Discounted Cash Flow

Digital Realty Trust, Inc. REIT

DLR · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $2.1b $426.2m $912.3m 19.9% $2.21
2017 $2.5b (14.7%) $248.3m (-41.7%) $1.0b (12.2%) 10.1% (-49.2%) $0.99 (-55.2%)
2018 $3.0b (23.9%) $331.2m (33.4%) $1.4b (35.4%) 10.9% (7.7%) $1.21 (22.2%)
2019 $3.2b (5.3%) $579.8m (75.0%) $1.5b (9.3%) 18.1% (66.1%) $2.37 (95.9%)
2020 $3.9b (21.6%) $356.4m (-38.5%) $1.7b (12.7%) 9.1% (-49.5%) $1.01 (-57.4%)
2021 $4.4b (13.4%) $1.7b (379.6%) $1.7b (-0.3%) 38.6% (322.8%) $5.95 (489.1%)
2022 $4.7b (6.0%) $377.7m (-77.9%) $1.7b (-2.5%) 8.0% (-79.1%) $1.18 (-80.2%)
2023 $5.5b (16.7%) $948.8m (151.2%) $1.6b (-1.5%) 17.3% (115.2%) $3.04 (157.6%)
2024 $5.6b (1.4%) $602.5m (-36.5%) $2.3b (38.3%) 10.8% (-37.4%) $1.74 (-42.8%)
2025 $6.1b (10.0%) $1.3b (117.2%) $2.4b (6.7%) 21.4% (97.4%) $3.73 (114.4%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model