Intrinsic value of Prologis - PLD

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$54.35

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$54.35

 
Intrinsic value

$6.98

 
Up/down potential

-87%

 
Rating

str. sell

 
Value-price divergence* premium content

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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 29.2

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,533
  2,584
  2,643
  2,711
  2,787
  2,872
  2,964
  3,065
  3,175
  3,292
  3,419
  3,554
  3,698
  3,852
  4,015
  4,188
  4,372
  4,566
  4,772
  4,989
  5,218
  5,460
  5,715
  5,984
  6,267
  6,565
  6,879
  7,210
  7,558
  7,924
  8,309
Variable operating expenses, $m
 
  2,237
  2,289
  2,348
  2,414
  2,487
  2,567
  2,655
  2,749
  2,851
  2,961
  3,078
  3,203
  3,336
  3,477
  3,627
  3,786
  3,954
  4,132
  4,320
  4,519
  4,728
  4,949
  5,182
  5,427
  5,685
  5,958
  6,244
  6,545
  6,862
  7,196
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
  2,237
  2,289
  2,348
  2,414
  2,487
  2,567
  2,655
  2,749
  2,851
  2,961
  3,078
  3,203
  3,336
  3,477
  3,627
  3,786
  3,954
  4,132
  4,320
  4,519
  4,728
  4,949
  5,182
  5,427
  5,685
  5,958
  6,244
  6,545
  6,862
  7,196
Operating income, $m
  671
  346
  354
  363
  373
  385
  397
  411
  425
  441
  458
  476
  496
  516
  538
  561
  586
  612
  639
  668
  699
  732
  766
  802
  840
  880
  922
  966
  1,013
  1,062
  1,113
EBITDA, $m
  1,602
  1,295
  1,324
  1,359
  1,397
  1,439
  1,486
  1,536
  1,591
  1,650
  1,713
  1,781
  1,853
  1,930
  2,012
  2,099
  2,191
  2,288
  2,391
  2,500
  2,615
  2,736
  2,864
  2,998
  3,140
  3,290
  3,447
  3,613
  3,787
  3,971
  4,164
Interest expense (income), $m
  0
  371
  382
  394
  409
  425
  443
  462
  483
  506
  531
  558
  586
  617
  649
  684
  720
  759
  800
  843
  889
  937
  988
  1,042
  1,099
  1,158
  1,221
  1,287
  1,357
  1,431
  1,508
Earnings before tax, $m
  1,347
  -25
  -28
  -31
  -35
  -40
  -45
  -51
  -58
  -65
  -73
  -82
  -91
  -101
  -111
  -122
  -134
  -147
  -160
  -175
  -190
  -206
  -222
  -240
  -259
  -279
  -299
  -321
  -344
  -369
  -394
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
  -25
  -28
  -31
  -35
  -40
  -45
  -51
  -58
  -65
  -73
  -82
  -91
  -101
  -111
  -122
  -134
  -147
  -160
  -175
  -190
  -206
  -222
  -240
  -259
  -279
  -299
  -321
  -344
  -369
  -394

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
  30,043
  30,734
  31,523
  32,410
  33,393
  34,471
  35,645
  36,916
  38,285
  39,754
  41,326
  43,003
  44,789
  46,687
  48,701
  50,835
  53,094
  55,483
  58,007
  60,673
  63,485
  66,451
  69,577
  72,871
  76,340
  79,993
  83,837
  87,883
  92,139
  96,616
Adjusted assets (=assets-cash), $m
  29,443
  30,043
  30,734
  31,523
  32,410
  33,393
  34,471
  35,645
  36,916
  38,285
  39,754
  41,326
  43,003
  44,789
  46,687
  48,701
  50,835
  53,094
  55,483
  58,007
  60,673
  63,485
  66,451
  69,577
  72,871
  76,340
  79,993
  83,837
  87,883
  92,139
  96,616
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
  24,281
  24,840
  25,478
  26,195
  26,989
  27,860
  28,809
  29,836
  30,943
  32,130
  33,401
  34,756
  36,200
  37,733
  39,361
  41,086
  42,912
  44,843
  46,883
  49,037
  51,310
  53,707
  56,234
  58,896
  61,700
  64,652
  67,760
  71,029
  74,469
  78,088
Working capital, $m
  0
  -824
  -843
  -865
  -889
  -916
  -946
  -978
  -1,013
  -1,050
  -1,091
  -1,134
  -1,180
  -1,229
  -1,281
  -1,336
  -1,395
  -1,457
  -1,522
  -1,591
  -1,664
  -1,742
  -1,823
  -1,909
  -1,999
  -2,094
  -2,195
  -2,300
  -2,411
  -2,528
  -2,651
Total debt, $m
  10,608
  10,911
  11,269
  11,678
  12,137
  12,646
  13,205
  13,813
  14,471
  15,180
  15,942
  16,756
  17,625
  18,550
  19,533
  20,576
  21,681
  22,852
  24,089
  25,397
  26,777
  28,234
  29,771
  31,390
  33,096
  34,893
  36,785
  38,777
  40,872
  43,077
  45,396
Total liabilities, $m
  15,259
  15,562
  15,920
  16,329
  16,788
  17,297
  17,856
  18,464
  19,122
  19,831
  20,593
  21,407
  22,276
  23,201
  24,184
  25,227
  26,332
  27,503
  28,740
  30,048
  31,428
  32,885
  34,422
  36,041
  37,747
  39,544
  41,436
  43,428
  45,523
  47,728
  50,047
Total equity, $m
  14,991
  14,481
  14,814
  15,194
  15,622
  16,095
  16,615
  17,181
  17,793
  18,453
  19,161
  19,919
  20,727
  21,588
  22,503
  23,474
  24,502
  25,591
  26,743
  27,960
  29,244
  30,600
  32,029
  33,536
  35,124
  36,796
  38,556
  40,410
  42,360
  44,411
  46,569
Total liabilities and equity, $m
  30,250
  30,043
  30,734
  31,523
  32,410
  33,392
  34,471
  35,645
  36,915
  38,284
  39,754
  41,326
  43,003
  44,789
  46,687
  48,701
  50,834
  53,094
  55,483
  58,008
  60,672
  63,485
  66,451
  69,577
  72,871
  76,340
  79,992
  83,838
  87,883
  92,139
  96,616
Debt-to-equity ratio
  0.708
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.880
  0.890
  0.900
  0.910
  0.920
  0.920
  0.930
  0.940
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
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
  -25
  -28
  -31
  -35
  -40
  -45
  -51
  -58
  -65
  -73
  -82
  -91
  -101
  -111
  -122
  -134
  -147
  -160
  -175
  -190
  -206
  -222
  -240
  -259
  -279
  -299
  -321
  -344
  -369
  -394
Depreciation, amort., depletion, $m
  931
  948
  970
  995
  1,023
  1,054
  1,088
  1,125
  1,165
  1,209
  1,255
  1,305
  1,358
  1,414
  1,474
  1,538
  1,605
  1,676
  1,752
  1,831
  1,916
  2,004
  2,098
  2,197
  2,301
  2,410
  2,525
  2,647
  2,775
  2,909
  3,050
Funds from operations, $m
  1,624
  923
  943
  964
  988
  1,014
  1,043
  1,074
  1,107
  1,143
  1,182
  1,223
  1,267
  1,313
  1,363
  1,415
  1,471
  1,529
  1,591
  1,657
  1,726
  1,799
  1,876
  1,956
  2,042
  2,132
  2,226
  2,326
  2,430
  2,540
  2,656
Change in working capital, $m
  207
  -16
  -19
  -22
  -24
  -27
  -30
  -32
  -35
  -38
  -40
  -43
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -86
  -90
  -95
  -100
  -105
  -111
  -117
  -123
Cash from operations, $m
  1,417
  497
  962
  986
  1,012
  1,041
  1,072
  1,106
  1,142
  1,181
  1,222
  1,266
  1,313
  1,362
  1,415
  1,470
  1,529
  1,591
  1,657
  1,726
  1,799
  1,876
  1,957
  2,042
  2,132
  2,227
  2,326
  2,431
  2,541
  2,657
  2,779
Maintenance CAPEX, $m
  0
  -930
  -948
  -970
  -995
  -1,023
  -1,054
  -1,088
  -1,125
  -1,165
  -1,209
  -1,255
  -1,305
  -1,358
  -1,414
  -1,474
  -1,538
  -1,605
  -1,676
  -1,752
  -1,831
  -1,916
  -2,004
  -2,098
  -2,197
  -2,301
  -2,410
  -2,525
  -2,647
  -2,775
  -2,909
New CAPEX, $m
  -2,202
  -477
  -558
  -638
  -717
  -794
  -871
  -949
  -1,027
  -1,107
  -1,187
  -1,270
  -1,356
  -1,443
  -1,534
  -1,628
  -1,725
  -1,826
  -1,931
  -2,040
  -2,154
  -2,273
  -2,397
  -2,527
  -2,662
  -2,804
  -2,952
  -3,107
  -3,270
  -3,440
  -3,618
Cash from investing activities, $m
  1,252
  -1,407
  -1,506
  -1,608
  -1,712
  -1,817
  -1,925
  -2,037
  -2,152
  -2,272
  -2,396
  -2,525
  -2,661
  -2,801
  -2,948
  -3,102
  -3,263
  -3,431
  -3,607
  -3,792
  -3,985
  -4,189
  -4,401
  -4,625
  -4,859
  -5,105
  -5,362
  -5,632
  -5,917
  -6,215
  -6,527
Free cash flow, $m
  2,669
  -911
  -545
  -623
  -700
  -776
  -853
  -931
  -1,010
  -1,091
  -1,174
  -1,259
  -1,348
  -1,439
  -1,533
  -1,631
  -1,733
  -1,840
  -1,950
  -2,066
  -2,187
  -2,313
  -2,445
  -2,582
  -2,727
  -2,878
  -3,036
  -3,202
  -3,375
  -3,558
  -3,748
Issuance/(repayment) of debt, $m
  -898
  303
  358
  409
  459
  509
  558
  608
  658
  709
  761
  814
  869
  925
  983
  1,043
  1,106
  1,170
  1,238
  1,308
  1,381
  1,457
  1,536
  1,619
  1,706
  1,797
  1,892
  1,991
  2,096
  2,205
  2,319
Issuance/(repurchase) of shares, $m
  31
  97
  521
  594
  668
  741
  814
  889
  964
  1,042
  1,121
  1,203
  1,287
  1,374
  1,465
  1,559
  1,657
  1,758
  1,864
  1,975
  2,091
  2,211
  2,338
  2,470
  2,608
  2,753
  2,905
  3,063
  3,230
  3,404
  3,587
Cash from financing (excl. dividends), $m  
  -1,232
  400
  879
  1,003
  1,127
  1,250
  1,372
  1,497
  1,622
  1,751
  1,882
  2,017
  2,156
  2,299
  2,448
  2,602
  2,763
  2,928
  3,102
  3,283
  3,472
  3,668
  3,874
  4,089
  4,314
  4,550
  4,797
  5,054
  5,326
  5,609
  5,906
Total cash flow (excl. dividends), $m
  1,436
  -607
  -187
  -214
  -240
  -267
  -295
  -323
  -352
  -382
  -413
  -445
  -479
  -514
  -550
  -588
  -628
  -669
  -713
  -758
  -806
  -856
  -908
  -963
  -1,020
  -1,081
  -1,144
  -1,210
  -1,280
  -1,353
  -1,429
Retained Cash Flow (-), $m
  -323
  -297
  -333
  -381
  -427
  -474
  -520
  -566
  -613
  -660
  -708
  -758
  -808
  -861
  -915
  -971
  -1,029
  -1,089
  -1,152
  -1,217
  -1,285
  -1,356
  -1,430
  -1,507
  -1,588
  -1,672
  -1,761
  -1,853
  -1,950
  -2,051
  -2,158
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
 
  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, %
 
  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
 
  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
  99.6
  97.8
  95.9
  93.7
  91.5
  89.2
  86.8
  84.4
  81.9
  79.4
  77.0
  74.5
  72.0
  69.6
  67.2
  64.9
  62.6
  60.3
  58.1
  55.9
  53.8
  51.8
  49.8
  47.9
  46.1
  44.3
  42.5
  40.9
  39.2
  37.7

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 23.7
Price to Sales 11.3
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 20.3
Price to Free Cash Flow -36.6
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 2% 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 -31.9%. 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 536.816 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 $29.2 billion.


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COMPANY NEWS

▶ 12 ways to trade an over-stored retail sector   [Apr-20-17 05:00PM  CNBC Videos]
▶ Prologis reports 1Q results   [08:59AM  Associated Press]
▶ 3 Financial Stocks to Buy for the Second Quarter   [Apr-03-17 12:27PM  Investopedia]
▶ Prologis to Announce First Quarter 2017 Results April 18   [Mar-30-17 04:00PM  PR Newswire]
▶ Cramer: Accept That We Have a Solid, Growing Economy   [Mar-15-17 07:01PM  TheStreet.com]
▶ Prologis: Cramer's Top Takeaways   [06:23AM  TheStreet.com]
▶ Prologis boosts dividend by nearly 5%   [Feb-23-17 03:08PM  at MarketWatch]
▶ Prologis Announces Tax Treatment of 2016 Distributions   [Jan-25-17 05:20PM  PR Newswire]
▶ Today's Top Supply Chain and Logistics News From WSJ   [06:43AM  at The Wall Street Journal]
▶ [$$] Cold Snap: Developers Pour Money Into Cold Storage in China   [Jan-04-17 12:28AM  at The Wall Street Journal]
▶ Should You Avoid Prologis Inc (PLD)?   [Dec-12-16 04:55PM  at Insider Monkey]
▶ S&P raises Prologis's rating to 'A-' on solid performance   [Dec-02-16 05:05PM  at MarketWatch]
▶ Prologis Declares Quarterly Dividends   [Dec-01-16 04:59PM  PR Newswire]
▶ How technology is impacting real estate development   [04:14PM  at bizjournals.com]
▶ Hedge Funds Keep Selling Allstate Corp (ALL)   [Nov-26-16 07:38PM  at Insider Monkey]
▶ Prologis to Host Investor Forum in New York City Nov. 9   [Nov-07-16 09:00AM  PR Newswire]
▶ [$$] Tommy Hilfiger Offers Plaza Hotel Penthouse for 26% Off   [Nov-02-16 01:54PM  at The Wall Street Journal]
▶ Prologis to Build First Multistory Warehouse in the U.S.   [12:14AM  at The Wall Street Journal]
▶ Prologis to Build First Multistory Warehouse in the U.S.   [Nov-01-16 01:09PM  at The Wall Street Journal]
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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