Financials Digital Realty Trust, Inc.

Equities

DLR

US2538681030

Specialized REITs

Market Closed - Nyse Other stock markets 04:00:02 2024-05-10 pm EDT			5-day change	1st Jan Change
141.5 ^USD	-1.45%		-3.77%	+5.11%

May. 09	Digital Realty Expands NRT Campus, Commences Construction of Third Data Center to Support Artificial Intelligence, Digital Transformation in Japan	CI
May. 08	Digital Realty Keeps Quarterly Dividend at $1.22 a Share, Payable June 28 to Shareholders of Record June 14	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,992	39,086	50,193	28,830	40,758	45,681	-	-
Enterprise Value (EV) ¹	35,025	52,282	63,499	45,285	56,558	62,719	63,837	64,764
P/E ratio	51 x	140 x	29.8 x	88.7 x	44.9 x	87.1 x	108 x	79.4 x
Yield	3.61%	3.21%	2.62%	4.87%	3.63%	3.48%	3.58%	3.73%
Capitalization / Revenue	7.79 x	10 x	11.3 x	6.14 x	7.44 x	8.16 x	7.58 x	6.91 x
EV / Revenue	10.9 x	13.4 x	14.3 x	9.65 x	10.3 x	11.2 x	10.6 x	9.8 x
EV / EBITDA	18.6 x	23.9 x	26.3 x	18.3 x	20.6 x	22 x	20.5 x	18.5 x
EV / FCF	28.3 x	-204 x	-77.6 x	-14.9 x	109 x	2,553 x	223 x	94.8 x
FCF Yield	3.54%	-0.49%	-1.29%	-6.71%	0.92%	0.04%	0.45%	1.05%
Price to Book	2.53 x	1.99 x	2.79 x	1.66 x	2.1 x	2.35 x	2.42 x	2.48 x
Nbr of stocks (in thousands)	208,720	280,165	283,787	287,522	302,852	322,927	-	-
Reference price ²	119.7	139.5	176.9	100.3	134.6	141.5	141.5	141.5
Announcement Date	2/13/20	2/11/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,209	3,904	4,428	4,692	5,477	5,595	6,026	6,610
EBITDA ¹	1,887	2,187	2,412	2,473	2,750	2,851	3,108	3,495
EBIT ¹	594.2	557.5	694	590	524.5	786.6	1,043	1,213
Operating Margin	18.52%	14.28%	15.67%	12.57%	9.58%	14.06%	17.3%	18.35%
Earnings before Tax (EBT) ¹	611.2	400.8	1,820	411.9	1,026	594	533.3	704.7
Net income ¹	493	263.3	1,681	337.1	908.1	510.3	418.3	556.8
Net margin	15.36%	6.75%	37.98%	7.19%	16.58%	9.12%	6.94%	8.42%
EPS ²	2.350	1.000	5.940	1.130	3.000	1.623	1.315	1.783
Free Cash Flow ¹	1,239	-256.7	-818.5	-3,040	519.7	24.57	285.8	683
FCF margin	38.6%	-6.58%	-18.49%	-64.79%	9.49%	0.44%	4.74%	10.33%
FCF Conversion (EBITDA)	65.66%	-	-	-	18.9%	0.86%	9.19%	19.54%
FCF Conversion (Net income)	251.28%	-	-	-	57.23%	4.81%	68.31%	122.66%
Dividend per Share ²	4.320	4.480	4.640	4.880	4.880	4.920	5.066	5.283
Announcement Date	2/13/20	2/11/21	2/17/22	2/16/23	2/15/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q1	2025 Q2
Net sales ¹	1,111	1,127	1,139	1,192	1,233	1,339	1,366	1,402	1,370	1,331	1,382	1,415	1,442	1,428	1,464
EBITDA ¹	583.7	603	611	619.8	639	667.8	696.6	685.9	699.5	710.6	700.1	711.7	731	744.3	756.5
EBIT ¹	131.5	141.2	170.4	157.4	121	177.3	154.9	58.23	134	149.4	196.8	205.5	216.7	237.6	246.8
Operating Margin	11.83%	12.53%	14.95%	13.2%	9.81%	13.25%	11.33%	4.15%	9.79%	11.22%	14.23%	14.52%	15.03%	16.63%	16.86%
Earnings before Tax (EBT) ¹	1,095	141.3	80.27	258.4	-16.91	90.29	131.8	763.2	40.61	310.2	80.92	94.55	103.7	-	-
Net income ¹	1,058	63.1	53.24	226.9	-6.093	58.55	108	723.4	18.12	271.3	87.6	112.1	88.53	116	122.4
Net margin	95.18%	5.6%	4.67%	19.03%	-0.49%	4.37%	7.9%	51.58%	1.32%	20.38%	6.34%	7.92%	6.14%	8.12%	8.36%
EPS ²	3.710	0.2200	0.1900	0.7500	-0.0200	0.1900	0.3700	2.330	0.0800	0.3500	0.2639	0.3352	0.2751	0.3340	0.3520
Dividend per Share ²	1.160	1.220	1.220	1.220	1.220	1.220	-	1.220	1.220	1.220	1.222	1.222	1.222	1.224	1.224
Announcement Date	2/17/22	4/28/22	7/28/22	10/26/22	2/16/23	4/27/23	7/27/23	10/26/23	2/15/24	5/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,033	13,196	13,306	16,455	15,800	17,038	18,155	19,083
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.318 x	6.034 x	5.517 x	6.655 x	5.746 x	5.976 x	5.841 x	5.46 x
Free Cash Flow ¹	1,239	-257	-819	-3,040	520	24.6	286	683
ROE (net income / shareholders' equity)	2.37%	1.68%	9.41%	1.73%	4.95%	2.89%	2.85%	3.55%
ROA (Net income/ Total Assets)	1%	0.79%	4.64%	0.79%	2.12%	1.33%	1.24%	1.5%
Assets ¹	49,400	33,547	36,223	42,736	42,799	38,471	33,747	37,098
Book Value Per Share ²	47.30	70.30	63.30	60.40	64.00	60.30	58.50	57.00
Cash Flow per Share ²	7.230	6.500	6.010	5.570	5.290	6.690	7.060	7.650
Capex ¹	1,350	1,963	2,521	2,643	3,310	2,735	2,402	2,330
Capex / Sales	42.07%	50.29%	56.93%	56.33%	60.43%	48.88%	39.86%	35.25%
Announcement Date	2/13/20	2/11/21	2/17/22	2/16/23	2/15/24	-	-	-

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

141.5 USD

Average target price

147.9 USD

Spread / Average Target

+4.55%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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