Discounted Cash Flow

Prologis, Inc. REIT

PLD · 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 $2.5b $1.2b 47.8% $2.29
2017 $2.6b (3.4%) $1.7b (36.6%) 63.1% (32.1%) $3.10 (35.4%)
2018 $2.8b (7.1%) $1.6b (-0.2%) $1.8b 58.8% (-6.8%) $2.90 (-6.5%)
2019 $3.3b (18.8%) $1.6b (-4.6%) $2.3b (25.5%) 47.2% (-19.7%) $2.48 (-14.5%)
2020 $4.4b (33.3%) $1.5b (-5.8%) $2.9b (29.7%) 33.4% (-29.3%) $2.02 (-18.5%)
2021 $4.8b (7.2%) $2.9b (98.4%) $3.0b (2.0%) 61.8% (85.0%) $3.97 (96.5%)
2022 $6.0b (25.5%) $3.4b (14.5%) $4.1b (37.7%) 56.3% (-8.8%) $4.28 (7.8%)
2023 $8.0b (34.3%) $3.1b (-9.1%) $5.4b (30.2%) 38.1% (-32.3%) $3.30 (-22.9%)
2024 $8.2b (2.2%) $3.7b (22.0%) $4.9b (-8.6%) 45.5% (19.3%) $4.02 (21.8%)
2025 $8.8b (7.2%) $3.3b (-10.8%) $5.0b (2.0%) 37.9% (-16.8%) $3.58 (-10.9%)

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