,110
  -4,317
  -4,535
  -4,763
  -5,003
  -5,254
  -5,519
  -5,796
  -6,087
  -6,392
  -6,713
  -7,049
  -7,403
  -7,774
Free cash flow, $m
  2,669
  -880
  -946
  -1,015
  -1,087
  -1,161
  -1,238
  -1,319
  -1,402
  -1,489
  -1,580
  -1,674
  -1,773
  -1,877
  -1,985
  -2,098
  -2,217
  -2,341
  -2,471
  -2,607
  -2,749
  -2,899
  -3,056
  -3,220
  -3,392
  -3,573
  -3,763
  -3,962
  -4,171
  -4,390
  -4,620
Issuance/(repayment) of debt, $m
  -898
  578
  621
  663
  706
  751
  797
  845
  895
  947
  1,001
  1,057
  1,115
  1,176
  1,240
  1,307
  1,376
  1,449
  1,526
  1,605
  1,689
  1,777
  1,869
  1,965
  2,066
  2,172
  2,282
  2,399
  2,521
  2,649
  2,783
Issuance/(repurchase) of shares, $m
  31
  571
  603
  649
  697
  747
  798
  852
  908
  966
  1,027
  1,091
  1,158
  1,227
  1,300
  1,377
  1,457
  1,540
  1,628
  1,720
  1,817
  1,918
  2,024
  2,135
  2,252
  2,374
  2,503
  2,637
  2,779
  2,927
  3,083
Cash from financing (excl. dividends), $m  
  -1,232
  1,149
  1,224
  1,312
  1,403
  1,498
  1,595
  1,697
  1,803
  1,913
  2,028
  2,148
  2,273
  2,403
  2,540
  2,684
  2,833
  2,989
  3,154
  3,325
  3,506
  3,695
  3,893
  4,100
  4,318
  4,546
  4,785
  5,036
  5,300
  5,576
  5,866
Total cash flow (excl. dividends), $m
  1,436
  269
  278
  297
  316
  336
  357
  378
  401
  424
  448
  473
  499
  527
  555
  585
  616
  649
  683
  719
  756
  796
  837
  880
  925
  972
  1,022
  1,074
  1,129
  1,186
  1,246
Retained Cash Flow (-), $m
  -323
  -571
  -603
  -649
  -697
  -747
  -798
  -852
  -908
  -966
  -1,027
  -1,091
  -1,158
  -1,227
  -1,300
  -1,377
  -1,457
  -1,540
  -1,628
  -1,720
  -1,817
  -1,918
  -2,024
  -2,135
  -2,252
  -2,374
  -2,503
  -2,637
  -2,779
  -2,927
  -3,083
Prev. year cash balance distribution, $m
 
  807
  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
 
  505
  -325
  -352
  -381
  -410
  -441
  -473
  -507
  -542
  -579
  -618
  -658
  -701
  -745
  -792
  -840
  -891
  -945
  -1,001
  -1,060
  -1,122
  -1,187
  -1,255
  -1,327
  -1,402
  -1,481
  -1,563
  -1,650
  -1,741
  -1,837
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  469
  -278
  -276
  -271
  -262
  -251
  -238
  -223
  -206
  -187
  -168
  -149
  -130
  -112
  -94
  -78
  -64
  -51
  -40
  -30
  -23
  -17
  -12
  -8
  -5
  -4
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  98.2
  96.3
  94.4
  92.5
  90.6
  88.7
  86.8
  84.9
  83.0
  81.1
  79.2
  77.3
  75.5
  73.7
  71.9
  70.1
  68.4
  66.6
  65.0
  63.3
  61.7
  60.1
  58.5
  57.0
  55.5
  54.0
  52.6
  51.2
  49.8
  48.5

Prologis Inc. is an independent equity real estate investment trust. It invests in the real estate markets across the globe. The firm engages in the ownership, development, management, and leasing of industrial distribution and retail properties. It was previously known as Security Capital Investment Trust. Prologis Inc. was formed in 1991 and is based in San Francisco, California with an additional office in Denver, Colorado.

FINANCIAL RATIOS  of  Prologis (PLD)

Valuation Ratios
P/E Ratio 26.8
Price to Sales 12.8
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 22.8
Price to Free Cash Flow -41.2
Growth Rates
Sales Growth Rate 15.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -4.8%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 70.8%
Total Debt to Equity 70.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.7%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 6.3%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 72.5%
Gross Margin - 3 Yr. Avg. 71.3%
EBITDA Margin 89.9%
EBITDA Margin - 3 Yr. Avg. 83.4%
Operating Margin 26.5%
Oper. Margin - 3 Yr. Avg. 16.2%
Pre-Tax Margin 53.2%
Pre-Tax Margin - 3 Yr. Avg. 45.6%
Net Profit Margin 47.8%
Net Profit Margin - 3 Yr. Avg. 41.1%
Effective Tax Rate 4%
Eff/ Tax Rate - 3 Yr. Avg. 1%
Payout Ratio 73.8%

PLD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PLD stock intrinsic value calculation we used $2533 million for the last fiscal year's total revenue generated by Prologis. The default revenue input number comes from 2016 income statement of Prologis. 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 PLD stock valuation model: a) initial revenue growth rate of 3.8% 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 7.7%, whose default value for PLD is calculated based on our internal credit rating of Prologis, 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 Prologis.
    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 PLD stock the variable cost ratio is equal to 86.6%.

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 PLD 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 3.5% for Prologis.

Corporate tax rate of 27% is the nominal tax rate for Prologis. 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 PLD 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 PLD are equal to 939.8%.

Life of production assets of 25.6 years is the average useful life of capital assets used in Prologis 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 PLD is equal to -10%. 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 - $14991 million for Prologis - 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 523.632 million for Prologis 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 Prologis at the current share price and the inputted number of shares is $32.1 billion.

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COMPANY NEWS

▶ Prologis Acquires Partner's Interest in Brazil Portfolio   [Aug-16-17 11:26AM  PR Newswire]
▶ Nippon Prologis REIT Prices New Investment Units   [Jul-31-17 08:00AM  PR Newswire]
▶ How Prologis Stacks Up against Peers after 2Q17 Earnings   [Jul-25-17 09:07AM  Market Realist]
▶ How Prologis Improved Its Balance Sheet   [07:38AM  Market Realist]
▶ How Prologis Boosted Top-Line Growth in 2Q17   [Jul-24-17 10:39AM  Market Realist]
▶ Where Does Prologis Stand after 2Q Earnings?   [Jul-21-17 03:53PM  Market Realist]
▶ Prologis reports 2Q results   [06:10PM  Associated Press]
▶ Story Stocks from Briefing.com   [08:12AM  Briefing.com]
▶ 2 REITs that Can Benefit from 'Omnichannel' Retail Trend   [Jul-17-17 11:40AM  Barrons.com]
▶ 5 Finance Stocks Poised To Beat Q2 Earnings   [Jul-13-17 06:27PM  Zacks]
▶ Where Does Prologis Stand among Its Peers?   [07:36AM  Market Realist]
▶ Will Prologis Be Able to Turn Macro Issues to Its Advantage?   [Jul-12-17 10:37AM  Market Realist]
▶ Prologiss Main Revenue Drivers in 2Q17   [Jul-11-17 04:05PM  Market Realist]
▶ Whats in Store for Prologis in 2Q17?   [12:46PM  Market Realist]
▶ Frontier Airlines buys Prologis building near DIA for new HQ   [Jun-30-17 11:56AM  American City Business Journals]
▶ Prologis to Announce Second Quarter 2017 Results July 18   [Jun-26-17 04:30PM  PR Newswire]
▶ Prologis on the Street: How Analysts See PLD Stock   [Jun-22-17 09:06AM  Market Realist]
▶ Prologiss Health by Leverage   [Jun-21-17 10:37AM  Market Realist]
▶ Can Prologis and Its Peers Survive Rising Interest Rates?   [Jun-20-17 10:36AM  Market Realist]
▶ Understanding Prologiss Growth Secret   [09:07AM  Market Realist]
▶ Prologis Is Riding High on This   [Jun-19-17 05:05PM  Market Realist]
▶ Here are the 10 highest-paid Bay Area CEOs over the past five years   [11:50AM  American City Business Journals]
▶ [$$] The Roundup   [09:51AM  The Wall Street Journal]
▶ REIT Industry Stock Outlook - May 2017   [May-22-17 04:26PM  Zacks]
▶ Prologis to use innovative design for massive proposed Bayview project   [Apr-28-17 12:35PM  American City Business Journals]
▶ 12 ways to trade an over-stored retail sector   [Apr-20-17 05:00PM  CNBC Videos]
▶ Prologis reports 1Q results   [08:59AM  Associated Press]
Stock chart of PLD Financial statements of PLD
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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