Intrinsic value of Douglas Emmett - DEI

Previous Close

$37.55

  Intrinsic Value

$3.17

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-9%

Previous close

$37.55

 
Intrinsic value

$3.17

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-9%

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 5.7

 

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
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
Revenue, $m
  743
  853
  971
  1,096
  1,230
  1,370
  1,518
  1,673
  1,835
  2,004
  2,180
  2,364
  2,555
  2,753
  2,960
  3,174
  3,397
  3,628
  3,869
  4,119
  4,380
  4,651
  4,933
  5,227
  5,534
  5,854
  6,188
  6,537
  6,901
  7,281
  7,679
Variable operating expenses, $m
 
  589
  670
  757
  848
  945
  1,047
  1,154
  1,266
  1,383
  1,504
  1,631
  1,763
  1,900
  2,042
  2,190
  2,344
  2,503
  2,669
  2,842
  3,022
  3,209
  3,404
  3,607
  3,819
  4,039
  4,270
  4,510
  4,762
  5,024
  5,298
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
  589
  670
  757
  848
  945
  1,047
  1,154
  1,266
  1,383
  1,504
  1,631
  1,763
  1,900
  2,042
  2,190
  2,344
  2,503
  2,669
  2,842
  3,022
  3,209
  3,404
  3,607
  3,819
  4,039
  4,270
  4,510
  4,762
  5,024
  5,298
Operating income, $m
  229
  264
  301
  340
  381
  425
  471
  519
  569
  621
  676
  733
  792
  854
  917
  984
  1,053
  1,125
  1,199
  1,277
  1,358
  1,442
  1,529
  1,621
  1,716
  1,815
  1,918
  2,026
  2,139
  2,257
  2,380
EBITDA, $m
  478
  550
  626
  707
  793
  884
  979
  1,079
  1,184
  1,293
  1,407
  1,525
  1,648
  1,776
  1,909
  2,047
  2,191
  2,340
  2,496
  2,657
  2,825
  3,000
  3,182
  3,372
  3,570
  3,777
  3,992
  4,217
  4,452
  4,697
  4,954
Interest expense (income), $m
  138
  153
  183
  214
  248
  284
  321
  361
  403
  446
  491
  539
  588
  639
  692
  748
  805
  865
  927
  992
  1,059
  1,129
  1,202
  1,277
  1,356
  1,439
  1,525
  1,614
  1,708
  1,805
  1,907
Earnings before tax, $m
  96
  111
  118
  126
  133
  141
  149
  158
  166
  175
  184
  194
  204
  214
  225
  236
  248
  260
  272
  285
  299
  313
  328
  343
  359
  376
  394
  412
  432
  452
  473
Tax expense, $m
  0
  30
  32
  34
  36
  38
  40
  43
  45
  47
  50
  52
  55
  58
  61
  64
  67
  70
  73
  77
  81
  84
  88
  93
  97
  102
  106
  111
  117
  122
  128
Net income, $m
  85
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  149
  156
  164
  172
  181
  190
  199
  208
  218
  228
  239
  250
  262
  275
  287
  301
  315
  330
  345

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
  8,616
  9,807
  11,075
  12,420
  13,840
  15,333
  16,898
  18,535
  20,244
  22,024
  23,878
  25,806
  27,811
  29,894
  32,059
  34,309
  36,648
  39,079
  41,608
  44,239
  46,978
  49,830
  52,803
  55,902
  59,134
  62,506
  66,028
  69,705
  73,548
  77,565
Adjusted assets (=assets-cash), $m
  7,501
  8,616
  9,807
  11,075
  12,420
  13,840
  15,333
  16,898
  18,535
  20,244
  22,024
  23,878
  25,806
  27,811
  29,894
  32,059
  34,309
  36,648
  39,079
  41,608
  44,239
  46,978
  49,830
  52,803
  55,902
  59,134
  62,506
  66,028
  69,705
  73,548
  77,565
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
  7,346
  8,361
  9,443
  10,589
  11,800
  13,073
  14,407
  15,803
  17,259
  18,778
  20,358
  22,002
  23,711
  25,488
  27,333
  29,251
  31,245
  33,318
  35,474
  37,717
  40,053
  42,485
  45,019
  47,661
  50,417
  53,292
  56,294
  59,430
  62,706
  66,131
Working capital, $m
  0
  -85
  -97
  -110
  -123
  -137
  -152
  -167
  -183
  -200
  -218
  -236
  -255
  -275
  -296
  -317
  -340
  -363
  -387
  -412
  -438
  -465
  -493
  -523
  -553
  -585
  -619
  -654
  -690
  -728
  -768
Total debt, $m
  4,370
  5,216
  6,120
  7,083
  8,104
  9,181
  10,315
  11,503
  12,745
  14,042
  15,393
  16,800
  18,264
  19,786
  21,367
  23,010
  24,718
  26,492
  28,338
  30,257
  32,254
  34,333
  36,498
  38,754
  41,106
  43,560
  46,119
  48,792
  51,583
  54,500
  57,549
Total liabilities, $m
  5,693
  6,539
  7,443
  8,406
  9,427
  10,504
  11,638
  12,826
  14,068
  15,365
  16,716
  18,123
  19,587
  21,109
  22,690
  24,333
  26,041
  27,815
  29,661
  31,580
  33,577
  35,656
  37,821
  40,077
  42,429
  44,883
  47,442
  50,115
  52,906
  55,823
  58,872
Total equity, $m
  1,921
  2,076
  2,363
  2,669
  2,993
  3,335
  3,695
  4,072
  4,467
  4,879
  5,308
  5,755
  6,219
  6,702
  7,205
  7,726
  8,268
  8,832
  9,418
  10,027
  10,662
  11,322
  12,009
  12,725
  13,472
  14,251
  15,064
  15,913
  16,799
  17,725
  18,693
Total liabilities and equity, $m
  7,614
  8,615
  9,806
  11,075
  12,420
  13,839
  15,333
  16,898
  18,535
  20,244
  22,024
  23,878
  25,806
  27,811
  29,895
  32,059
  34,309
  36,647
  39,079
  41,607
  44,239
  46,978
  49,830
  52,802
  55,901
  59,134
  62,506
  66,028
  69,705
  73,548
  77,565
Debt-to-equity ratio
  2.275
  2.510
  2.590
  2.650
  2.710
  2.750
  2.790
  2.820
  2.850
  2.880
  2.900
  2.920
  2.940
  2.950
  2.970
  2.980
  2.990
  3.000
  3.010
  3.020
  3.030
  3.030
  3.040
  3.050
  3.050
  3.060
  3.060
  3.070
  3.070
  3.070
  3.080
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
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  149
  156
  164
  172
  181
  190
  199
  208
  218
  228
  239
  250
  262
  275
  287
  301
  315
  330
  345
Depreciation, amort., depletion, $m
  249
  286
  325
  367
  412
  459
  509
  561
  615
  672
  731
  792
  856
  923
  992
  1,064
  1,138
  1,216
  1,296
  1,380
  1,468
  1,558
  1,653
  1,752
  1,855
  1,962
  2,074
  2,190
  2,312
  2,440
  2,573
Funds from operations, $m
  345
  367
  412
  459
  509
  562
  618
  676
  736
  799
  865
  934
  1,005
  1,079
  1,156
  1,236
  1,319
  1,405
  1,495
  1,588
  1,686
  1,787
  1,892
  2,002
  2,117
  2,236
  2,361
  2,491
  2,627
  2,770
  2,918
Change in working capital, $m
  6
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
Cash from operations, $m
  339
  378
  424
  472
  523
  576
  632
  691
  752
  816
  883
  952
  1,024
  1,099
  1,177
  1,257
  1,341
  1,428
  1,519
  1,613
  1,712
  1,814
  1,921
  2,032
  2,147
  2,268
  2,394
  2,526
  2,664
  2,808
  2,958
Maintenance CAPEX, $m
  0
  -249
  -286
  -325
  -367
  -412
  -459
  -509
  -561
  -615
  -672
  -731
  -792
  -856
  -923
  -992
  -1,064
  -1,138
  -1,216
  -1,296
  -1,380
  -1,468
  -1,558
  -1,653
  -1,752
  -1,855
  -1,962
  -2,074
  -2,190
  -2,312
  -2,440
New CAPEX, $m
  -1,739
  -947
  -1,015
  -1,082
  -1,147
  -1,210
  -1,273
  -1,334
  -1,396
  -1,457
  -1,518
  -1,581
  -1,644
  -1,709
  -1,776
  -1,846
  -1,918
  -1,994
  -2,073
  -2,156
  -2,243
  -2,335
  -2,432
  -2,534
  -2,642
  -2,756
  -2,876
  -3,002
  -3,136
  -3,276
  -3,425
Cash from investing activities, $m
  -1,366
  -1,196
  -1,301
  -1,407
  -1,514
  -1,622
  -1,732
  -1,843
  -1,957
  -2,072
  -2,190
  -2,312
  -2,436
  -2,565
  -2,699
  -2,838
  -2,982
  -3,132
  -3,289
  -3,452
  -3,623
  -3,803
  -3,990
  -4,187
  -4,394
  -4,611
  -4,838
  -5,076
  -5,326
  -5,588
  -5,865
Free cash flow, $m
  -1,027
  -818
  -877
  -935
  -992
  -1,046
  -1,100
  -1,152
  -1,204
  -1,255
  -1,307
  -1,359
  -1,412
  -1,466
  -1,522
  -1,580
  -1,641
  -1,704
  -1,770
  -1,839
  -1,912
  -1,989
  -2,070
  -2,156
  -2,246
  -2,342
  -2,443
  -2,549
  -2,662
  -2,781
  -2,906
Issuance/(repayment) of debt, $m
  774
  846
  904
  963
  1,021
  1,077
  1,133
  1,188
  1,242
  1,297
  1,352
  1,407
  1,464
  1,521
  1,581
  1,643
  1,708
  1,775
  1,845
  1,919
  1,997
  2,079
  2,165
  2,256
  2,352
  2,453
  2,560
  2,673
  2,791
  2,917
  3,049
Issuance/(repurchase) of shares, $m
  49
  187
  201
  214
  227
  239
  251
  262
  273
  284
  295
  305
  316
  327
  338
  349
  361
  374
  387
  401
  416
  432
  448
  466
  485
  504
  525
  548
  571
  596
  623
Cash from financing (excl. dividends), $m  
  1,169
  1,033
  1,105
  1,177
  1,248
  1,316
  1,384
  1,450
  1,515
  1,581
  1,647
  1,712
  1,780
  1,848
  1,919
  1,992
  2,069
  2,149
  2,232
  2,320
  2,413
  2,511
  2,613
  2,722
  2,837
  2,957
  3,085
  3,221
  3,362
  3,513
  3,672
Total cash flow (excl. dividends), $m
  142
  215
  227
  242
  256
  270
  284
  298
  312
  325
  339
  353
  367
  382
  397
  412
  429
  445
  463
  482
  501
  522
  543
  566
  590
  616
  642
  671
  701
  732
  765
Retained Cash Flow (-), $m
  5
  -268
  -287
  -306
  -324
  -342
  -360
  -377
  -395
  -412
  -429
  -447
  -465
  -483
  -502
  -522
  -542
  -564
  -586
  -609
  -634
  -660
  -687
  -716
  -747
  -779
  -813
  -849
  -886
  -926
  -968
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
 
  60
  -60
  -64
  -68
  -72
  -75
  -79
  -83
  -86
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -144
  -150
  -157
  -163
  -170
  -178
  -186
  -194
  -203
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
 
  54
  -48
  -46
  -42
  -38
  -35
  -30
  -26
  -23
  -19
  -16
  -13
  -10
  -8
  -6
  -4
  -3
  -2
  -2
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.6
  93.6
  90.8
  88.3
  85.9
  83.8
  81.8
  80.0
  78.3
  76.8
  75.3
  73.9
  72.7
  71.4
  70.3
  69.2
  68.2
  67.2
  66.2
  65.3
  64.4
  63.6
  62.7
  61.9
  61.2
  60.4
  59.7
  59.0
  58.3
  57.6

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 66.9
Price to Sales 7.7
Price to Book 3
Price to Tangible Book
Price to Cash Flow 16.8
Price to Free Cash Flow -4.1
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 14.8% 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 -10%. 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 $5.7 billion.

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COMPANY NEWS

▶ 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]
▶ Douglas Emmett Declares Quarterly Cash Dividend   [Jun-02-16 06:21PM  PR Newswire]
Stock chart of DEI 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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