Intrinsic value of Dolby Laboratories Cl A - DLB

Previous Close

$61.86

  Intrinsic Value

$32.21

stock screener

  Rating & Target

sell

-48%

Previous close

$61.86

 
Intrinsic value

$32.21

 
Up/down potential

-48%

 
Rating

sell

We calculate the intrinsic value of DLB 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.36
  3.90
  4.01
  4.11
  4.20
  4.28
  4.35
  4.42
  4.47
  4.53
  4.57
  4.62
  4.65
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.83
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
Revenue, $m
  1,081
  1,123
  1,168
  1,216
  1,267
  1,321
  1,379
  1,440
  1,504
  1,572
  1,644
  1,720
  1,800
  1,885
  1,974
  2,067
  2,166
  2,270
  2,379
  2,494
  2,615
  2,743
  2,876
  3,017
  3,165
  3,320
  3,484
  3,656
  3,836
  4,026
  4,225
Variable operating expenses, $m
 
  796
  827
  860
  894
  931
  970
  1,012
  1,056
  1,102
  1,151
  1,172
  1,226
  1,284
  1,345
  1,408
  1,476
  1,546
  1,621
  1,699
  1,782
  1,868
  1,959
  2,055
  2,156
  2,262
  2,373
  2,490
  2,613
  2,742
  2,878
Fixed operating expenses, $m
 
  70
  71
  73
  75
  77
  79
  81
  83
  85
  87
  89
  91
  94
  96
  98
  101
  103
  106
  109
  111
  114
  117
  120
  123
  126
  129
  132
  136
  139
  143
Total operating expenses, $m
  833
  866
  898
  933
  969
  1,008
  1,049
  1,093
  1,139
  1,187
  1,238
  1,261
  1,317
  1,378
  1,441
  1,506
  1,577
  1,649
  1,727
  1,808
  1,893
  1,982
  2,076
  2,175
  2,279
  2,388
  2,502
  2,622
  2,749
  2,881
  3,021
Operating income, $m
  249
  257
  270
  283
  298
  313
  330
  347
  366
  385
  406
  459
  482
  507
  533
  561
  590
  620
  652
  686
  722
  760
  800
  842
  886
  932
  981
  1,033
  1,087
  1,144
  1,204
EBITDA, $m
  333
  346
  361
  377
  394
  412
  432
  452
  474
  497
  522
  548
  575
  604
  635
  667
  701
  737
  775
  815
  857
  901
  948
  997
  1,049
  1,104
  1,161
  1,221
  1,285
  1,352
  1,422
Interest expense (income), $m
  0
  0
  1
  1
  2
  2
  3
  4
  5
  5
  6
  7
  8
  9
  10
  11
  13
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  38
Earnings before tax, $m
  257
  257
  269
  282
  296
  311
  327
  343
  361
  380
  400
  452
  474
  498
  523
  549
  577
  606
  637
  670
  704
  740
  779
  819
  861
  906
  953
  1,002
  1,054
  1,109
  1,166
Tax expense, $m
  55
  69
  73
  76
  80
  84
  88
  93
  97
  103
  108
  122
  128
  134
  141
  148
  156
  164
  172
  181
  190
  200
  210
  221
  232
  245
  257
  271
  285
  299
  315
Net income, $m
  202
  188
  197
  206
  216
  227
  238
  251
  264
  277
  292
  330
  346
  363
  382
  401
  421
  443
  465
  489
  514
  540
  568
  598
  629
  661
  695
  731
  769
  809
  851

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  875
  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
  2,534
  1,723
  1,792
  1,865
  1,944
  2,027
  2,115
  2,208
  2,307
  2,412
  2,522
  2,638
  2,761
  2,891
  3,027
  3,171
  3,322
  3,481
  3,649
  3,826
  4,011
  4,206
  4,412
  4,627
  4,854
  5,093
  5,343
  5,607
  5,884
  6,174
  6,480
Adjusted assets (=assets-cash), $m
  1,659
  1,723
  1,792
  1,865
  1,944
  2,027
  2,115
  2,208
  2,307
  2,412
  2,522
  2,638
  2,761
  2,891
  3,027
  3,171
  3,322
  3,481
  3,649
  3,826
  4,011
  4,206
  4,412
  4,627
  4,854
  5,093
  5,343
  5,607
  5,884
  6,174
  6,480
Revenue / Adjusted assets
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
  0.652
Average production assets, $m
  618
  642
  668
  696
  725
  756
  789
  824
  860
  899
  941
  984
  1,030
  1,078
  1,129
  1,183
  1,239
  1,298
  1,361
  1,427
  1,496
  1,569
  1,645
  1,726
  1,810
  1,899
  1,993
  2,091
  2,194
  2,303
  2,417
Working capital, $m
  765
  -115
  -119
  -124
  -129
  -135
  -141
  -147
  -153
  -160
  -168
  -175
  -184
  -192
  -201
  -211
  -221
  -232
  -243
  -254
  -267
  -280
  -293
  -308
  -323
  -339
  -355
  -373
  -391
  -411
  -431
Total debt, $m
  0
  15
  31
  49
  68
  87
  108
  131
  154
  179
  206
  234
  263
  294
  326
  361
  397
  435
  475
  517
  562
  608
  657
  709
  763
  820
  880
  943
  1,009
  1,079
  1,152
Total liabilities, $m
  397
  412
  428
  446
  465
  484
  505
  528
  551
  576
  603
  631
  660
  691
  723
  758
  794
  832
  872
  914
  959
  1,005
  1,054
  1,106
  1,160
  1,217
  1,277
  1,340
  1,406
  1,476
  1,549
Total equity, $m
  2,137
  1,311
  1,363
  1,420
  1,479
  1,542
  1,609
  1,681
  1,756
  1,835
  1,919
  2,008
  2,101
  2,200
  2,304
  2,413
  2,528
  2,649
  2,777
  2,911
  3,053
  3,201
  3,357
  3,521
  3,694
  3,876
  4,066
  4,267
  4,477
  4,699
  4,931
Total liabilities and equity, $m
  2,534
  1,723
  1,791
  1,866
  1,944
  2,026
  2,114
  2,209
  2,307
  2,411
  2,522
  2,639
  2,761
  2,891
  3,027
  3,171
  3,322
  3,481
  3,649
  3,825
  4,012
  4,206
  4,411
  4,627
  4,854
  5,093
  5,343
  5,607
  5,883
  6,175
  6,480
Debt-to-equity ratio
  0.000
  0.010
  0.020
  0.030
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.110
  0.120
  0.130
  0.130
  0.140
  0.150
  0.160
  0.160
  0.170
  0.180
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.230
Adjusted equity ratio
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  202
  188
  197
  206
  216
  227
  238
  251
  264
  277
  292
  330
  346
  363
  382
  401
  421
  443
  465
  489
  514
  540
  568
  598
  629
  661
  695
  731
  769
  809
  851
Depreciation, amort., depletion, $m
  84
  89
  91
  94
  96
  99
  102
  105
  109
  112
  116
  89
  93
  97
  102
  107
  112
  117
  123
  129
  135
  141
  148
  155
  163
  171
  180
  188
  198
  207
  218
Funds from operations, $m
  420
  277
  288
  300
  313
  326
  341
  356
  372
  389
  408
  419
  439
  461
  483
  507
  533
  560
  588
  617
  649
  682
  717
  753
  792
  832
  875
  920
  967
  1,017
  1,069
Change in working capital, $m
  49
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
Cash from operations, $m
  371
  281
  293
  305
  318
  332
  346
  362
  379
  396
  415
  426
  447
  469
  492
  517
  543
  570
  599
  629
  661
  695
  730
  768
  807
  848
  892
  937
  986
  1,036
  1,089
Maintenance CAPEX, $m
  0
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -141
  -148
  -155
  -163
  -171
  -180
  -188
  -198
  -207
New CAPEX, $m
  -105
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -46
  -48
  -51
  -54
  -56
  -59
  -63
  -66
  -69
  -73
  -77
  -80
  -85
  -89
  -93
  -98
  -103
  -108
  -114
Cash from investing activities, $m
  -162
  -80
  -84
  -87
  -92
  -96
  -101
  -106
  -111
  -117
  -122
  -128
  -135
  -141
  -148
  -156
  -163
  -171
  -180
  -189
  -198
  -208
  -218
  -228
  -240
  -252
  -264
  -278
  -291
  -306
  -321
Free cash flow, $m
  209
  201
  209
  217
  226
  235
  245
  256
  268
  280
  293
  298
  313
  328
  344
  362
  380
  399
  419
  441
  463
  487
  512
  539
  567
  596
  627
  660
  694
  730
  768
Issuance/(repayment) of debt, $m
  0
  15
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
Issuance/(repurchase) of shares, $m
  -48
  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 from financing (excl. dividends), $m  
  -43
  15
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  69
  73
Total cash flow (excl. dividends), $m
  168
  216
  225
  235
  245
  255
  266
  279
  291
  305
  319
  326
  342
  359
  377
  396
  416
  437
  459
  483
  508
  534
  561
  590
  621
  653
  687
  723
  760
  800
  841
Retained Cash Flow (-), $m
  -167
  -49
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -84
  -89
  -93
  -99
  -104
  -109
  -115
  -121
  -128
  -134
  -141
  -149
  -156
  -164
  -173
  -181
  -191
  -200
  -211
  -221
  -232
Prev. year cash balance distribution, $m
 
  875
  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
 
  1,042
  173
  179
  185
  192
  199
  207
  216
  225
  235
  237
  249
  261
  273
  287
  301
  316
  332
  349
  367
  385
  405
  426
  448
  472
  496
  522
  549
  578
  609
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  999
  158
  155
  152
  149
  145
  140
  135
  129
  123
  113
  106
  99
  92
  84
  76
  69
  61
  54
  47
  40
  34
  28
  23
  18
  14
  11
  9
  6
  5
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Dolby Laboratories, Inc. designs and manufactures audio and imaging products for the cinema, television, broadcast and entertainment industries. Its products for cinema include Digital Cinema Servers and Cinema Audio Products, and broadcast and other include Dolby Conference Phone and Other Products. It offers services to support theatrical and television production for cinema exhibition, broadcast and home entertainment, including equipment training and maintenance, mixing room alignment and equalization, as well as audio, color and light image calibration. Its technologies include Advanced Audio Coding and High Efficiency Advanced Audio Coding, Dolby AC-4, Dolby Atmos, Dolby Digital, Dolby Digital Plus, Dolby TrueHD, Dolby Vision, Dolby Voice and High Efficiency Video Coding. It distributes its products in over 80 countries. Its technologies are incorporated in offerings in various end markets, such as the broadcast, Personal Computer, mobile, consumer electronics and other markets.

FINANCIAL RATIOS  of  Dolby Laboratories Cl A (DLB)

Valuation Ratios
P/E Ratio 31.3
Price to Sales 5.8
Price to Book 3
Price to Tangible Book
Price to Cash Flow 17
Price to Free Cash Flow 23.8
Growth Rates
Sales Growth Rate 5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -52.7%
Cap. Spend. - 3 Yr. Gr. Rate -2.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 8.5%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 10%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 89.1%
Gross Margin - 3 Yr. Avg. 89.6%
EBITDA Margin 31.5%
EBITDA Margin - 3 Yr. Avg. 31.8%
Operating Margin 22.9%
Oper. Margin - 3 Yr. Avg. 22.5%
Pre-Tax Margin 23.8%
Pre-Tax Margin - 3 Yr. Avg. 24%
Net Profit Margin 18.7%
Net Profit Margin - 3 Yr. Avg. 18.5%
Effective Tax Rate 21.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.7%
Payout Ratio 28.2%

DLB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DLB stock intrinsic value calculation we used $1081 million for the last fiscal year's total revenue generated by Dolby Laboratories Cl A. The default revenue input number comes from 2017 income statement of Dolby Laboratories Cl A. 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 DLB stock valuation model: a) initial revenue growth rate of 3.9% 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 4.3%, whose default value for DLB is calculated based on our internal credit rating of Dolby Laboratories Cl A, 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 Dolby Laboratories Cl A.
    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 DLB stock the variable cost ratio is equal to 71%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $68 million in the base year in the intrinsic value calculation for DLB 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 Dolby Laboratories Cl A.

Corporate tax rate of 27% is the nominal tax rate for Dolby Laboratories Cl A. 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 DLB 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 DLB are equal to 57.2%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Dolby Laboratories Cl A 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 DLB is equal to -10.2%. 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 - $2137 million for Dolby Laboratories Cl A - 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 101.935 million for Dolby Laboratories Cl A 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 Dolby Laboratories Cl A at the current share price and the inputted number of shares is $6.3 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ 5 Things Dolby Laboratories Management Wants You to Know   [Jan-27-18 11:00AM  Motley Fool]
▶ Dolby Laboratories reports 1Q loss   [04:33PM  Associated Press]
▶ Dolby Laboratories Awarded by the Advanced Imaging Society   [Jan-16-18 08:00PM  GlobeNewswire]
▶ Netgear, Nvidia, Universal Display Get Post-CES Bounce   [04:23PM  Investor's Business Daily]
▶ CES 2018 Boosted These Chip And Technology Suppliers   [Jan-12-18 04:24PM  Investor's Business Daily]
▶ Michael Price: Bad Times Are Good Times for Value Investors   [Dec-11-17 03:20PM  GuruFocus.com]
▶ AMC Theatres hoping for big boost from 'Titanic's' return to Chicago-area screens   [Nov-15-17 03:55PM  American City Business Journals]
▶ Dolby Laboratories beats 4Q profit forecasts   [Oct-25-17 05:33PM  Associated Press]
▶ 5 Apple suppliers to watch as the new iPhone rolls out   [Sep-15-17 10:11AM  MarketWatch]
▶ Why Apple Finally Embraced Dolby Vision   [Sep-14-17 08:46PM  Motley Fool]
▶ Dolby, Universal Display Boosted By New Apple iPhones   [Sep-13-17 05:00PM  Investor's Business Daily]
▶ Dolby Laboratories tops Street 3Q forecasts   [Jul-25-17 09:51PM  Associated Press]
▶ Netflix Now Has Another Way to Keep Theatergoers at Home   [Jul-18-17 11:04AM  Motley Fool]
▶ Netflix, Microsoft, Dolby Get Price-Target Hikes Ahead Of Earnings   [Jul-17-17 04:38PM  Investor's Business Daily]
▶ Dolby Celebrates 100th Dolby Cinema Opening   [08:30AM  Business Wire]
▶ Dolby Atmos for Music Debuts in the US   [Jul-10-17 08:30AM  Business Wire]
Financial statements of DLB
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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