Prologis (PLD) Raised Fresh Equity Capital, Is The Upside Already Priced In?

Prologis (PLD) recently completed a follow-on equity offering, raising approximately US$2.10 billion by issuing 15 million shares. While a popular narrative suggests the stock is 10.6% undervalued with a fair value of $156.07, its current P/E ratio of 31.5x, compared to an industry average of 15.5x, suggests investors are already paying a premium. This raises questions about remaining upside despite the fresh capital intended for logistics footprint expansion.