Discounted Cash Flow

Digital Realty Trust, Inc. REIT

DLR · Based on 10 years of SEC filings · Converted from GBP to USD

Cash flow predictability 82/100 (stable) — FCF YoY std dev 14%, net income 69% (full history)

Average annual growth rates

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

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 $2.9b $578.1m $1.2b 19.9% $2.21
2017 $3.3b (14.7%) $336.8m (-41.7%) $1.4b (12.2%) 10.1% (-49.2%) $0.99 (-55.2%)
2018 $4.1b (23.9%) $449.3m (33.4%) $1.9b (35.4%) 10.9% (7.7%) $1.21 (22.2%)
2019 $4.4b (5.3%) $786.4m (75.0%) $2.1b (9.3%) 18.1% (66.1%) $2.37 (95.9%)
2020 $5.3b (21.6%) $483.5m (-38.5%) $2.3b (12.7%) 9.1% (-49.5%) $1.01 (-57.4%)
2021 $6.0b (13.4%) $2.3b (379.6%) $2.3b (-0.3%) 38.6% (322.8%) $5.95 (489.1%)
2022 $6.4b (6.0%) $512.3m (-77.9%) $2.3b (-2.5%) 8.0% (-79.1%) $1.18 (-80.2%)
2023 $7.4b (16.7%) $1.3b (151.2%) $2.2b (-1.5%) 17.3% (115.2%) $3.04 (157.6%)
2024 $7.5b (1.4%) $817.3m (-36.5%) $3.1b (38.3%) 10.8% (-37.4%) $1.74 (-42.8%)
2025 $8.3b (10.0%) $1.8b (117.2%) $3.3b (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:

SEC filings report in GBP. Values above are converted to USD for comparison with the US-listed share price.

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