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Prologis Inc PLD

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Stock XNYS Rating as of
$103.18 −1.65 (1.57%)
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Company Report

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Prologis Earnings: Notably Slower Same-Store NOI Growth Leads to Disappointing Results

Suryansh Sharma

No-moat-rated Prologis reported a disappointing set of numbers in the first quarter as net effective same-store NOI growth slowed down quite a bit on a sequential basis. The shares of the company were down about 7% in response to the results. The firm reported core funds from operations, or FFO, of $1.28 per share, 4.9% higher than the $1.22 in FFO during the first quarter of 2023. The fundamentals for the industrial sector are now showing clear signs of a slowdown as the interest-rate environment is starting to have an impact. We are reducing our fair value estimate for Prologis to $120 from $128 per share after incorporating first-quarter results.

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Price vs Fair Value

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PLD is trading at a 13% discount.
Price
$104.08
Fair Value
$428.00
Uncertainty
Medium
1-Star Price
$392.00
5-Star Price
$69.00
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Prologis has the biggest portfolio of well-located industrial properties and is in the best position to capitalize on e-commerce demand. Prologis’ recent acquisition of Duke Realty has given it an unrivaled scale in the industry.

Bears

Industrial facilities are largely commoditized and easily replicable. New construction is quick to negate any imbalances in supply and demand in the long run.

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Trading Information

Previous Close Price
$104.83
Day Range
$102.40–104.59
52-Week Range
$96.64–137.52
Bid/Ask
$103.01 / $103.95
Market Cap
$95.45 Bil
Volume/Avg
4.8 Mil / 3.6 Mil

Key Statistics

Price/Earnings (Normalized)
38.88
Price/Sales
12.24
Dividend Yield (Trailing)
3.41%
Dividend Yield (Forward)
3.67%
Total Yield
3.41%

Company Profile

Prologis was formed by the June 2011 merger of AMB Property and Prologis Trust. The company develops, acquires, and operates around 1.2 billion square feet of high-quality industrial and logistics facilities across the globe. The company also has a strategic capital business segment that has around $60 billion of third-party AUM. The company is organized into four global divisions (Americas, Europe, Asia, and other Americas) and operates as a real estate investment trust.
Sector
Real Estate
Industry
REIT - Industrial
Stock Style Box
Large Core
Total Number of Employees
2,574
Website
https://www.prologis.com

Competitors

Valuation

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Metric
PLD
EXR
PSA
Price/Earnings (Normalized)
 38.8825.3622.12
Price/Book Value
 1.801.988.13
Price/Sales
 12.248.9010.22
Price/Cash Flow
 18.5216.2414.31
Price/Earnings
PLD
EXR
PSA

Financial Strength

Metric
PLD
EXR
PSA
Quick Ratio
 0.330.770.62
Current Ratio
 0.550.850.62
Interest Coverage
 6.602.8011.47
Quick Ratio
PLD
EXR
PSA

Profitability

Metric
PLD
EXR
PSA
Return on Assets (Normalized)
 3.93%5.13%12.33%
Return on Equity (Normalized)
 6.71%12.17%39.85%
Return on Invested Capital (Normalized)
 4.89%7.27%13.46%
Return on Assets
PLD
EXR
PSA
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