Intrinsic value of Douglas Emmett - DEI

Previous Close

$39.81

  Intrinsic Value

$2.95

stock screener

  Rating & Target

str. sell

-93%

Previous close

$39.81

 
Intrinsic value

$2.95

 
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

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.5

 

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
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
Revenue, $m
  743
  795
  849
  905
  964
  1,025
  1,088
  1,154
  1,223
  1,294
  1,369
  1,447
  1,528
  1,613
  1,702
  1,795
  1,892
  1,994
  2,100
  2,212
  2,328
  2,450
  2,578
  2,712
  2,853
  3,000
  3,154
  3,316
  3,486
  3,663
  3,850
Variable operating expenses, $m
 
  549
  586
  625
  665
  707
  751
  796
  844
  893
  945
  998
  1,055
  1,113
  1,175
  1,239
  1,306
  1,376
  1,449
  1,526
  1,607
  1,691
  1,779
  1,871
  1,968
  2,070
  2,176
  2,288
  2,405
  2,528
  2,657
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
  549
  586
  625
  665
  707
  751
  796
  844
  893
  945
  998
  1,055
  1,113
  1,175
  1,239
  1,306
  1,376
  1,449
  1,526
  1,607
  1,691
  1,779
  1,871
  1,968
  2,070
  2,176
  2,288
  2,405
  2,528
  2,657
Operating income, $m
  229
  246
  263
  281
  299
  318
  337
  358
  379
  401
  424
  449
  474
  500
  528
  557
  587
  618
  651
  686
  722
  760
  799
  841
  884
  930
  978
  1,028
  1,081
  1,136
  1,194
EBITDA, $m
  478
  513
  548
  584
  622
  661
  702
  744
  789
  835
  883
  933
  986
  1,041
  1,098
  1,158
  1,221
  1,286
  1,355
  1,427
  1,502
  1,581
  1,663
  1,750
  1,840
  1,935
  2,035
  2,139
  2,249
  2,363
  2,484
Interest expense (income), $m
  138
  153
  167
  182
  197
  212
  229
  246
  263
  282
  301
  321
  342
  364
  387
  410
  435
  461
  489
  517
  547
  578
  611
  646
  681
  719
  759
  800
  843
  889
  937
Earnings before tax, $m
  96
  94
  96
  99
  102
  105
  109
  112
  116
  119
  123
  128
  132
  136
  141
  146
  151
  157
  162
  168
  175
  181
  188
  195
  203
  211
  219
  228
  237
  247
  257
Tax expense, $m
  0
  25
  26
  27
  28
  28
  29
  30
  31
  32
  33
  34
  36
  37
  38
  39
  41
  42
  44
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
Net income, $m
  85
  68
  70
  72
  75
  77
  79
  82
  84
  87
  90
  93
  96
  100
  103
  107
  110
  114
  119
  123
  127
  132
  137
  143
  148
  154
  160
  166
  173
  180
  187

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
  8,030
  8,576
  9,144
  9,735
  10,349
  10,989
  11,655
  12,349
  13,073
  13,828
  14,616
  15,439
  16,298
  17,195
  18,134
  19,115
  20,142
  21,216
  22,341
  23,518
  24,751
  26,043
  27,396
  28,815
  30,301
  31,860
  33,494
  35,208
  37,005
  38,890
Adjusted assets (=assets-cash), $m
  7,501
  8,030
  8,576
  9,144
  9,735
  10,349
  10,989
  11,655
  12,349
  13,073
  13,828
  14,616
  15,439
  16,298
  17,195
  18,134
  19,115
  20,142
  21,216
  22,341
  23,518
  24,751
  26,043
  27,396
  28,815
  30,301
  31,860
  33,494
  35,208
  37,005
  38,890
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
  6,847
  7,312
  7,796
  8,300
  8,824
  9,369
  9,937
  10,529
  11,146
  11,790
  12,461
  13,163
  13,895
  14,661
  15,461
  16,297
  17,173
  18,089
  19,047
  20,051
  21,102
  22,204
  23,358
  24,567
  25,835
  27,163
  28,557
  30,018
  31,550
  33,157
Working capital, $m
  0
  -121
  -129
  -138
  -146
  -156
  -165
  -175
  -186
  -197
  -208
  -220
  -232
  -245
  -259
  -273
  -288
  -303
  -319
  -336
  -354
  -372
  -392
  -412
  -434
  -456
  -479
  -504
  -530
  -557
  -585
Total debt, $m
  4,370
  4,772
  5,187
  5,617
  6,066
  6,532
  7,018
  7,523
  8,050
  8,600
  9,173
  9,771
  10,395
  11,047
  11,728
  12,441
  13,185
  13,965
  14,780
  15,634
  16,527
  17,463
  18,443
  19,471
  20,547
  21,676
  22,859
  24,099
  25,400
  26,764
  28,195
Total liabilities, $m
  5,693
  6,095
  6,510
  6,940
  7,389
  7,855
  8,341
  8,846
  9,373
  9,923
  10,496
  11,094
  11,718
  12,370
  13,051
  13,764
  14,508
  15,288
  16,103
  16,957
  17,850
  18,786
  19,766
  20,794
  21,870
  22,999
  24,182
  25,422
  26,723
  28,087
  29,518
Total equity, $m
  1,921
  1,935
  2,067
  2,204
  2,346
  2,494
  2,648
  2,809
  2,976
  3,151
  3,333
  3,522
  3,721
  3,928
  4,144
  4,370
  4,607
  4,854
  5,113
  5,384
  5,668
  5,965
  6,276
  6,602
  6,944
  7,303
  7,678
  8,072
  8,485
  8,918
  9,372
Total liabilities and equity, $m
  7,614
  8,030
  8,577
  9,144
  9,735
  10,349
  10,989
  11,655
  12,349
  13,074
  13,829
  14,616
  15,439
  16,298
  17,195
  18,134
  19,115
  20,142
  21,216
  22,341
  23,518
  24,751
  26,042
  27,396
  28,814
  30,302
  31,860
  33,494
  35,208
  37,005
  38,890
Debt-to-equity ratio
  2.275
  2.470
  2.510
  2.550
  2.590
  2.620
  2.650
  2.680
  2.700
  2.730
  2.750
  2.770
  2.790
  2.810
  2.830
  2.850
  2.860
  2.880
  2.890
  2.900
  2.920
  2.930
  2.940
  2.950
  2.960
  2.970
  2.980
  2.990
  2.990
  3.000
  3.010
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
  68
  70
  72
  75
  77
  79
  82
  84
  87
  90
  93
  96
  100
  103
  107
  110
  114
  119
  123
  127
  132
  137
  143
  148
  154
  160
  166
  173
  180
  187
Depreciation, amort., depletion, $m
  249
  266
  285
  303
  323
  343
  365
  387
  410
  434
  459
  485
  512
  541
  570
  602
  634
  668
  704
  741
  780
  821
  864
  909
  956
  1,005
  1,057
  1,111
  1,168
  1,228
  1,290
Funds from operations, $m
  345
  335
  355
  376
  398
  420
  444
  468
  494
  521
  549
  578
  608
  640
  673
  708
  745
  783
  822
  864
  908
  953
  1,001
  1,051
  1,104
  1,159
  1,217
  1,278
  1,341
  1,408
  1,478
Change in working capital, $m
  6
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
Cash from operations, $m
  339
  343
  363
  384
  406
  429
  453
  479
  505
  532
  560
  590
  621
  653
  687
  722
  759
  798
  839
  881
  925
  972
  1,021
  1,072
  1,125
  1,181
  1,240
  1,302
  1,367
  1,435
  1,506
Maintenance CAPEX, $m
  0
  -249
  -266
  -285
  -303
  -323
  -343
  -365
  -387
  -410
  -434
  -459
  -485
  -512
  -541
  -570
  -602
  -634
  -668
  -704
  -741
  -780
  -821
  -864
  -909
  -956
  -1,005
  -1,057
  -1,111
  -1,168
  -1,228
New CAPEX, $m
  -1,739
  -448
  -466
  -484
  -503
  -524
  -545
  -568
  -592
  -617
  -644
  -672
  -701
  -732
  -765
  -800
  -837
  -875
  -916
  -959
  -1,004
  -1,051
  -1,101
  -1,154
  -1,209
  -1,268
  -1,329
  -1,393
  -1,461
  -1,532
  -1,607
Cash from investing activities, $m
  -1,366
  -697
  -732
  -769
  -806
  -847
  -888
  -933
  -979
  -1,027
  -1,078
  -1,131
  -1,186
  -1,244
  -1,306
  -1,370
  -1,439
  -1,509
  -1,584
  -1,663
  -1,745
  -1,831
  -1,922
  -2,018
  -2,118
  -2,224
  -2,334
  -2,450
  -2,572
  -2,700
  -2,835
Free cash flow, $m
  -1,027
  -355
  -369
  -384
  -400
  -417
  -435
  -454
  -474
  -495
  -517
  -541
  -565
  -592
  -619
  -648
  -679
  -711
  -746
  -782
  -820
  -860
  -902
  -946
  -993
  -1,042
  -1,094
  -1,148
  -1,205
  -1,266
  -1,329
Issuance/(repayment) of debt, $m
  774
  402
  414
  431
  448
  466
  486
  506
  527
  549
  573
  598
  624
  652
  681
  712
  745
  779
  815
  853
  894
  936
  980
  1,027
  1,077
  1,128
  1,183
  1,240
  1,301
  1,364
  1,431
Issuance/(repurchase) of shares, $m
  49
  59
  61
  64
  68
  71
  75
  79
  83
  87
  92
  97
  102
  108
  113
  120
  126
  133
  140
  148
  156
  165
  174
  184
  194
  204
  216
  227
  240
  253
  267
Cash from financing (excl. dividends), $m  
  1,169
  461
  475
  495
  516
  537
  561
  585
  610
  636
  665
  695
  726
  760
  794
  832
  871
  912
  955
  1,001
  1,050
  1,101
  1,154
  1,211
  1,271
  1,332
  1,399
  1,467
  1,541
  1,617
  1,698
Total cash flow (excl. dividends), $m
  142
  107
  107
  111
  116
  120
  125
  130
  136
  142
  148
  154
  161
  168
  176
  184
  192
  201
  210
  220
  230
  241
  253
  265
  277
  291
  305
  320
  335
  352
  369
Retained Cash Flow (-), $m
  5
  -127
  -132
  -137
  -142
  -148
  -154
  -161
  -167
  -174
  -182
  -190
  -198
  -207
  -216
  -226
  -237
  -247
  -259
  -271
  -284
  -297
  -311
  -326
  -342
  -358
  -376
  -394
  -413
  -433
  -454
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
 
  92
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
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
 
  83
  -20
  -18
  -17
  -15
  -13
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.0
  98.1
  97.2
  96.3
  95.5
  94.6
  93.8
  93.0
  92.2
  91.4
  90.6
  89.9
  89.1
  88.3
  87.6
  86.8
  86.1
  85.4
  84.6
  83.9
  83.2
  82.5
  81.8
  81.1
  80.4
  79.7
  79.0
  78.3
  77.6
  76.9

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 71
Price to Sales 8.1
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 17.8
Price to Free Cash Flow -4.3
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 7% 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 162.773 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 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]
▶ Douglas Emmett Declares Quarterly Cash Dividend   [Sep-12-16 04:15PM  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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