Intrinsic value of Douglas Emmett - DEI

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$38.53

  Intrinsic Value

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  Value-price divergence*

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 5.8

 

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
  21.90
  20.21
  18.69
  17.32
  16.09
  14.98
  13.98
  13.08
  12.27
  11.55
  10.89
  10.30
  9.77
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.80
Revenue, $m
  743
  906
  1,089
  1,292
  1,516
  1,760
  2,024
  2,307
  2,608
  2,928
  3,267
  3,622
  3,996
  4,386
  4,794
  5,219
  5,661
  6,122
  6,600
  7,098
  7,615
  8,152
  8,710
  9,291
  9,895
  10,523
  11,177
  11,857
  12,567
  13,306
  14,077
Variable operating expenses, $m
 
  625
  751
  892
  1,046
  1,214
  1,396
  1,591
  1,800
  2,021
  2,254
  2,499
  2,757
  3,026
  3,308
  3,601
  3,906
  4,224
  4,554
  4,898
  5,254
  5,625
  6,010
  6,411
  6,827
  7,261
  7,712
  8,182
  8,671
  9,181
  9,713
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
  625
  751
  892
  1,046
  1,214
  1,396
  1,591
  1,800
  2,021
  2,254
  2,499
  2,757
  3,026
  3,308
  3,601
  3,906
  4,224
  4,554
  4,898
  5,254
  5,625
  6,010
  6,411
  6,827
  7,261
  7,712
  8,182
  8,671
  9,181
  9,713
Operating income, $m
  229
  281
  338
  401
  470
  546
  627
  715
  809
  908
  1,013
  1,123
  1,239
  1,360
  1,486
  1,618
  1,755
  1,898
  2,046
  2,200
  2,361
  2,527
  2,700
  2,880
  3,067
  3,262
  3,465
  3,676
  3,896
  4,125
  4,364
EBITDA, $m
  478
  584
  702
  834
  978
  1,135
  1,305
  1,488
  1,682
  1,889
  2,107
  2,337
  2,577
  2,829
  3,092
  3,366
  3,652
  3,949
  4,257
  4,578
  4,912
  5,258
  5,618
  5,993
  6,382
  6,787
  7,209
  7,648
  8,106
  8,583
  9,080
Interest expense (income), $m
  138
  153
  197
  246
  300
  361
  426
  497
  573
  654
  739
  830
  926
  1,026
  1,131
  1,240
  1,354
  1,473
  1,596
  1,725
  1,858
  1,997
  2,141
  2,291
  2,447
  2,609
  2,777
  2,953
  3,135
  3,326
  3,524
Earnings before tax, $m
  96
  128
  141
  155
  170
  185
  201
  218
  236
  254
  273
  293
  313
  334
  355
  378
  401
  425
  450
  476
  502
  530
  559
  589
  621
  653
  687
  723
  760
  799
  840
Tax expense, $m
  0
  35
  38
  42
  46
  50
  54
  59
  64
  69
  74
  79
  84
  90
  96
  102
  108
  115
  121
  128
  136
  143
  151
  159
  168
  176
  186
  195
  205
  216
  227
Net income, $m
  85
  93
  103
  113
  124
  135
  147
  159
  172
  186
  199
  214
  228
  244
  259
  276
  293
  310
  328
  347
  367
  387
  408
  430
  453
  477
  502
  528
  555
  583
  613

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
  9,149
  10,998
  13,053
  15,314
  17,777
  20,440
  23,298
  26,346
  29,580
  32,996
  36,590
  40,360
  44,305
  48,423
  52,716
  57,187
  61,837
  66,671
  71,696
  76,918
  82,344
  87,984
  93,847
  99,945
  106,290
  112,894
  119,772
  126,937
  134,407
  142,197
Adjusted assets (=assets-cash), $m
  7,501
  9,149
  10,998
  13,053
  15,314
  17,777
  20,440
  23,298
  26,346
  29,580
  32,996
  36,590
  40,360
  44,305
  48,423
  52,716
  57,187
  61,837
  66,671
  71,696
  76,918
  82,344
  87,984
  93,847
  99,945
  106,290
  112,894
  119,772
  126,937
  134,407
  142,197
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
  7,798
  9,374
  11,126
  13,053
  15,153
  17,423
  19,859
  22,457
  25,214
  28,126
  31,189
  34,403
  37,765
  41,275
  44,935
  48,745
  52,709
  56,830
  61,113
  65,564
  70,189
  74,997
  79,995
  85,192
  90,601
  96,230
  102,092
  108,200
  114,567
  121,207
Working capital, $m
  0
  -138
  -165
  -196
  -230
  -268
  -308
  -351
  -396
  -445
  -497
  -551
  -607
  -667
  -729
  -793
  -861
  -931
  -1,003
  -1,079
  -1,157
  -1,239
  -1,324
  -1,412
  -1,504
  -1,599
  -1,699
  -1,802
  -1,910
  -2,023
  -2,140
Total debt, $m
  4,370
  5,621
  7,024
  8,584
  10,300
  12,170
  14,191
  16,360
  18,674
  21,128
  23,721
  26,449
  29,310
  32,304
  35,430
  38,689
  42,082
  45,611
  49,281
  53,094
  57,058
  61,176
  65,457
  69,907
  74,536
  79,351
  84,364
  89,584
  95,022
  100,692
  106,604
Total liabilities, $m
  5,693
  6,944
  8,347
  9,907
  11,623
  13,493
  15,514
  17,683
  19,997
  22,451
  25,044
  27,772
  30,633
  33,627
  36,753
  40,012
  43,405
  46,934
  50,604
  54,417
  58,381
  62,499
  66,780
  71,230
  75,859
  80,674
  85,687
  90,907
  96,345
  102,015
  107,927
Total equity, $m
  1,921
  2,205
  2,650
  3,146
  3,691
  4,284
  4,926
  5,615
  6,349
  7,129
  7,952
  8,818
  9,727
  10,677
  11,670
  12,705
  13,782
  14,903
  16,068
  17,279
  18,537
  19,845
  21,204
  22,617
  24,087
  25,616
  27,207
  28,865
  30,592
  32,392
  34,269
Total liabilities and equity, $m
  7,614
  9,149
  10,997
  13,053
  15,314
  17,777
  20,440
  23,298
  26,346
  29,580
  32,996
  36,590
  40,360
  44,304
  48,423
  52,717
  57,187
  61,837
  66,672
  71,696
  76,918
  82,344
  87,984
  93,847
  99,946
  106,290
  112,894
  119,772
  126,937
  134,407
  142,196
Debt-to-equity ratio
  2.275
  2.550
  2.650
  2.730
  2.790
  2.840
  2.880
  2.910
  2.940
  2.960
  2.980
  3.000
  3.010
  3.030
  3.040
  3.050
  3.050
  3.060
  3.070
  3.070
  3.080
  3.080
  3.090
  3.090
  3.090
  3.100
  3.100
  3.100
  3.110
  3.110
  3.110
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
  93
  103
  113
  124
  135
  147
  159
  172
  186
  199
  214
  228
  244
  259
  276
  293
  310
  328
  347
  367
  387
  408
  430
  453
  477
  502
  528
  555
  583
  613
Depreciation, amort., depletion, $m
  249
  303
  365
  433
  508
  590
  678
  773
  874
  981
  1,094
  1,214
  1,339
  1,469
  1,606
  1,748
  1,897
  2,051
  2,211
  2,378
  2,551
  2,731
  2,918
  3,113
  3,315
  3,525
  3,744
  3,972
  4,210
  4,458
  4,716
Funds from operations, $m
  345
  397
  468
  546
  632
  725
  825
  932
  1,046
  1,167
  1,294
  1,427
  1,567
  1,713
  1,866
  2,024
  2,189
  2,361
  2,540
  2,725
  2,918
  3,118
  3,326
  3,543
  3,768
  4,002
  4,246
  4,500
  4,765
  5,041
  5,329
Change in working capital, $m
  6
  -25
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -51
  -54
  -57
  -59
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -108
  -112
  -117
Cash from operations, $m
  339
  1,237
  495
  577
  666
  762
  865
  975
  1,092
  1,215
  1,345
  1,481
  1,624
  1,773
  1,928
  2,089
  2,257
  2,431
  2,612
  2,801
  2,996
  3,200
  3,411
  3,631
  3,860
  4,098
  4,346
  4,604
  4,873
  5,154
  5,447
Maintenance CAPEX, $m
  0
  -249
  -303
  -365
  -433
  -508
  -590
  -678
  -773
  -874
  -981
  -1,094
  -1,214
  -1,339
  -1,469
  -1,606
  -1,748
  -1,897
  -2,051
  -2,211
  -2,378
  -2,551
  -2,731
  -2,918
  -3,113
  -3,315
  -3,525
  -3,744
  -3,972
  -4,210
  -4,458
New CAPEX, $m
  -1,739
  -1,401
  -1,576
  -1,752
  -1,927
  -2,100
  -2,270
  -2,436
  -2,598
  -2,757
  -2,912
  -3,064
  -3,214
  -3,362
  -3,511
  -3,660
  -3,810
  -3,964
  -4,121
  -4,283
  -4,451
  -4,625
  -4,807
  -4,998
  -5,198
  -5,408
  -5,629
  -5,862
  -6,108
  -6,367
  -6,640
Cash from investing activities, $m
  -1,366
  -1,650
  -1,879
  -2,117
  -2,360
  -2,608
  -2,860
  -3,114
  -3,371
  -3,631
  -3,893
  -4,158
  -4,428
  -4,701
  -4,980
  -5,266
  -5,558
  -5,861
  -6,172
  -6,494
  -6,829
  -7,176
  -7,538
  -7,916
  -8,311
  -8,723
  -9,154
  -9,606
  -10,080
  -10,577
  -11,098
Free cash flow, $m
  -1,027
  -413
  -1,384
  -1,540
  -1,694
  -1,846
  -1,994
  -2,139
  -2,279
  -2,415
  -2,547
  -2,677
  -2,803
  -2,928
  -3,052
  -3,177
  -3,302
  -3,429
  -3,560
  -3,694
  -3,832
  -3,977
  -4,127
  -4,285
  -4,451
  -4,625
  -4,809
  -5,003
  -5,207
  -5,423
  -5,652
Issuance/(repayment) of debt, $m
  774
  1,251
  1,403
  1,560
  1,716
  1,870
  2,021
  2,169
  2,314
  2,455
  2,593
  2,728
  2,861
  2,994
  3,126
  3,259
  3,393
  3,529
  3,670
  3,814
  3,963
  4,119
  4,281
  4,450
  4,628
  4,816
  5,012
  5,220
  5,439
  5,669
  5,913
Issuance/(repurchase) of shares, $m
  49
  0
  426
  475
  523
  570
  615
  658
  700
  740
  778
  815
  850
  885
  919
  953
  987
  1,021
  1,055
  1,091
  1,128
  1,166
  1,206
  1,248
  1,292
  1,339
  1,388
  1,440
  1,496
  1,554
  1,616
Cash from financing (excl. dividends), $m  
  1,169
  1,251
  1,829
  2,035
  2,239
  2,440
  2,636
  2,827
  3,014
  3,195
  3,371
  3,543
  3,711
  3,879
  4,045
  4,212
  4,380
  4,550
  4,725
  4,905
  5,091
  5,285
  5,487
  5,698
  5,920
  6,155
  6,400
  6,660
  6,935
  7,223
  7,529
Total cash flow (excl. dividends), $m
  142
  838
  19
  20
  22
  24
  27
  30
  35
  39
  45
  51
  58
  66
  73
  82
  91
  100
  110
  120
  131
  142
  153
  165
  178
  190
  203
  217
  231
  246
  261
Retained Cash Flow (-), $m
  5
  -397
  -446
  -495
  -545
  -594
  -642
  -689
  -735
  -779
  -823
  -866
  -909
  -951
  -993
  -1,035
  -1,077
  -1,121
  -1,165
  -1,211
  -1,258
  -1,308
  -1,359
  -1,413
  -1,470
  -1,529
  -1,592
  -1,657
  -1,727
  -1,800
  -1,877
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
 
  554
  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
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
 
  500
  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
Current shareholders' claim on cash, %
  100
  100.0
  94.0
  88.8
  84.2
  80.1
  76.5
  73.2
  70.4
  67.8
  65.4
  63.3
  61.3
  59.5
  57.9
  56.4
  55.0
  53.7
  52.4
  51.3
  50.2
  49.2
  48.2
  47.3
  46.4
  45.6
  44.8
  44.0
  43.3
  42.6
  41.9

Douglas Emmett, Inc., a real estate investment trust, owns and operates office and multifamily properties in California and Hawaii. As of December 31, 2007, the company’s office portfolio consisted of 48 properties and multifamily portfolio consisted of 9 properties. Its properties are located in Brentwood, Olympic Corridor, Century City, Beverly Hills, Santa Monica, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, and Burbank submarkets of Los Angeles County, California, as well as in Honolulu, Hawaii. The company is headquartered in Santa Monica, California.

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 21.9% 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%.

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 151.395 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 $5.8 billion.


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COMPANY NEWS

▶ 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]
▶ Douglas Emmett Declares Quarterly Cash Dividend   [Jun-02-16 06:21PM  PR Newswire]
▶ Douglas Emmett (DEI) Stock Price Target Upped at Barclays   [Mar-23-16 09:37AM  at TheStreet]
Stock chart of DEI Financial statements of DEI Annual reports 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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