Financials Digital Realty Trust, Inc.

Equities

DLR

US2538681030

Specialized REITs

Market Closed - Nyse Other stock markets 04:00:02 2023-12-08 pm EST			5-day change	1st Jan Change
134.81 ^USD	+0.58%		-2.74%	+34.45%

Dec. 08	Digital Realty Trust, Inc. Announces Resignation of Alexis Black Bjorlin as Director and Member of the Audit Committee of the Board of Directors	CI
Dec. 08	Sector Update: Financial Stocks Higher Friday Afternoon	MT

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	21 979	24 992	39 086	50 193	28 830	40 827	-	-
Enterprise Value (EV) ¹	32 946	35 025	52 282	63 499	45 285	57 313	58 181	59 257
P/E ratio	88,1x	51,0x	140x	29,8x	88,7x	42,9x	121x	91,1x
Yield	3,79%	3,61%	3,21%	2,62%	4,87%	3,62%	3,74%	3,90%
Capitalization / Revenue	7,21x	7,79x	10,0x	11,3x	6,14x	7,41x	6,97x	6,35x
EV / Revenue	10,8x	10,9x	13,4x	14,3x	9,65x	10,4x	9,94x	9,22x
EV / EBITDA	18,1x	18,6x	23,9x	26,3x	18,3x	21,2x	20,3x	18,7x
EV / FCF	548x	28,3x	-204x	-77,6x	-14,9x	-47,9x	-42,4x	-104x
FCF Yield	0,18%	3,54%	-0,49%	-1,29%	-6,71%	-2,09%	-2,36%	-0,96%
Price to Book	2,23x	2,53x	1,99x	2,79x	1,66x	2,19x	2,26x	2,32x
Nbr of stocks (in thousands)	206 282	208 720	280 165	283 787	287 522	302 852	-	-
Reference price ²	107	120	140	177	100	135	135	135
Announcement Date	2/5/19	2/13/20	2/11/21	2/17/22	2/16/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	3 046	3 209	3 904	4 428	4 692	5 507	5 855	6 427
EBITDA ¹	1 823	1 887	2 187	2 412	2 473	2 708	2 871	3 174
EBIT ¹	550	594	558	694	590	591	924	1 109
Operating Margin	18,0%	18,5%	14,3%	15,7%	12,6%	10,7%	15,8%	17,3%
Earnings before Tax (EBT) ¹	343	611	401	1 820	412	1 096	451	608
Net income ¹	250	493	263	1 681	337	964	359	503
Net margin	8,20%	15,4%	6,75%	38,0%	7,19%	17,5%	6,13%	7,82%
EPS ²	1,21	2,35	1,00	5,94	1,13	3,14	1,12	1,48
Free Cash Flow ¹	60,2	1 239	-257	-819	-3 040	-1 197	-1 371	-571
FCF margin	1,97%	38,6%	-6,58%	-18,5%	-64,8%	-21,7%	-23,4%	-8,89%
FCF Conversion (EBITDA)	3,30%	65,7%	-	-	-	-	-	-
FCF Conversion (Net income)	24,1%	251%	-	-	-	-	-	-
Dividend per Share ²	4,04	4,32	4,48	4,64	4,88	4,88	5,04	5,26
Announcement Date	2/5/19	2/13/20	2/11/21	2/17/22	2/16/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	1 093	1 133	1 111	1 127	1 139	1 192	1 233	1 339	1 366	1 402	1 398	1 397	1 423	1 460	1 480
EBITDA ¹	603	610	584	603	611	620	639	668	697	686	674	697	709	719	740
EBIT ¹	186	184	131	141	170	157	121	177	155	58,2	195	213	223	236	254
Operating Margin	17,0%	16,3%	11,8%	12,5%	15,0%	13,2%	9,81%	13,2%	11,3%	4,15%	13,9%	15,2%	15,7%	16,2%	17,1%
Earnings before Tax (EBT) ¹	173	150	1 095	141	80,3	258	-16,9	90,3	132	763	104	96,6	108	115	131
Net income ¹	127	124	1 058	63,1	53,2	227	-6,09	58,5	108	723	81,8	75,7	86,1	94,4	110
Net margin	11,7%	11,0%	95,2%	5,60%	4,67%	19,0%	-0,49%	4,37%	7,90%	51,6%	5,86%	5,41%	6,05%	6,47%	7,44%
EPS ²	0,45	0,44	3,71	0,22	0,19	0,75	-0,02	0,19	0,37	2,33	0,27	0,24	0,26	0,28	0,32
Dividend per Share ²	1,16	1,16	1,16	1,22	1,22	1,22	1,22	1,22	-	1,22	1,22	1,24	1,24	1,24	1,24
Announcement Date	7/29/21	10/26/21	2/17/22	4/28/22	7/28/22	10/26/22	2/16/23	4/27/23	7/27/23	10/26/23	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	10 966	10 033	13 196	13 306	16 455	16 486	17 353	18 430
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6,02x	5,32x	6,03x	5,52x	6,65x	6,09x	6,04x	5,81x
Free Cash Flow ¹	60,2	1 239	-257	-819	-3 040	-1 197	-1 371	-571
ROE (net income / shareholders' equity)	2,22%	2,37%	1,68%	9,41%	1,73%	5,71%	2,42%	3,19%
Shareholders' equity ¹	11 253	20 820	15 654	17 861	19 536	16 891	14 854	15 745
ROA (Net income/ Total Assets)	1,11%	1,00%	0,79%	4,64%	0,79%	2,43%	1,06%	1,37%
Assets ¹	22 585	49 400	33 547	36 223	42 736	39 728	33 877	36 625
Book Value Per Share ²	47,8	47,3	70,3	63,3	60,4	61,5	59,5	58,2
Cash Flow per Share ²	6,46	7,23	6,50	6,01	5,57	6,07	7,00	8,11
Capex ¹	1 325	1 350	1 963	2 521	2 643	3 168	2 886	2 716
Capex / Sales	43,5%	42,1%	50,3%	56,9%	56,3%	57,5%	49,2%	42,3%
Announcement Date	2/5/19	2/13/20	2/11/21	2/17/22	2/16/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Digital Realty Trust, Inc.

Trading Rating :

Investor Rating :

ESG Refinitiv :

B+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

134.81USD

Average target price

129.3USD

Spread / Average Target

-4.09%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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