Intrinsic value of Douglas Emmett - DEI

Previous Close

$38.56

  Intrinsic Value

$2.83

stock screener

  Rating & Target

str. sell

-93%

Previous close

$38.56

 
Intrinsic value

$2.83

 
Up/down potential

-93%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as DEI.

We calculate the intrinsic value of DEI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.82
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.87
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
  5.47
  5.43
  5.38
  5.35
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
Revenue, $m
  743
  809
  878
  950
  1,024
  1,102
  1,182
  1,266
  1,352
  1,443
  1,537
  1,634
  1,736
  1,842
  1,952
  2,067
  2,187
  2,313
  2,443
  2,580
  2,722
  2,871
  3,027
  3,190
  3,361
  3,539
  3,726
  3,922
  4,127
  4,342
  4,567
Variable operating expenses, $m
 
  558
  606
  655
  707
  760
  816
  873
  933
  996
  1,060
  1,128
  1,198
  1,271
  1,347
  1,427
  1,509
  1,596
  1,686
  1,780
  1,878
  1,981
  2,089
  2,201
  2,319
  2,442
  2,571
  2,706
  2,847
  2,996
  3,151
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  514
  558
  606
  655
  707
  760
  816
  873
  933
  996
  1,060
  1,128
  1,198
  1,271
  1,347
  1,427
  1,509
  1,596
  1,686
  1,780
  1,878
  1,981
  2,089
  2,201
  2,319
  2,442
  2,571
  2,706
  2,847
  2,996
  3,151
Operating income, $m
  229
  251
  272
  294
  317
  341
  366
  392
  419
  447
  476
  507
  538
  571
  605
  641
  678
  717
  757
  800
  844
  890
  938
  989
  1,042
  1,097
  1,155
  1,216
  1,279
  1,346
  1,416
EBITDA, $m
  478
  522
  566
  613
  661
  711
  762
  816
  872
  931
  991
  1,054
  1,120
  1,188
  1,260
  1,334
  1,411
  1,492
  1,576
  1,664
  1,756
  1,852
  1,953
  2,058
  2,168
  2,283
  2,404
  2,530
  2,662
  2,801
  2,946
Interest expense (income), $m
  138
  153
  171
  189
  209
  228
  249
  271
  293
  317
  341
  366
  392
  420
  448
  478
  508
  541
  574
  609
  646
  684
  724
  766
  810
  855
  903
  954
  1,006
  1,061
  1,119
Earnings before tax, $m
  96
  98
  101
  105
  109
  113
  117
  121
  126
  131
  136
  141
  146
  151
  157
  163
  170
  176
  183
  190
  198
  206
  214
  223
  232
  242
  252
  262
  273
  285
  297
Tax expense, $m
  0
  26
  27
  28
  29
  31
  32
  33
  34
  35
  37
  38
  39
  41
  42
  44
  46
  48
  49
  51
  53
  56
  58
  60
  63
  65
  68
  71
  74
  77
  80
Net income, $m
  85
  71
  74
  77
  80
  82
  86
  89
  92
  95
  99
  103
  107
  111
  115
  119
  124
  129
  134
  139
  145
  150
  156
  163
  169
  176
  184
  191
  199
  208
  217

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  113
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,614
  8,173
  8,869
  9,592
  10,344
  11,126
  11,939
  12,783
  13,661
  14,573
  15,522
  16,509
  17,537
  18,607
  19,722
  20,884
  22,096
  23,360
  24,680
  26,058
  27,499
  29,004
  30,578
  32,224
  33,947
  35,750
  37,637
  39,614
  41,685
  43,854
  46,127
Adjusted assets (=assets-cash), $m
  7,501
  8,173
  8,869
  9,592
  10,344
  11,126
  11,939
  12,783
  13,661
  14,573
  15,522
  16,509
  17,537
  18,607
  19,722
  20,884
  22,096
  23,360
  24,680
  26,058
  27,499
  29,004
  30,578
  32,224
  33,947
  35,750
  37,637
  39,614
  41,685
  43,854
  46,127
Revenue / Adjusted assets
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
  0.099
Average production assets, $m
  6,399
  6,968
  7,561
  8,178
  8,820
  9,486
  10,179
  10,899
  11,647
  12,425
  13,234
  14,076
  14,952
  15,864
  16,814
  17,805
  18,838
  19,916
  21,042
  22,217
  23,445
  24,728
  26,070
  27,474
  28,943
  30,480
  32,089
  33,774
  35,540
  37,389
  39,327
Working capital, $m
  0
  -123
  -133
  -144
  -156
  -167
  -180
  -192
  -206
  -219
  -234
  -248
  -264
  -280
  -297
  -314
  -332
  -352
  -371
  -392
  -414
  -436
  -460
  -485
  -511
  -538
  -566
  -596
  -627
  -660
  -694
Total debt, $m
  4,370
  4,880
  5,408
  5,957
  6,528
  7,122
  7,739
  8,380
  9,046
  9,738
  10,458
  11,208
  11,987
  12,800
  13,646
  14,528
  15,448
  16,407
  17,409
  18,455
  19,548
  20,691
  21,886
  23,135
  24,443
  25,811
  27,244
  28,744
  30,316
  31,962
  33,688
Total liabilities, $m
  5,693
  6,203
  6,731
  7,280
  7,851
  8,445
  9,062
  9,703
  10,369
  11,061
  11,781
  12,531
  13,310
  14,123
  14,969
  15,851
  16,771
  17,730
  18,732
  19,778
  20,871
  22,014
  23,209
  24,458
  25,766
  27,134
  28,567
  30,067
  31,639
  33,285
  35,011
Total equity, $m
  1,921
  1,970
  2,137
  2,312
  2,493
  2,681
  2,877
  3,081
  3,292
  3,512
  3,741
  3,979
  4,226
  4,484
  4,753
  5,033
  5,325
  5,630
  5,948
  6,280
  6,627
  6,990
  7,369
  7,766
  8,181
  8,616
  9,071
  9,547
  10,046
  10,569
  11,117
Total liabilities and equity, $m
  7,614
  8,173
  8,868
  9,592
  10,344
  11,126
  11,939
  12,784
  13,661
  14,573
  15,522
  16,510
  17,536
  18,607
  19,722
  20,884
  22,096
  23,360
  24,680
  26,058
  27,498
  29,004
  30,578
  32,224
  33,947
  35,750
  37,638
  39,614
  41,685
  43,854
  46,128
Debt-to-equity ratio
  2.275
  2.480
  2.530
  2.580
  2.620
  2.660
  2.690
  2.720
  2.750
  2.770
  2.800
  2.820
  2.840
  2.850
  2.870
  2.890
  2.900
  2.910
  2.930
  2.940
  2.950
  2.960
  2.970
  2.980
  2.990
  3.000
  3.000
  3.010
  3.020
  3.020
  3.030
Adjusted equity ratio
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241
  0.241

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  85
  71
  74
  77
  80
  82
  86
  89
  92
  95
  99
  103
  107
  111
  115
  119
  124
  129
  134
  139
  145
  150
  156
  163
  169
  176
  184
  191
  199
  208
  217
Depreciation, amort., depletion, $m
  249
  271
  294
  318
  343
  369
  396
  424
  453
  483
  515
  548
  582
  617
  654
  693
  733
  775
  819
  864
  912
  962
  1,014
  1,069
  1,126
  1,186
  1,249
  1,314
  1,383
  1,455
  1,530
Funds from operations, $m
  345
  343
  368
  395
  423
  452
  482
  513
  545
  579
  614
  650
  688
  728
  769
  812
  857
  904
  952
  1,003
  1,057
  1,113
  1,171
  1,232
  1,296
  1,362
  1,432
  1,506
  1,582
  1,663
  1,747
Change in working capital, $m
  6
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -34
Cash from operations, $m
  339
  353
  379
  406
  434
  463
  494
  525
  558
  593
  628
  665
  704
  744
  786
  830
  875
  923
  972
  1,024
  1,078
  1,135
  1,194
  1,257
  1,322
  1,390
  1,461
  1,535
  1,614
  1,695
  1,781
Maintenance CAPEX, $m
  0
  -249
  -271
  -294
  -318
  -343
  -369
  -396
  -424
  -453
  -483
  -515
  -548
  -582
  -617
  -654
  -693
  -733
  -775
  -819
  -864
  -912
  -962
  -1,014
  -1,069
  -1,126
  -1,186
  -1,249
  -1,314
  -1,383
  -1,455
New CAPEX, $m
  -1,739
  -570
  -593
  -617
  -641
  -667
  -693
  -720
  -748
  -778
  -809
  -842
  -876
  -912
  -950
  -991
  -1,033
  -1,078
  -1,125
  -1,175
  -1,228
  -1,283
  -1,342
  -1,404
  -1,469
  -1,537
  -1,609
  -1,685
  -1,765
  -1,850
  -1,938
Cash from investing activities, $m
  -1,366
  -819
  -864
  -911
  -959
  -1,010
  -1,062
  -1,116
  -1,172
  -1,231
  -1,292
  -1,357
  -1,424
  -1,494
  -1,567
  -1,645
  -1,726
  -1,811
  -1,900
  -1,994
  -2,092
  -2,195
  -2,304
  -2,418
  -2,538
  -2,663
  -2,795
  -2,934
  -3,079
  -3,233
  -3,393
Free cash flow, $m
  -1,027
  -466
  -485
  -505
  -526
  -546
  -568
  -591
  -614
  -639
  -664
  -691
  -720
  -750
  -782
  -815
  -851
  -888
  -928
  -970
  -1,014
  -1,060
  -1,110
  -1,161
  -1,216
  -1,274
  -1,335
  -1,399
  -1,466
  -1,537
  -1,612
Issuance/(repayment) of debt, $m
  774
  510
  528
  549
  571
  593
  617
  641
  666
  693
  720
  749
  780
  812
  846
  882
  920
  960
  1,002
  1,046
  1,093
  1,143
  1,195
  1,250
  1,307
  1,368
  1,433
  1,500
  1,572
  1,647
  1,725
Issuance/(repurchase) of shares, $m
  49
  90
  94
  98
  102
  106
  110
  115
  120
  125
  130
  135
  141
  147
  154
  161
  168
  176
  184
  193
  203
  212
  223
  234
  246
  258
  271
  285
  300
  315
  331
Cash from financing (excl. dividends), $m  
  1,169
  600
  622
  647
  673
  699
  727
  756
  786
  818
  850
  884
  921
  959
  1,000
  1,043
  1,088
  1,136
  1,186
  1,239
  1,296
  1,355
  1,418
  1,484
  1,553
  1,626
  1,704
  1,785
  1,872
  1,962
  2,056
Total cash flow (excl. dividends), $m
  142
  135
  136
  142
  147
  153
  159
  165
  172
  178
  186
  193
  201
  209
  218
  227
  237
  247
  258
  270
  282
  294
  308
  322
  337
  353
  369
  387
  405
  424
  445
Retained Cash Flow (-), $m
  5
  -162
  -168
  -174
  -181
  -188
  -196
  -203
  -212
  -220
  -229
  -238
  -248
  -258
  -269
  -280
  -292
  -305
  -318
  -332
  -347
  -363
  -379
  -397
  -415
  -435
  -455
  -476
  -499
  -523
  -548
Prev. year cash balance distribution, $m
 
  113
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  86
  -32
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -63
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -98
  -103
Discount rate, %
 
  10.90
  11.45
  12.02
  12.62
  13.25
  13.91
  14.61
  15.34
  16.10
  16.91
  17.75
  18.64
  19.57
  20.55
  21.58
  22.66
  23.79
  24.98
  26.23
  27.54
  28.92
  30.37
  31.89
  33.48
  35.15
  36.91
  38.76
  40.69
  42.73
  44.87
PV of cash for distribution, $m
 
  77
  -25
  -23
  -21
  -19
  -17
  -15
  -13
  -11
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.6
  97.2
  95.9
  94.7
  93.5
  92.4
  91.3
  90.3
  89.3
  88.4
  87.4
  86.5
  85.7
  84.8
  84.0
  83.2
  82.4
  81.6
  80.8
  80.0
  79.3
  78.6
  77.8
  77.1
  76.4
  75.7
  75.0
  74.3
  73.7
  73.0

Douglas Emmett, Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company is owner and operator of office and multifamily properties located in submarkets in Los Angeles and Honolulu. The Company operates through two segments: the acquisition, development, ownership and management of office real estate (Office Segment), and the acquisition, development, ownership and management of multifamily real estate (Multifamily Segment). The services for its Office segment include primarily rental of office space and other tenant services, including parking and storage space rental. The services for its Multifamily segment include primarily rental of apartments and other tenant services, including parking and storage space rental. It focuses on owning, acquiring developing and managing a substantial share of office properties and multifamily communities in neighborhoods.

FINANCIAL RATIOS  of  Douglas Emmett (DEI)

Valuation Ratios
P/E Ratio 68.7
Price to Sales 7.9
Price to Book 3
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow -4.2
Growth Rates
Sales Growth Rate 16.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 612.7%
Cap. Spend. - 3 Yr. Gr. Rate 51.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 227.5%
Total Debt to Equity 227.5%
Interest Coverage 2
Management Effectiveness
Return On Assets 3.3%
Ret/ On Assets - 3 Yr. Avg. 3.1%
Return On Total Capital 1.4%
Ret/ On T. Cap. - 3 Yr. Avg. 1.1%
Return On Equity 4.4%
Return On Equity - 3 Yr. Avg. 3.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 68%
Gross Margin - 3 Yr. Avg. 67%
EBITDA Margin 65%
EBITDA Margin - 3 Yr. Avg. 63.8%
Operating Margin 30.8%
Oper. Margin - 3 Yr. Avg. 30.2%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 10.9%
Net Profit Margin 11.4%
Net Profit Margin - 3 Yr. Avg. 9.4%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 154.1%

DEI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DEI stock intrinsic value calculation we used $743 million for the last fiscal year's total revenue generated by Douglas Emmett. The default revenue input number comes from 2016 income statement of Douglas Emmett. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DEI stock valuation model: a) initial revenue growth rate of 8.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 10.9%, whose default value for DEI is calculated based on our internal credit rating of Douglas Emmett, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Douglas Emmett.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DEI stock the variable cost ratio is equal to 69%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for DEI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Douglas Emmett.

Corporate tax rate of 27% is the nominal tax rate for Douglas Emmett. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DEI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DEI are equal to 861.2%.

Life of production assets of 25.7 years is the average useful life of capital assets used in Douglas Emmett operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DEI is equal to -15.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1921 million for Douglas Emmett - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 169.752 million for Douglas Emmett is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Douglas Emmett at the current share price and the inputted number of shares is $6.5 billion.

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COMPANY NEWS

▶ Douglas Emmett Announces 2017 Tax Treatment of Dividends   [Jan-17-18 04:15PM  PR Newswire]
▶ Douglas Emmett Increases Quarterly Cash Dividend by 9%   [Dec-07-17 04:07PM  PR Newswire]
▶ Douglas Emmett, Inc to Host Earnings Call   [Nov-08-17 09:00AM  ACCESSWIRE]
▶ Douglas Emmett reports 3Q results   [Nov-07-17 04:53PM  Associated Press]
▶ Douglas Emmett Declares Quarterly Cash Dividend   [Sep-07-17 05:30PM  PR Newswire]
▶ Douglas Emmett reports 2Q results   [Aug-01-17 11:15PM  Associated Press]
▶ Douglas Emmett Declares Quarterly Cash Dividend   [Jun-01-17 07:26PM  PR Newswire]
▶ Douglas Emmett reports 1Q results   [May-02-17 05:44PM  Associated Press]
▶ Douglas Emmett Declares Quarterly Cash Dividend   [Mar-02-17 05:00PM  PR Newswire]
▶ Douglas Emmett to complete $120M apartment expansion project in 2018   [11:30AM  American City Business Journals]
▶ Douglas Emmett eyes buying Honoulu office tower for residential project   [06:30PM  American City Business Journals]
▶ Douglas Emmett Announces 2016 Tax Treatment Of Dividends   [Jan-17-17 05:35PM  PR Newswire]
▶ Douglas Emmett Increases Quarterly Cash Dividend   [Dec-08-16 04:32PM  PR Newswire]
Financial statements of DEI
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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