Intrinsic value of Digital Realty Trust - DLR

Previous Close

$97.95

  Intrinsic Value

$5.28

stock screener

  Rating & Target

str. sell

-95%

Previous close

$97.95

 
Intrinsic value

$5.28

 
Up/down potential

-95%

 
Rating

str. sell

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

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

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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Digital Realty Trust (DLR) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  21.50
  11.70
  11.03
  10.43
  9.88
  9.40
  8.96
  8.56
  8.20
  7.88
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
Revenue, $m
  2,142
  2,393
  2,657
  2,934
  3,223
  3,526
  3,842
  4,171
  4,513
  4,869
  5,239
  5,623
  6,023
  6,438
  6,869
  7,318
  7,785
  8,271
  8,777
  9,304
  9,853
  10,426
  11,024
  11,648
  12,300
  12,980
  13,692
  14,436
  15,214
  16,028
  16,880
Variable operating expenses, $m
 
  1,783
  1,972
  2,169
  2,376
  2,593
  2,818
  3,053
  3,297
  3,551
  3,815
  4,014
  4,299
  4,596
  4,904
  5,224
  5,557
  5,904
  6,265
  6,642
  7,034
  7,443
  7,869
  8,315
  8,780
  9,266
  9,774
  10,305
  10,860
  11,441
  12,049
Fixed operating expenses, $m
 
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
Total operating expenses, $m
  1,646
  1,826
  2,016
  2,214
  2,422
  2,641
  2,867
  3,103
  3,348
  3,603
  3,869
  4,069
  4,355
  4,654
  4,963
  5,285
  5,619
  5,968
  6,331
  6,709
  7,103
  7,514
  7,941
  8,389
  8,856
  9,344
  9,854
  10,387
  10,944
  11,527
  12,137
Operating income, $m
  496
  566
  641
  719
  801
  886
  975
  1,068
  1,165
  1,266
  1,370
  1,554
  1,667
  1,784
  1,906
  2,033
  2,165
  2,303
  2,446
  2,595
  2,751
  2,913
  3,082
  3,259
  3,444
  3,636
  3,838
  4,049
  4,270
  4,500
  4,742
EBITDA, $m
  1,196
  1,386
  1,542
  1,707
  1,879
  2,058
  2,246
  2,441
  2,644
  2,855
  3,075
  3,303
  3,540
  3,787
  4,043
  4,310
  4,587
  4,875
  5,176
  5,489
  5,816
  6,156
  6,511
  6,882
  7,269
  7,674
  8,097
  8,539
  9,002
  9,486
  9,992
Interest expense (income), $m
  217
  216
  247
  279
  313
  349
  386
  424
  465
  507
  550
  596
  643
  692
  742
  795
  850
  908
  967
  1,029
  1,094
  1,161
  1,231
  1,305
  1,381
  1,461
  1,544
  1,632
  1,723
  1,818
  1,918
Earnings before tax, $m
  442
  350
  394
  440
  488
  538
  590
  644
  700
  759
  820
  958
  1,024
  1,093
  1,164
  1,238
  1,315
  1,395
  1,479
  1,566
  1,657
  1,752
  1,851
  1,954
  2,063
  2,176
  2,294
  2,417
  2,547
  2,682
  2,824
Tax expense, $m
  10
  95
  106
  119
  132
  145
  159
  174
  189
  205
  221
  259
  277
  295
  314
  334
  355
  377
  399
  423
  447
  473
  500
  528
  557
  587
  619
  653
  688
  724
  763
Net income, $m
  426
  256
  288
  321
  356
  393
  431
  470
  511
  554
  599
  700
  748
  798
  850
  904
  960
  1,019
  1,080
  1,143
  1,210
  1,279
  1,351
  1,427
  1,506
  1,588
  1,674
  1,765
  1,859
  1,958
  2,062

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  11
  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
  12,193
  13,594
  15,094
  16,668
  18,315
  20,036
  21,831
  23,699
  25,644
  27,666
  29,767
  31,951
  34,220
  36,579
  39,030
  41,580
  44,233
  46,994
  49,868
  52,863
  55,985
  59,240
  62,637
  66,182
  69,884
  73,751
  77,794
  82,020
  86,441
  91,066
  95,907
Adjusted assets (=assets-cash), $m
  12,182
  13,594
  15,094
  16,668
  18,315
  20,036
  21,831
  23,699
  25,644
  27,666
  29,767
  31,951
  34,220
  36,579
  39,030
  41,580
  44,233
  46,994
  49,868
  52,863
  55,985
  59,240
  62,637
  66,182
  69,884
  73,751
  77,794
  82,020
  86,441
  91,066
  95,907
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
  10,261
  11,461
  12,725
  14,052
  15,440
  16,891
  18,404
  19,980
  21,619
  23,323
  25,095
  26,936
  28,849
  30,837
  32,904
  35,054
  37,290
  39,618
  42,041
  44,566
  47,198
  49,942
  52,805
  55,794
  58,915
  62,175
  65,583
  69,146
  72,873
  76,772
  80,853
Working capital, $m
  0
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -24
  -26
  -28
  -30
  -32
  -34
  -37
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
Total debt, $m
  5,839
  6,668
  7,542
  8,459
  9,420
  10,423
  11,469
  12,559
  13,692
  14,871
  16,096
  17,369
  18,692
  20,067
  21,497
  22,983
  24,530
  26,139
  27,815
  29,561
  31,381
  33,279
  35,259
  37,326
  39,484
  41,739
  44,096
  46,560
  49,137
  51,833
  54,656
Total liabilities, $m
  7,097
  7,926
  8,800
  9,717
  10,678
  11,681
  12,727
  13,817
  14,950
  16,129
  17,354
  18,627
  19,950
  21,325
  22,755
  24,241
  25,788
  27,397
  29,073
  30,819
  32,639
  34,537
  36,517
  38,584
  40,742
  42,997
  45,354
  47,818
  50,395
  53,091
  55,914
Total equity, $m
  5,096
  5,669
  6,294
  6,950
  7,637
  8,355
  9,103
  9,883
  10,693
  11,537
  12,413
  13,323
  14,270
  15,253
  16,276
  17,339
  18,445
  19,596
  20,795
  22,044
  23,346
  24,703
  26,119
  27,598
  29,142
  30,754
  32,440
  34,202
  36,046
  37,974
  39,993
Total liabilities and equity, $m
  12,193
  13,595
  15,094
  16,667
  18,315
  20,036
  21,830
  23,700
  25,643
  27,666
  29,767
  31,950
  34,220
  36,578
  39,031
  41,580
  44,233
  46,993
  49,868
  52,863
  55,985
  59,240
  62,636
  66,182
  69,884
  73,751
  77,794
  82,020
  86,441
  91,065
  95,907
Debt-to-equity ratio
  1.146
  1.180
  1.200
  1.220
  1.230
  1.250
  1.260
  1.270
  1.280
  1.290
  1.300
  1.300
  1.310
  1.320
  1.320
  1.330
  1.330
  1.330
  1.340
  1.340
  1.340
  1.350
  1.350
  1.350
  1.350
  1.360
  1.360
  1.360
  1.360
  1.360
  1.370
Adjusted equity ratio
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417
  0.417

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  426
  256
  288
  321
  356
  393
  431
  470
  511
  554
  599
  700
  748
  798
  850
  904
  960
  1,019
  1,080
  1,143
  1,210
  1,279
  1,351
  1,427
  1,506
  1,588
  1,674
  1,765
  1,859
  1,958
  2,062
Depreciation, amort., depletion, $m
  700
  819
  902
  988
  1,078
  1,172
  1,270
  1,373
  1,479
  1,590
  1,705
  1,749
  1,873
  2,002
  2,137
  2,276
  2,421
  2,573
  2,730
  2,894
  3,065
  3,243
  3,429
  3,623
  3,826
  4,037
  4,259
  4,490
  4,732
  4,985
  5,250
Funds from operations, $m
  885
  1,075
  1,189
  1,309
  1,434
  1,565
  1,701
  1,843
  1,990
  2,144
  2,303
  2,449
  2,621
  2,800
  2,986
  3,180
  3,381
  3,591
  3,810
  4,037
  4,274
  4,522
  4,780
  5,050
  5,331
  5,626
  5,933
  6,255
  6,591
  6,943
  7,312
Change in working capital, $m
  -27
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from operations, $m
  912
  1,076
  1,191
  1,310
  1,435
  1,566
  1,702
  1,844
  1,992
  2,146
  2,305
  2,451
  2,623
  2,802
  2,988
  3,182
  3,384
  3,594
  3,812
  4,040
  4,277
  4,525
  4,783
  5,053
  5,335
  5,629
  5,937
  6,258
  6,595
  6,947
  7,316
Maintenance CAPEX, $m
  0
  -666
  -744
  -826
  -912
  -1,003
  -1,097
  -1,195
  -1,297
  -1,404
  -1,514
  -1,630
  -1,749
  -1,873
  -2,002
  -2,137
  -2,276
  -2,421
  -2,573
  -2,730
  -2,894
  -3,065
  -3,243
  -3,429
  -3,623
  -3,826
  -4,037
  -4,259
  -4,490
  -4,732
  -4,985
New CAPEX, $m
  -1,631
  -1,200
  -1,264
  -1,327
  -1,389
  -1,451
  -1,513
  -1,576
  -1,639
  -1,704
  -1,772
  -1,841
  -1,913
  -1,988
  -2,067
  -2,150
  -2,236
  -2,327
  -2,424
  -2,525
  -2,632
  -2,744
  -2,863
  -2,989
  -3,121
  -3,261
  -3,408
  -3,563
  -3,727
  -3,899
  -4,081
Cash from investing activities, $m
  -1,299
  -1,866
  -2,008
  -2,153
  -2,301
  -2,454
  -2,610
  -2,771
  -2,936
  -3,108
  -3,286
  -3,471
  -3,662
  -3,861
  -4,069
  -4,287
  -4,512
  -4,748
  -4,997
  -5,255
  -5,526
  -5,809
  -6,106
  -6,418
  -6,744
  -7,087
  -7,445
  -7,822
  -8,217
  -8,631
  -9,066
Free cash flow, $m
  -387
  -789
  -818
  -843
  -866
  -887
  -907
  -926
  -945
  -963
  -981
  -1,020
  -1,039
  -1,059
  -1,081
  -1,104
  -1,129
  -1,155
  -1,184
  -1,215
  -1,248
  -1,284
  -1,323
  -1,365
  -1,409
  -1,457
  -1,509
  -1,563
  -1,622
  -1,684
  -1,750
Issuance/(repayment) of debt, $m
  197
  829
  874
  918
  960
  1,003
  1,046
  1,090
  1,134
  1,179
  1,225
  1,273
  1,323
  1,375
  1,429
  1,487
  1,546
  1,610
  1,676
  1,746
  1,820
  1,898
  1,980
  2,067
  2,158
  2,255
  2,357
  2,464
  2,577
  2,696
  2,822
Issuance/(repurchase) of shares, $m
  806
  328
  338
  335
  331
  325
  318
  309
  300
  289
  278
  211
  199
  186
  173
  160
  146
  133
  119
  106
  92
  79
  65
  52
  38
  25
  11
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  957
  1,157
  1,212
  1,253
  1,291
  1,328
  1,364
  1,399
  1,434
  1,468
  1,503
  1,484
  1,522
  1,561
  1,602
  1,647
  1,692
  1,743
  1,795
  1,852
  1,912
  1,977
  2,045
  2,119
  2,196
  2,280
  2,368
  2,464
  2,577
  2,696
  2,822
Total cash flow (excl. dividends), $m
  558
  367
  394
  410
  426
  441
  457
  473
  489
  505
  522
  464
  482
  501
  521
  542
  564
  587
  611
  637
  664
  692
  722
  754
  787
  822
  859
  901
  956
  1,013
  1,072
Retained Cash Flow (-), $m
  -596
  -584
  -625
  -656
  -687
  -718
  -748
  -779
  -811
  -843
  -876
  -911
  -946
  -984
  -1,022
  -1,063
  -1,106
  -1,151
  -1,199
  -1,249
  -1,302
  -1,357
  -1,416
  -1,478
  -1,544
  -1,613
  -1,686
  -1,762
  -1,843
  -1,929
  -2,019
Prev. year cash balance distribution, $m
 
  11
  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
 
  -206
  -231
  -246
  -261
  -276
  -292
  -307
  -322
  -338
  -354
  -446
  -464
  -482
  -501
  -521
  -542
  -564
  -588
  -612
  -638
  -665
  -694
  -725
  -757
  -791
  -826
  -862
  -888
  -916
  -946
Discount rate, %
 
  8.60
  9.03
  9.48
  9.96
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.42
  27.74
  29.12
  30.58
  32.11
  33.71
  35.40
PV of cash for distribution, $m
 
  -189
  -195
  -188
  -179
  -168
  -156
  -143
  -129
  -115
  -101
  -106
  -89
  -75
  -61
  -49
  -39
  -30
  -23
  -17
  -12
  -9
  -6
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.4
  96.9
  95.6
  94.5
  93.5
  92.6
  91.8
  91.1
  90.5
  90.0
  89.6
  89.2
  88.9
  88.7
  88.5
  88.3
  88.1
  88.0
  87.9
  87.8
  87.7
  87.6
  87.6
  87.6
  87.6
  87.5
  87.5
  87.5
  87.5
  87.5

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 36.6
Price to Sales 7.3
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow -21.7
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 $2142 million for the last fiscal year's total revenue generated by Digital Realty Trust. The default revenue input number comes from 2016 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 11.7% 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 8.6%, 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 74.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $42 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 3.7% 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%.

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 479%.

Life of production assets of 15.4 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 -0.5%. 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 - $5096 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 205.707 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 $20.1 billion.

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Financial statements of DLR
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