Intrinsic value of Equinix - EQIX

Previous Close

$438.77

  Intrinsic Value

$80.36

stock screener

  Rating & Target

str. sell

-82%

Previous close

$438.77

 
Intrinsic value

$80.36

 
Up/down potential

-82%

 
Rating

str. sell

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

We calculate the intrinsic value of EQIX 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 33.8

 

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, %
  20.90
  19.31
  17.88
  16.59
  15.43
  14.39
  13.45
  12.60
  11.84
  11.16
  10.54
  9.99
  9.49
  9.04
  8.64
  8.27
  7.95
  7.65
  7.39
  7.15
  6.93
  6.74
  6.57
  6.41
  6.27
  6.14
  6.03
  5.92
  5.83
  5.75
Revenue, $m
  5,281
  6,301
  7,427
  8,659
  9,996
  11,434
  12,972
  14,607
  16,337
  18,160
  20,075
  22,080
  24,176
  26,362
  28,639
  31,008
  33,472
  36,034
  38,695
  41,461
  44,336
  47,324
  50,431
  53,663
  57,027
  60,529
  64,178
  67,980
  71,944
  76,080
Variable operating expenses, $m
  3,813
  4,418
  5,087
  5,818
  6,611
  7,465
  8,377
  9,347
  10,374
  11,456
  11,912
  13,102
  14,346
  15,643
  16,994
  18,400
  19,862
  21,382
  22,961
  24,603
  26,308
  28,082
  29,925
  31,843
  33,839
  35,918
  38,082
  40,339
  42,691
  45,145
Fixed operating expenses, $m
  301
  308
  315
  322
  329
  336
  344
  351
  359
  367
  375
  383
  391
  400
  409
  418
  427
  436
  446
  456
  466
  476
  487
  497
  508
  519
  531
  543
  554
  567
Total operating expenses, $m
  4,114
  4,726
  5,402
  6,140
  6,940
  7,801
  8,721
  9,698
  10,733
  11,823
  12,287
  13,485
  14,737
  16,043
  17,403
  18,818
  20,289
  21,818
  23,407
  25,059
  26,774
  28,558
  30,412
  32,340
  34,347
  36,437
  38,613
  40,882
  43,245
  45,712
Operating income, $m
  1,166
  1,574
  2,025
  2,519
  3,056
  3,633
  4,251
  4,909
  5,604
  6,338
  7,788
  8,595
  9,439
  10,319
  11,236
  12,190
  13,183
  14,215
  15,288
  16,403
  17,561
  18,766
  20,019
  21,323
  22,679
  24,092
  25,564
  27,099
  28,699
  30,368
EBITDA, $m
  3,483
  4,208
  5,008
  5,884
  6,835
  7,859
  8,953
  10,118
  11,350
  12,649
  14,013
  15,442
  16,936
  18,494
  20,117
  21,806
  23,563
  25,389
  27,287
  29,260
  31,310
  33,441
  35,658
  37,964
  40,363
  42,862
  45,466
  48,179
  51,009
  53,961
Interest expense (income), $m
  0
  566
  707
  863
  1,035
  1,224
  1,428
  1,648
  1,883
  2,133
  2,397
  2,676
  2,969
  3,275
  3,596
  3,930
  4,278
  4,640
  5,017
  5,409
  5,816
  6,238
  6,678
  7,135
  7,610
  8,104
  8,618
  9,154
  9,711
  10,293
  10,899
Earnings before tax, $m
  600
  867
  1,162
  1,484
  1,832
  2,205
  2,604
  3,026
  3,471
  3,940
  5,112
  5,626
  6,163
  6,723
  7,306
  7,912
  8,543
  9,198
  9,879
  10,587
  11,323
  12,088
  12,884
  13,713
  14,575
  15,474
  16,411
  17,387
  18,406
  19,469
Tax expense, $m
  162
  234
  314
  401
  495
  595
  703
  817
  937
  1,064
  1,380
  1,519
  1,664
  1,815
  1,973
  2,136
  2,307
  2,483
  2,667
  2,859
  3,057
  3,264
  3,479
  3,702
  3,935
  4,178
  4,431
  4,695
  4,970
  5,257
Net income, $m
  438
  633
  849
  1,084
  1,338
  1,610
  1,901
  2,209
  2,534
  2,876
  3,732
  4,107
  4,499
  4,908
  5,333
  5,776
  6,236
  6,715
  7,212
  7,729
  8,266
  8,824
  9,406
  10,010
  10,640
  11,296
  11,980
  12,693
  13,436
  14,213

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
  22,377
  26,698
  31,471
  36,692
  42,355
  48,449
  54,965
  61,894
  69,225
  76,950
  85,064
  93,561
  102,441
  111,703
  121,351
  131,392
  141,832
  152,685
  163,963
  175,683
  187,863
  200,525
  213,691
  227,386
  241,640
  256,480
  271,939
  288,050
  304,849
  322,375
Adjusted assets (=assets-cash), $m
  22,377
  26,698
  31,471
  36,692
  42,355
  48,449
  54,965
  61,894
  69,225
  76,950
  85,064
  93,561
  102,441
  111,703
  121,351
  131,392
  141,832
  152,685
  163,963
  175,683
  187,863
  200,525
  213,691
  227,386
  241,640
  256,480
  271,939
  288,050
  304,849
  322,375
Revenue / Adjusted assets
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
  0.236
Average production assets, $m
  16,376
  19,538
  23,032
  26,853
  30,997
  35,457
  40,226
  45,296
  50,661
  56,315
  62,253
  68,472
  74,970
  81,748
  88,809
  96,157
  103,798
  111,740
  119,994
  128,571
  137,485
  146,751
  156,386
  166,410
  176,841
  187,701
  199,015
  210,805
  223,100
  235,926
Working capital, $m
  -871
  -1,040
  -1,225
  -1,429
  -1,649
  -1,887
  -2,140
  -2,410
  -2,696
  -2,996
  -3,312
  -3,643
  -3,989
  -4,350
  -4,725
  -5,116
  -5,523
  -5,946
  -6,385
  -6,841
  -7,315
  -7,808
  -8,321
  -8,854
  -9,409
  -9,987
  -10,589
  -11,217
  -11,871
  -12,553
Total debt, $m
  12,403
  15,139
  18,160
  21,465
  25,049
  28,907
  33,032
  37,418
  42,058
  46,948
  52,084
  57,463
  63,084
  68,947
  75,054
  81,410
  88,019
  94,889
  102,028
  109,446
  117,156
  125,171
  133,505
  142,175
  151,197
  160,591
  170,376
  180,575
  191,209
  202,302
Total liabilities, $m
  14,164
  16,900
  19,921
  23,226
  26,811
  30,668
  34,793
  39,179
  43,819
  48,709
  53,845
  59,224
  64,845
  70,708
  76,815
  83,171
  89,780
  96,650
  103,789
  111,207
  118,917
  126,932
  135,266
  143,936
  152,958
  162,352
  172,137
  182,336
  192,970
  204,063
Total equity, $m
  8,212
  9,798
  11,550
  13,466
  15,544
  17,781
  20,172
  22,715
  25,405
  28,241
  31,218
  34,337
  37,596
  40,995
  44,536
  48,221
  52,052
  56,035
  60,174
  64,476
  68,946
  73,593
  78,424
  83,451
  88,682
  94,128
  99,802
  105,714
  111,880
  118,312
Total liabilities and equity, $m
  22,376
  26,698
  31,471
  36,692
  42,355
  48,449
  54,965
  61,894
  69,224
  76,950
  85,063
  93,561
  102,441
  111,703
  121,351
  131,392
  141,832
  152,685
  163,963
  175,683
  187,863
  200,525
  213,690
  227,387
  241,640
  256,480
  271,939
  288,050
  304,850
  322,375
Debt-to-equity ratio
  1.510
  1.550
  1.570
  1.590
  1.610
  1.630
  1.640
  1.650
  1.660
  1.660
  1.670
  1.670
  1.680
  1.680
  1.690
  1.690
  1.690
  1.690
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.700
  1.710
  1.710
  1.710
  1.710
  1.710
Adjusted equity ratio
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  438
  633
  849
  1,084
  1,338
  1,610
  1,901
  2,209
  2,534
  2,876
  3,732
  4,107
  4,499
  4,908
  5,333
  5,776
  6,236
  6,715
  7,212
  7,729
  8,266
  8,824
  9,406
  10,010
  10,640
  11,296
  11,980
  12,693
  13,436
  14,213
Depreciation, amort., depletion, $m
  2,317
  2,634
  2,983
  3,365
  3,779
  4,225
  4,702
  5,209
  5,746
  6,311
  6,225
  6,847
  7,497
  8,175
  8,881
  9,616
  10,380
  11,174
  11,999
  12,857
  13,748
  14,675
  15,639
  16,641
  17,684
  18,770
  19,901
  21,081
  22,310
  23,593
Funds from operations, $m
  2,755
  3,267
  3,831
  4,449
  5,117
  5,835
  6,603
  7,418
  8,280
  9,188
  9,957
  10,954
  11,996
  13,083
  14,214
  15,392
  16,616
  17,889
  19,211
  20,586
  22,014
  23,500
  25,044
  26,651
  28,324
  30,066
  31,881
  33,773
  35,746
  37,805
Change in working capital, $m
  -151
  -168
  -186
  -203
  -220
  -237
  -254
  -270
  -285
  -301
  -316
  -331
  -346
  -361
  -376
  -391
  -407
  -423
  -439
  -456
  -474
  -493
  -513
  -533
  -555
  -578
  -602
  -627
  -654
  -682
Cash from operations, $m
  2,906
  3,435
  4,017
  4,652
  5,337
  6,073
  6,857
  7,688
  8,565
  9,489
  10,273
  11,285
  12,342
  13,443
  14,590
  15,783
  17,023
  18,311
  19,650
  21,042
  22,489
  23,993
  25,557
  27,185
  28,879
  30,644
  32,483
  34,401
  36,401
  38,488
Maintenance CAPEX, $m
  -1,355
  -1,638
  -1,954
  -2,303
  -2,685
  -3,100
  -3,546
  -4,023
  -4,530
  -5,066
  -5,631
  -6,225
  -6,847
  -7,497
  -8,175
  -8,881
  -9,616
  -10,380
  -11,174
  -11,999
  -12,857
  -13,748
  -14,675
  -15,639
  -16,641
  -17,684
  -18,770
  -19,901
  -21,081
  -22,310
New CAPEX, $m
  -2,828
  -3,162
  -3,493
  -3,821
  -4,144
  -4,460
  -4,769
  -5,070
  -5,365
  -5,654
  -5,938
  -6,219
  -6,498
  -6,778
  -7,061
  -7,348
  -7,641
  -7,942
  -8,254
  -8,577
  -8,914
  -9,266
  -9,635
  -10,023
  -10,431
  -10,861
  -11,313
  -11,791
  -12,294
  -12,826
Cash from investing activities, $m
  -4,183
  -4,800
  -5,447
  -6,124
  -6,829
  -7,560
  -8,315
  -9,093
  -9,895
  -10,720
  -11,569
  -12,444
  -13,345
  -14,275
  -15,236
  -16,229
  -17,257
  -18,322
  -19,428
  -20,576
  -21,771
  -23,014
  -24,310
  -25,662
  -27,072
  -28,545
  -30,083
  -31,692
  -33,375
  -35,136
Free cash flow, $m
  -1,277
  -1,365
  -1,430
  -1,472
  -1,492
  -1,487
  -1,458
  -1,405
  -1,329
  -1,231
  -1,296
  -1,159
  -1,004
  -832
  -646
  -446
  -234
  -11
  223
  466
  718
  978
  1,246
  1,523
  1,807
  2,099
  2,400
  2,708
  3,026
  3,352
Issuance/(repayment) of debt, $m
  2,466
  2,735
  3,021
  3,305
  3,584
  3,858
  4,125
  4,386
  4,640
  4,890
  5,136
  5,379
  5,621
  5,863
  6,107
  6,355
  6,609
  6,870
  7,139
  7,419
  7,710
  8,015
  8,334
  8,669
  9,022
  9,394
  9,785
  10,198
  10,634
  11,094
Issuance/(repurchase) of shares, $m
  979
  953
  903
  833
  741
  627
  491
  334
  156
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  3,445
  3,688
  3,924
  4,138
  4,325
  4,485
  4,616
  4,720
  4,796
  4,890
  5,136
  5,379
  5,621
  5,863
  6,107
  6,355
  6,609
  6,870
  7,139
  7,419
  7,710
  8,015
  8,334
  8,669
  9,022
  9,394
  9,785
  10,198
  10,634
  11,094
Total cash flow (excl. dividends), $m
  2,168
  2,323
  2,495
  2,665
  2,833
  2,997
  3,158
  3,314
  3,468
  3,659
  3,839
  4,220
  4,617
  5,031
  5,462
  5,909
  6,375
  6,859
  7,362
  7,884
  8,428
  8,993
  9,580
  10,192
  10,829
  11,493
  12,185
  12,907
  13,660
  14,446
Retained Cash Flow (-), $m
  -1,417
  -1,586
  -1,752
  -1,916
  -2,078
  -2,237
  -2,392
  -2,543
  -2,690
  -2,835
  -2,978
  -3,119
  -3,259
  -3,399
  -3,541
  -3,685
  -3,832
  -3,983
  -4,139
  -4,301
  -4,470
  -4,647
  -4,832
  -5,026
  -5,231
  -5,446
  -5,673
  -5,913
  -6,165
  -6,432
Prev. year cash balance distribution, $m
  55
  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
  175
  211
  252
  297
  346
  400
  457
  519
  584
  653
  726
  803
  883
  967
  1,054
  1,146
  1,240
  1,339
  1,441
  1,548
  1,658
  1,773
  1,893
  2,017
  2,147
  2,281
  2,421
  2,567
  2,719
  2,878
Cash available for distribution, $m
  806
  737
  743
  749
  755
  761
  766
  772
  777
  824
  862
  1,102
  1,358
  1,632
  1,921
  2,225
  2,543
  2,876
  3,223
  3,583
  3,957
  4,346
  4,749
  5,166
  5,599
  6,047
  6,512
  6,994
  7,494
  8,014
Discount rate, %
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.42
  17.24
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
  28.09
  29.49
  30.97
  32.52
PV of cash for distribution, $m
  747
  629
  578
  528
  477
  427
  379
  332
  288
  259
  228
  241
  242
  234
  217
  195
  170
  144
  118
  94
  73
  55
  40
  28
  19
  13
  8
  5
  3
  2
Current shareholders' claim on cash, %
  97.2
  94.9
  93.2
  91.8
  90.8
  90.1
  89.6
  89.3
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2
  89.2

Equinix, Inc. is a publicly owned real estate investment trust. It provides data center services to protect and connect the information assets for the enterprises, financial services companies, and content and network providers primarily in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company provides colocation services and related offerings, including operations space, storage space, cabinets, and power for customersÂ’ colocation needs; interconnection services comprising physical cross connect/direct interconnections, Equinix Internet Exchange, Equinix Cloud Exchange, Equinix Metro Connect, and Internet connectivity services; and managed IT infrastructure services, including installation of customer equipment and cabling, as well as equipment rebooting and power cycling, card swapping, and emergency equipment replacement services. Equinix, Inc. was founded in 1998 and is headquartered in Redwood City, California.

FINANCIAL RATIOS  of  Equinix (EQIX)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EQIX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EQIX stock intrinsic value calculation we used $4368 million for the last fiscal year's total revenue generated by Equinix. The default revenue input number comes from 2017 income statement of Equinix. 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 EQIX stock valuation model: a) initial revenue growth rate of 20.9% 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 7.9%, whose default value for EQIX is calculated based on our internal credit rating of Equinix, 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 Equinix.
    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 EQIX 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 $295 million in the base year in the intrinsic value calculation for EQIX 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 5.7% for Equinix.

Corporate tax rate of 27% is the nominal tax rate for Equinix. 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 EQIX stock is equal to 4%.

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 EQIX are equal to 310.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Equinix 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 EQIX is equal to -16.5%. 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 - $6850 million for Equinix - 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 77 million for Equinix 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 Equinix at the current share price and the inputted number of shares is $33.8 billion.

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COMPANY NEWS

▶ Equinix Delivers Double-Digit Revenue and AFFO Growth   [Aug-11-18 05:00PM  Motley Fool]
▶ The 3 Stocks on the MFM Team's Radar This Week   [Aug-10-18 10:49PM  Motley Fool]
▶ [$$] Rising Dividends From a Data-Center Giant   [Aug-09-18 05:10PM  Barrons.com]
▶ Equinix: 2Q Earnings Snapshot   [04:48PM  Associated Press]
▶ Equinix, Inc. to Host Earnings Call   [03:30PM  ACCESSWIRE]
▶ 3 High-Yield Tech Stocks   [Jul-30-18 05:52PM  Motley Fool]
▶ How Benchmark's Kevin Kelly Is Playing Equinix   [Jul-17-18 03:56PM  Bloomberg Video]
▶ 10 Stocks With the Largest Dividends in the World   [Jun-25-18 07:35AM  Motley Fool]
▶ 6 Cloud Stocks Poised for Rapid Growth   [Jun-19-18 07:01AM  Investopedia]
▶ Equinix to Expand London Data Center   [May-14-18 04:00AM  PR Newswire]
▶ Consider Investing in BDCs for Current Income   [May-12-18 12:00PM  TheStreet.com]
▶ Benchmark's Kelly Has an Options Play for Equinix   [May-07-18 05:42PM  Bloomberg Video]
▶ Equinix: 1Q Earnings Snapshot   [May-02-18 04:27PM  Associated Press]
▶ The Offices at Frisco Station lands first tenants   [Apr-30-18 03:53PM  American City Business Journals]
▶ How InfoMart Dallas will allow its new owner to expand its Latin American business   [Apr-05-18 07:25AM  American City Business Journals]
▶ Equinix Completes Acquisition of Infomart Dallas   [Apr-03-18 08:01AM  PR Newswire]
▶ Equinix Builds AI Model to Predict Customer Churn   [Apr-02-18 05:41PM  The Wall Street Journal]
▶ HealthEquity Appoints New Director to the Board   [Mar-28-18 04:07PM  GlobeNewswire]
▶ 5 REITs Forecasted To Grow By Double-Digits   [Mar-26-18 07:00AM  Forbes]
▶ The 6 Most Inexpensive Growth Stocks Right Now   [Mar-20-18 05:40PM  Benzinga]
▶ Hedge Funds Are Betting on These REITs in 2018   [Mar-15-18 11:25PM  Insider Monkey]
▶ An Undervalued REIT That Benefits From the Cloud   [Feb-23-18 06:33AM  Morningstar]
▶ Equinix reports 4Q results   [Feb-14-18 04:29PM  Associated Press]
▶ Think Twice Before Dumping REIT Stocks   [Feb-05-18 06:11PM  Forbes]
▶ This Technology Stock Finds Growth By Renting Out The Cloud   [Feb-02-18 04:11PM  Investor's Business Daily]
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