Intrinsic value of Digital Realty Trust - DLR

Previous Close

$121.17

  Intrinsic Value

$343.91

stock screener

  Rating & Target

str. buy

+184%

Previous close

$121.17

 
Intrinsic value

$343.91

 
Up/down potential

+184%

 
Rating

str. buy

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

We calculate the intrinsic value of DLR 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 2017), $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 21.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  2,819
  3,206
  3,619
  4,055
  4,516
  5,001
  5,509
  6,040
  6,594
  7,171
  7,772
  8,398
  9,048
  9,723
  10,425
  11,154
  11,913
  12,701
  13,521
  14,374
  15,262
  16,188
  17,152
  18,157
  19,205
  20,299
  21,441
  22,634
  23,881
  25,184
Variable operating expenses, $m
  2,151
  2,433
  2,733
  3,051
  3,386
  3,739
  4,109
  4,496
  4,899
  5,320
  5,659
  6,115
  6,588
  7,080
  7,591
  8,122
  8,674
  9,248
  9,845
  10,466
  11,113
  11,787
  12,489
  13,220
  13,984
  14,780
  15,612
  16,481
  17,388
  18,337
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
  2,151
  2,433
  2,733
  3,051
  3,386
  3,739
  4,109
  4,496
  4,899
  5,320
  5,659
  6,115
  6,588
  7,080
  7,591
  8,122
  8,674
  9,248
  9,845
  10,466
  11,113
  11,787
  12,489
  13,220
  13,984
  14,780
  15,612
  16,481
  17,388
  18,337
Operating income, $m
  668
  774
  886
  1,005
  1,130
  1,262
  1,400
  1,544
  1,695
  1,852
  2,113
  2,283
  2,460
  2,643
  2,834
  3,033
  3,239
  3,453
  3,676
  3,908
  4,149
  4,401
  4,663
  4,936
  5,221
  5,519
  5,829
  6,154
  6,492
  6,847
EBITDA, $m
  2,797
  3,181
  3,590
  4,023
  4,481
  4,961
  5,465
  5,992
  6,542
  7,115
  7,711
  8,331
  8,976
  9,646
  10,342
  11,066
  11,818
  12,600
  13,414
  14,260
  15,141
  16,059
  17,016
  18,013
  19,053
  20,138
  21,271
  22,455
  23,691
  24,984
Interest expense (income), $m
  217
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  17
  19
  20
  22
  23
  25
  27
  29
  30
  32
  34
  37
  39
  41
  43
  46
  49
  51
  54
  57
Earnings before tax, $m
  663
  767
  878
  996
  1,120
  1,251
  1,388
  1,531
  1,680
  1,836
  2,096
  2,264
  2,440
  2,622
  2,811
  3,008
  3,212
  3,425
  3,646
  3,876
  4,115
  4,364
  4,624
  4,895
  5,178
  5,473
  5,781
  6,102
  6,438
  6,790
Tax expense, $m
  179
  207
  237
  269
  302
  338
  375
  413
  454
  496
  566
  611
  659
  708
  759
  812
  867
  925
  984
  1,046
  1,111
  1,178
  1,249
  1,322
  1,398
  1,478
  1,561
  1,648
  1,738
  1,833
Net income, $m
  484
  560
  641
  727
  818
  913
  1,013
  1,118
  1,227
  1,340
  1,530
  1,653
  1,781
  1,914
  2,052
  2,196
  2,345
  2,500
  2,661
  2,829
  3,004
  3,186
  3,376
  3,573
  3,780
  3,995
  4,220
  4,455
  4,700
  4,956

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  -2,357
  -2,681
  -3,026
  -3,391
  -3,776
  -4,181
  -4,606
  -5,050
  -5,513
  -5,996
  -6,499
  -7,022
  -7,565
  -8,130
  -8,717
  -9,327
  -9,960
  -10,620
  -11,305
  -12,019
  -12,761
  -13,535
  -14,341
  -15,181
  -16,058
  -16,972
  -17,927
  -18,925
  -19,967
  -21,057
Adjusted assets (=assets-cash), $m
  -2,357
  -2,681
  -3,026
  -3,391
  -3,776
  -4,181
  -4,606
  -5,050
  -5,513
  -5,996
  -6,499
  -7,022
  -7,565
  -8,130
  -8,717
  -9,327
  -9,960
  -10,620
  -11,305
  -12,019
  -12,761
  -13,535
  -14,341
  -15,181
  -16,058
  -16,972
  -17,927
  -18,925
  -19,967
  -21,057
Revenue / Adjusted assets
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
  -1.196
Average production assets, $m
  20,305
  23,093
  26,062
  29,208
  32,527
  36,016
  39,674
  43,498
  47,489
  51,648
  55,978
  60,480
  65,161
  70,026
  75,081
  80,335
  85,795
  91,473
  97,378
  103,523
  109,920
  116,583
  123,526
  130,764
  138,314
  146,193
  154,419
  163,011
  171,989
  181,374
Working capital, $m
  -7,928
  -9,016
  -10,176
  -11,404
  -12,700
  -14,062
  -15,490
  -16,984
  -18,542
  -20,166
  -21,856
  -23,614
  -25,442
  -27,341
  -29,315
  -31,366
  -33,499
  -35,715
  -38,021
  -40,420
  -42,918
  -45,520
  -48,230
  -51,056
  -54,004
  -57,081
  -60,292
  -63,647
  -67,153
  -70,817
Total debt, $m
  125
  142
  160
  180
  200
  222
  244
  268
  292
  318
  344
  372
  401
  431
  462
  494
  528
  563
  599
  637
  676
  717
  760
  805
  851
  900
  950
  1,003
  1,058
  1,116
Total liabilities, $m
  125
  142
  160
  180
  200
  222
  244
  268
  292
  318
  344
  372
  401
  431
  462
  494
  528
  563
  599
  637
  676
  717
  760
  805
  851
  900
  950
  1,003
  1,058
  1,116
Total equity, $m
  -2,482
  -2,823
  -3,186
  -3,571
  -3,976
  -4,403
  -4,850
  -5,318
  -5,805
  -6,314
  -6,843
  -7,394
  -7,966
  -8,561
  -9,179
  -9,821
  -10,488
  -11,182
  -11,904
  -12,656
  -13,438
  -14,252
  -15,101
  -15,986
  -16,909
  -17,872
  -18,877
  -19,928
  -21,025
  -22,173
Total liabilities and equity, $m
  -2,357
  -2,681
  -3,026
  -3,391
  -3,776
  -4,181
  -4,606
  -5,050
  -5,513
  -5,996
  -6,499
  -7,022
  -7,565
  -8,130
  -8,717
  -9,327
  -9,960
  -10,619
  -11,305
  -12,019
  -12,762
  -13,535
  -14,341
  -15,181
  -16,058
  -16,972
  -17,927
  -18,925
  -19,967
  -21,057
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053
  1.053

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  484
  560
  641
  727
  818
  913
  1,013
  1,118
  1,227
  1,340
  1,530
  1,653
  1,781
  1,914
  2,052
  2,196
  2,345
  2,500
  2,661
  2,829
  3,004
  3,186
  3,376
  3,573
  3,780
  3,995
  4,220
  4,455
  4,700
  4,956
Depreciation, amort., depletion, $m
  2,128
  2,407
  2,704
  3,019
  3,351
  3,700
  4,065
  4,448
  4,847
  5,263
  5,598
  6,048
  6,516
  7,003
  7,508
  8,033
  8,580
  9,147
  9,738
  10,352
  10,992
  11,658
  12,353
  13,076
  13,831
  14,619
  15,442
  16,301
  17,199
  18,137
Funds from operations, $m
  2,612
  2,967
  3,345
  3,746
  4,168
  4,613
  5,078
  5,565
  6,073
  6,603
  7,128
  7,701
  8,297
  8,916
  9,560
  10,229
  10,924
  11,647
  12,399
  13,182
  13,996
  14,844
  15,728
  16,650
  17,611
  18,614
  19,662
  20,756
  21,899
  23,094
Change in working capital, $m
  -1,016
  -1,089
  -1,159
  -1,228
  -1,296
  -1,362
  -1,428
  -1,493
  -1,558
  -1,624
  -1,690
  -1,758
  -1,828
  -1,899
  -1,974
  -2,051
  -2,132
  -2,217
  -2,306
  -2,399
  -2,498
  -2,601
  -2,711
  -2,826
  -2,948
  -3,076
  -3,212
  -3,355
  -3,505
  -3,664
Cash from operations, $m
  3,628
  4,056
  4,504
  4,974
  5,464
  5,975
  6,506
  7,059
  7,632
  8,227
  8,818
  9,459
  10,125
  10,816
  11,534
  12,280
  13,056
  13,864
  14,705
  15,581
  16,494
  17,446
  18,439
  19,476
  20,559
  21,691
  22,873
  24,110
  25,404
  26,758
Maintenance CAPEX, $m
  -1,770
  -2,030
  -2,309
  -2,606
  -2,921
  -3,253
  -3,602
  -3,967
  -4,350
  -4,749
  -5,165
  -5,598
  -6,048
  -6,516
  -7,003
  -7,508
  -8,033
  -8,580
  -9,147
  -9,738
  -10,352
  -10,992
  -11,658
  -12,353
  -13,076
  -13,831
  -14,619
  -15,442
  -16,301
  -17,199
New CAPEX, $m
  -2,604
  -2,788
  -2,969
  -3,146
  -3,319
  -3,489
  -3,657
  -3,824
  -3,991
  -4,159
  -4,329
  -4,503
  -4,681
  -4,865
  -5,055
  -5,254
  -5,461
  -5,678
  -5,905
  -6,145
  -6,397
  -6,663
  -6,943
  -7,238
  -7,550
  -7,879
  -8,226
  -8,592
  -8,978
  -9,385
Cash from investing activities, $m
  -4,374
  -4,818
  -5,278
  -5,752
  -6,240
  -6,742
  -7,259
  -7,791
  -8,341
  -8,908
  -9,494
  -10,101
  -10,729
  -11,381
  -12,058
  -12,762
  -13,494
  -14,258
  -15,052
  -15,883
  -16,749
  -17,655
  -18,601
  -19,591
  -20,626
  -21,710
  -22,845
  -24,034
  -25,279
  -26,584
Free cash flow, $m
  -746
  -763
  -774
  -778
  -776
  -767
  -753
  -733
  -709
  -681
  -676
  -641
  -604
  -565
  -524
  -481
  -438
  -393
  -348
  -302
  -256
  -209
  -162
  -115
  -67
  -20
  28
  77
  125
  174
Issuance/(repayment) of debt, $m
  17
  17
  18
  19
  20
  21
  23
  24
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
  43
  45
  46
  48
  51
  53
  55
  58
Issuance/(repurchase) of shares, $m
  -318
  -341
  -363
  -385
  -406
  -427
  -447
  -468
  -488
  -508
  -529
  -550
  -572
  -595
  -618
  -642
  -668
  -694
  -722
  -751
  -782
  -815
  -849
  -885
  -923
  -963
  -1,006
  -1,050
  -1,098
  -1,147
Cash from financing (excl. dividends), $m  
  -301
  -324
  -345
  -366
  -386
  -406
  -424
  -444
  -463
  -482
  -502
  -522
  -543
  -565
  -587
  -610
  -634
  -659
  -686
  -713
  -743
  -774
  -806
  -840
  -877
  -915
  -955
  -997
  -1,043
  -1,089
Total cash flow (excl. dividends), $m
  -1,047
  -1,086
  -1,119
  -1,143
  -1,161
  -1,172
  -1,177
  -1,177
  -1,173
  -1,164
  -1,179
  -1,164
  -1,148
  -1,130
  -1,111
  -1,091
  -1,072
  -1,052
  -1,033
  -1,015
  -998
  -982
  -968
  -955
  -944
  -934
  -927
  -921
  -917
  -915
Retained Cash Flow (-), $m
  318
  341
  363
  385
  406
  427
  447
  468
  488
  508
  529
  550
  572
  595
  618
  642
  668
  694
  722
  751
  782
  815
  849
  885
  923
  963
  1,006
  1,050
  1,098
  1,147
Prev. year cash balance distribution, $m
  2,164
  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
  20
  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
  1,435
  341
  363
  385
  406
  427
  447
  468
  488
  508
  529
  550
  572
  595
  618
  642
  668
  694
  722
  751
  782
  815
  849
  885
  923
  963
  1,006
  1,050
  1,098
  1,147
Discount rate, %
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
  0.00
PV of cash for distribution, $m
  1,435
  341
  363
  385
  406
  427
  447
  468
  488
  508
  529
  550
  572
  595
  618
  642
  668
  694
  722
  751
  782
  815
  849
  885
  923
  963
  1,006
  1,050
  1,098
  1,147
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Digital Realty Trust, Inc. is a real estate investment trust (REIT). The Company is engaged in the business of owning, acquiring, developing and operating data centers. The Company is focused on providing data center and colocation solutions for domestic and international tenants across a range of industry verticals ranging from financial services, cloud and information technology services, to manufacturing, energy, healthcare and consumer products. As of December 31, 2016, its portfolio consisted of 145 operating properties, including 14 properties held as investments in unconsolidated joint ventures, of which 104 are located throughout the United States, 32 are located in Europe, four are located in Asia, three are located in Australia and two are located in Canada. It is a general partner of Digital Realty Trust, L.P. As of December 31, 2016, it owned an approximate 98.5% common general partnership interest in Digital Realty Trust, L.P.

FINANCIAL RATIOS  of  Digital Realty Trust (DLR)

Valuation Ratios
P/E Ratio 45.2
Price to Sales 9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 21.1
Price to Free Cash Flow -26.8
Growth Rates
Sales Growth Rate 21.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 95.1%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 114.6%
Total Debt to Equity 114.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 8.9%
Return On Equity - 3 Yr. Avg. 7.1%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 64.4%
Gross Margin - 3 Yr. Avg. 63.8%
EBITDA Margin 63.4%
EBITDA Margin - 3 Yr. Avg. 61%
Operating Margin 23.2%
Oper. Margin - 3 Yr. Avg. 20.6%
Pre-Tax Margin 20.6%
Pre-Tax Margin - 3 Yr. Avg. 17%
Net Profit Margin 19.9%
Net Profit Margin - 3 Yr. Avg. 16.4%
Effective Tax Rate 2.3%
Eff/ Tax Rate - 3 Yr. Avg. 2.4%
Payout Ratio 142%

DLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DLR stock intrinsic value calculation we used $2458 million for the last fiscal year's total revenue generated by Digital Realty Trust. The default revenue input number comes from 2017 income statement of Digital Realty Trust. 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 DLR stock valuation model: a) initial revenue growth rate of 14.7% 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 0%, whose default value for DLR is calculated based on our internal credit rating of Digital Realty Trust, 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 Digital Realty Trust.
    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 DLR stock the variable cost ratio is equal to 76.8%.

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 DLR 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 5.4% for Digital Realty Trust.

Corporate tax rate of 27% is the nominal tax rate for Digital Realty Trust. 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 DLR stock is equal to 0.8%.

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 DLR are equal to 720.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Digital Realty Trust 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 DLR is equal to -281.2%. 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 - $0 million for Digital Realty Trust - 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 174 million for Digital Realty Trust 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 Digital Realty Trust at the current share price and the inputted number of shares is $21.1 billion.

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COMPANY NEWS

▶ Digital Realty Trust: 2Q Earnings Snapshot   [Jul-26-18 04:46PM  Associated Press]
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▶ Digital Realty Announces Senior Leadership Transitions   [May-17-18 04:30PM  PR Newswire]
▶ Consider Investing in BDCs for Current Income   [May-12-18 12:00PM  TheStreet.com]
▶ Digital Realty Trust: 1Q Earnings Snapshot   [Apr-26-18 04:44PM  Associated Press]
▶ Edited Transcript of DLR presentation 7-Mar-17 2:50pm GMT   [Apr-10-18 11:00AM  Thomson Reuters StreetEvents]
▶ Should You Buy Digital Realty Trust Inc (NYSE:DLR)?   [Apr-03-18 12:55PM  Simply Wall St.]
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▶ [$$] Supreme Court Curbs Protections for Whistleblowers   [Feb-22-18 12:45AM  The Wall Street Journal]
▶ [$$] Thomas vs. Sotomayor   [12:40AM  The Wall Street Journal]
▶ Supreme Court: Dodd-Frank whistleblower protection is narrow   [Feb-21-18 02:57PM  Associated Press]
▶ [$$] Supreme Court Curbs Protections for Whistleblowers   [01:01PM  The Wall Street Journal]
▶ Iron Mountain Incorporated (Delaware) REIT Has Deep Debt   [Feb-20-18 11:22AM  InvestorPlace]
▶ Ekstraordinære indfrielser (CK 93)   [Feb-19-18 08:04AM  GlobeNewswire]
▶ Digital Realty Trust reports 4Q results   [Feb-15-18 04:31PM  Associated Press]
▶ Wealthy millennials want expensive real estate   [Jan-30-18 01:44PM  Yahoo Finance Video]
▶ Digital Realty Announces Tax Treatment of 2017 Dividends   [Jan-25-18 04:05PM  PR Newswire]
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