NYSE:PLD

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Executive Summary

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. More Details


Snowflake Analysis

Second-rate dividend payer with mediocre balance sheet.


Similar Companies

Share Price & News

How has Prologis's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PLD is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: PLD's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

-1.9%

PLD

1.5%

US REITs

1.5%

US Market


1 Year Return

7.9%

PLD

-6.9%

US REITs

22.3%

US Market

Return vs Industry: PLD exceeded the US REITs industry which returned -8% over the past year.

Return vs Market: PLD underperformed the US Market which returned 22.1% over the past year.


Shareholder returns

PLDIndustryMarket
7 Day-1.9%1.5%1.5%
30 Day-6.8%7.0%8.8%
90 Day-2.1%4.3%10.8%
1 Year10.8%7.9%-3.0%-6.9%25.1%22.3%
3 Year62.0%49.1%20.7%6.4%49.5%39.6%
5 Year174.3%138.3%53.0%22.4%105.8%83.3%

Long-Term Price Volatility Vs. Market

How volatile is Prologis's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Prologis undervalued compared to its fair value and its price relative to the market?

43.85x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PLD ($98.66) is trading above our estimate of fair value ($76.34)

Significantly Below Fair Value: PLD is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PLD is poor value based on its PE Ratio (43.9x) compared to the US REITs industry average (38.5x).

PE vs Market: PLD is poor value based on its PE Ratio (43.9x) compared to the US market (19.4x).


Price to Earnings Growth Ratio

PEG Ratio: PLD is poor value based on its PEG Ratio (21.9x)


Price to Book Ratio

PB vs Industry: PLD is overvalued based on its PB Ratio (2.3x) compared to the US REITs industry average (1.6x).


Next Steps

Future Growth

How is Prologis forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

2.0%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PLD's forecast earnings growth (2% per year) is below the savings rate (2.2%).

Earnings vs Market: PLD's earnings (2% per year) are forecast to grow slower than the US market (21.9% per year).

High Growth Earnings: PLD's earnings are forecast to grow, but not significantly.

Revenue vs Market: PLD's revenue (5.1% per year) is forecast to grow slower than the US market (10.2% per year).

High Growth Revenue: PLD's revenue (5.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PLD's Return on Equity is forecast to be low in 3 years time (4.9%).


Next Steps

Past Performance

How has Prologis performed over the past 5 years?

12.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PLD has a large one-off gain of $725.2M impacting its September 30 2020 financial results.

Growing Profit Margin: PLD's current net profit margins (35.7%) are lower than last year (49.6%).


Past Earnings Growth Analysis

Earnings Trend: PLD's earnings have grown by 12.8% per year over the past 5 years.

Accelerating Growth: PLD's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: PLD had negative earnings growth (-11.1%) over the past year, making it difficult to compare to the REITs industry average (2%).


Return on Equity

High ROE: PLD's Return on Equity (4.8%) is considered low.


Next Steps

Financial Health

How is Prologis's financial position?


Financial Position Analysis

Short Term Liabilities: PLD's short term assets ($2.7B) exceed its short term liabilities ($1.2B).

Long Term Liabilities: PLD's short term assets ($2.7B) do not cover its long term liabilities ($18.1B).


Debt to Equity History and Analysis

Debt Level: PLD's debt to equity ratio (45.3%) is considered high.

Reducing Debt: PLD's debt to equity ratio has reduced from 65.6% to 45.3% over the past 5 years.

Debt Coverage: PLD's debt is not well covered by operating cash flow (17.9%).

Interest Coverage: PLD's interest payments on its debt are well covered by EBIT (5.5x coverage).


Balance Sheet


Next Steps

Dividend

What is Prologis's current dividend yield, its reliability and sustainability?

2.35%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PLD's dividend (2.35%) is higher than the bottom 25% of dividend payers in the US market (1.49%).

High Dividend: PLD's dividend (2.35%) is low compared to the top 25% of dividend payers in the US market (4.1%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, PLD has been paying a dividend for less than 10 years.

Growing Dividend: PLD's dividend payments have increased, but the company has only paid a dividend for 9 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (56.5%), PLD's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PLD's dividends in 3 years are forecast to be covered by earnings (60.2% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

8.3yrs

Average management tenure


CEO

Hamid Moghadam (63 yo)

8yrs

Tenure

US$30,383,438

Compensation

Mr. Hamid R. Moghadam has been the Chief Executive Officer at Prologis, Inc. since December 31, 2012. Mr. Moghadam served as the Co-Chief Executive Officer from June 2011 to December 31, 2012 and is primar...


CEO Compensation Analysis

Compensation vs Market: Hamid's total compensation ($USD30.38M) is above average for companies of similar size in the US market ($USD10.98M).

Compensation vs Earnings: Hamid's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Hamid Moghadam
Chairman of the Board & CEO8yrsUS$30.38m0.20%
$ 145.3m
Thomas Olinger
Chief Financial Officer8.58yrsUS$10.99m0.0014%
$ 1.0m
Gary Anderson
Chief Operating Officer1.75yrsUS$11.17m0.00025%
$ 182.6k
Eugene Reilly
Chief Investment Officer1.75yrsUS$12.14m0.0010%
$ 766.7k
Edward Nekritz
Chief Legal Officer9.5yrsUS$11.17m0.00024%
$ 175.3k
Michael Curless
Chief Customer Officer1.75yrsUS$10.69m0%
$ 0
Lori Palazzolo
MD, Chief Accounting Officer & Senior VP9.92yrsno data0.000030%
$ 21.9k
Sineesh Keshav
Chief Technical Officerno datano datano data
Charles Sullivan
Chief Administrative Officer10.33yrsno datano data
Tracy Ward
Senior Vice President of Investor Relations & Corporate Communications9.5yrsno datano data
Jan Kneisel
Chief Compliance Officerno datano datano data
Colleen McKeown
Chief Human Resource Officer2.42yrsno datano data

8.3yrs

Average Tenure

56yo

Average Age

Experienced Management: PLD's management team is seasoned and experienced (8.3 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Hamid Moghadam
Chairman of the Board & CEO8yrsUS$30.38m0.20%
$ 145.3m
George Fotiades
Independent Director9.08yrsUS$347.47k0.0031%
$ 2.2m
William Zollars
Independent Director9.5yrsUS$322.47k0.0023%
$ 1.7m
Carl Webb
Independent Director13.33yrsUS$342.43k0.011%
$ 7.8m
Irving Lyons
Lead Independent Director9.5yrsUS$372.47k0.012%
$ 9.1m
Jeffrey Skelton
Independent Director23.08yrsUS$342.47k0.0069%
$ 5.1m
Lydia Kennard
Independent Director16.33yrsUS$322.47k0.0054%
$ 3.9m
Olivier Piani
Independent Director3.58yrsUS$309.97k0.0068%
$ 5.0m
Avid Modjtabai
Independent Director0.83yrno datano data
David O'Connor
Independent Director5.92yrsUS$322.47k0.00055%
$ 401.6k
Cristina Bita
Independent Director2.58yrsUS$309.97kno data

9.5yrs

Average Tenure

66yo

Average Age

Experienced Board: PLD's board of directors are considered experienced (9.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 17.1%.


Top Shareholders

Company Information

Prologis, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Prologis, Inc.
  • Ticker: PLD
  • Exchange: NYSE
  • Founded: 1991
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Implied Market Cap: US$73.021b
  • Market Cap: US$72.932b
  • Shares outstanding: 752.02m
  • Website: https://www.prologis.com

Number of Employees


Location

  • Prologis, Inc.
  • Pier 1
  • Bay 1
  • San Francisco
  • California
  • 94111
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PLDG.POTCPK (Pink Sheets LLC)8.54% PFD SR QUSUSDApr 1997
PLDNYSE (New York Stock Exchange)YesNew Common StockUSUSDJun 2011
PLD *BMV (Bolsa Mexicana de Valores)YesNew Common StockMXMXNJun 2011
POJNDB (Deutsche Boerse AG)YesNew Common StockDEEURJun 2011
0KODLSE (London Stock Exchange)YesNew Common StockGBUSDJun 2011
POJNETLX (Eurotlx)YesNew Common StockITEURJun 2011
PRLDWBAG (Wiener Boerse AG)YesNew Common StockATEURJun 2011
P1LD34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 2 REPR 1 SHS UNSPONBRBRLJan 2020

Biography

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets. As of September 30, 2020, the company owned or had investments in, on a wholly owned basis or...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/12/04 23:39
End of Day Share Price2020/12/04 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.