Report
Matthew Dolgin
EUR 100.00 For Business Accounts Only

We Think the Explosion of Data Bodes Well for Digital Realty; Initiating Coverage with a $112 FVE

We are initiating coverage on Digital Realty Trust with a $112 fair value estimate, narrow-moat rating, and positive trend. Digital Realty is a data center real estate investment trust that leases space for enterprises to house their servers and networking equipment. Our fair value estimate implies an EV/adjusted EBITDA multiple of 16 and a price/FFO multiple of 17 based on our 2018 forecast.
Digital Realty has transformed its business from one that merely provided large companies vast amounts o...
Underlying
Digital Realty Trust Inc.

Digital Realty Trust is a real estate investment trust. The company is a global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. The company's Operating Partnership, Digital Realty Trust, L.P., is the entity through which the company conducts its business of owning, acquiring, developing and operating data centers. The company's portfolio of data centers provides available environments for the exchange, processing and storage of electronic information.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Matthew Dolgin

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