Intrinsic value of Dolby Laboratories Cl A - DLB

Previous Close

$49.52

  Intrinsic Value

$29.73

stock screener

  Rating & Target

sell

-40%

  Value-price divergence*

-17%

Previous close

$49.52

 
Intrinsic value

$29.73

 
Up/down potential

-40%

 
Rating

sell

 
Value-price divergence*

-17%

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

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

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 5.0

 

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, %
  5.66
  5.70
  5.63
  5.57
  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
  5.11
  5.09
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
Revenue, $m
  1,026
  1,084
  1,146
  1,209
  1,276
  1,346
  1,418
  1,495
  1,574
  1,658
  1,745
  1,837
  1,933
  2,033
  2,138
  2,249
  2,364
  2,486
  2,613
  2,746
  2,886
  3,033
  3,187
  3,348
  3,518
  3,696
  3,882
  4,078
  4,284
  4,500
  4,726
Variable operating expenses, $m
 
  728
  767
  808
  851
  896
  943
  992
  1,043
  1,097
  1,153
  1,181
  1,242
  1,307
  1,375
  1,445
  1,520
  1,598
  1,679
  1,765
  1,855
  1,950
  2,048
  2,152
  2,261
  2,376
  2,496
  2,621
  2,754
  2,892
  3,038
Fixed operating expenses, $m
 
  110
  112
  115
  118
  121
  124
  127
  130
  134
  137
  140
  144
  148
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  194
  198
  203
  208
  214
  219
  224
Total operating expenses, $m
  794
  838
  879
  923
  969
  1,017
  1,067
  1,119
  1,173
  1,231
  1,290
  1,321
  1,386
  1,455
  1,526
  1,600
  1,679
  1,761
  1,846
  1,936
  2,030
  2,130
  2,232
  2,341
  2,455
  2,574
  2,699
  2,829
  2,968
  3,111
  3,262
Operating income, $m
  232
  247
  266
  286
  307
  329
  352
  376
  401
  428
  455
  516
  546
  579
  613
  648
  686
  725
  766
  810
  856
  904
  954
  1,007
  1,063
  1,122
  1,184
  1,248
  1,317
  1,388
  1,464
EBITDA, $m
  317
  337
  359
  383
  407
  433
  460
  488
  518
  549
  582
  616
  652
  690
  729
  771
  815
  861
  909
  960
  1,013
  1,069
  1,128
  1,190
  1,255
  1,324
  1,396
  1,471
  1,551
  1,634
  1,722
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  4
  5
  5
  6
  7
  8
  9
  10
  12
  13
  14
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
Earnings before tax, $m
  236
  247
  265
  284
  305
  326
  348
  371
  396
  421
  448
  507
  537
  568
  601
  635
  672
  710
  750
  792
  836
  882
  931
  982
  1,036
  1,093
  1,153
  1,215
  1,281
  1,351
  1,424
Tax expense, $m
  50
  67
  72
  77
  82
  88
  94
  100
  107
  114
  121
  137
  145
  153
  162
  172
  181
  192
  202
  214
  226
  238
  251
  265
  280
  295
  311
  328
  346
  365
  384
Net income, $m
  186
  180
  194
  208
  222
  238
  254
  271
  289
  308
  327
  370
  392
  415
  439
  464
  490
  518
  547
  578
  610
  644
  680
  717
  756
  798
  841
  887
  935
  986
  1,039

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  638
  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
  2,310
  1,766
  1,866
  1,970
  2,078
  2,192
  2,310
  2,434
  2,564
  2,700
  2,842
  2,991
  3,148
  3,311
  3,483
  3,662
  3,851
  4,048
  4,255
  4,473
  4,701
  4,940
  5,190
  5,453
  5,729
  6,019
  6,323
  6,642
  6,977
  7,328
  7,697
Adjusted assets (=assets-cash), $m
  1,672
  1,766
  1,866
  1,970
  2,078
  2,192
  2,310
  2,434
  2,564
  2,700
  2,842
  2,991
  3,148
  3,311
  3,483
  3,662
  3,851
  4,048
  4,255
  4,473
  4,701
  4,940
  5,190
  5,453
  5,729
  6,019
  6,323
  6,642
  6,977
  7,328
  7,697
Revenue / Adjusted assets
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
  0.614
Average production assets, $m
  595
  628
  663
  700
  739
  779
  821
  865
  912
  960
  1,010
  1,063
  1,119
  1,177
  1,238
  1,302
  1,369
  1,439
  1,513
  1,590
  1,671
  1,756
  1,845
  1,939
  2,037
  2,140
  2,248
  2,361
  2,480
  2,605
  2,736
Working capital, $m
  547
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -155
  -163
  -172
  -181
  -190
  -200
  -210
  -221
  -233
  -244
  -257
  -270
  -284
  -298
  -313
  -329
  -346
  -363
  -381
  -400
  -421
Total debt, $m
  0
  19
  39
  60
  82
  105
  129
  154
  181
  208
  237
  267
  299
  332
  367
  403
  442
  482
  524
  568
  614
  663
  714
  767
  823
  882
  944
  1,008
  1,076
  1,148
  1,223
Total liabilities, $m
  340
  359
  379
  400
  422
  445
  469
  494
  521
  548
  577
  607
  639
  672
  707
  743
  782
  822
  864
  908
  954
  1,003
  1,054
  1,107
  1,163
  1,222
  1,284
  1,348
  1,416
  1,488
  1,563
Total equity, $m
  1,970
  1,408
  1,487
  1,570
  1,656
  1,747
  1,841
  1,940
  2,044
  2,152
  2,265
  2,384
  2,509
  2,639
  2,776
  2,919
  3,069
  3,226
  3,392
  3,565
  3,746
  3,937
  4,137
  4,346
  4,566
  4,797
  5,040
  5,294
  5,561
  5,841
  6,135
Total liabilities and equity, $m
  2,310
  1,767
  1,866
  1,970
  2,078
  2,192
  2,310
  2,434
  2,565
  2,700
  2,842
  2,991
  3,148
  3,311
  3,483
  3,662
  3,851
  4,048
  4,256
  4,473
  4,700
  4,940
  5,191
  5,453
  5,729
  6,019
  6,324
  6,642
  6,977
  7,329
  7,698
Debt-to-equity ratio
  0.000
  0.010
  0.030
  0.040
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.100
  0.110
  0.120
  0.130
  0.130
  0.140
  0.140
  0.150
  0.150
  0.160
  0.160
  0.170
  0.170
  0.180
  0.180
  0.180
  0.190
  0.190
  0.190
  0.200
  0.200
Adjusted equity ratio
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797
  0.797

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  186
  180
  194
  208
  222
  238
  254
  271
  289
  308
  327
  370
  392
  415
  439
  464
  490
  518
  547
  578
  610
  644
  680
  717
  756
  798
  841
  887
  935
  986
  1,039
Depreciation, amort., depletion, $m
  85
  90
  94
  97
  101
  105
  108
  113
  117
  122
  126
  100
  106
  111
  117
  123
  129
  136
  143
  150
  158
  166
  174
  183
  192
  202
  212
  223
  234
  246
  258
Funds from operations, $m
  395
  270
  287
  305
  323
  342
  362
  384
  406
  429
  453
  471
  498
  526
  556
  587
  619
  654
  690
  728
  768
  810
  854
  900
  949
  1,000
  1,054
  1,110
  1,169
  1,232
  1,297
Change in working capital, $m
  38
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
Cash from operations, $m
  357
  276
  293
  310
  329
  348
  369
  390
  413
  437
  461
  479
  506
  535
  565
  597
  630
  665
  701
  740
  780
  823
  867
  914
  964
  1,016
  1,070
  1,127
  1,188
  1,251
  1,318
Maintenance CAPEX, $m
  0
  -56
  -59
  -63
  -66
  -70
  -74
  -77
  -82
  -86
  -91
  -95
  -100
  -106
  -111
  -117
  -123
  -129
  -136
  -143
  -150
  -158
  -166
  -174
  -183
  -192
  -202
  -212
  -223
  -234
  -246
New CAPEX, $m
  -222
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -125
  -131
Cash from investing activities, $m
  -283
  -89
  -94
  -100
  -105
  -110
  -116
  -121
  -128
  -134
  -142
  -148
  -156
  -164
  -172
  -181
  -190
  -199
  -210
  -220
  -231
  -243
  -255
  -268
  -281
  -295
  -310
  -325
  -342
  -359
  -377
Free cash flow, $m
  74
  186
  198
  211
  224
  238
  253
  269
  285
  302
  320
  331
  350
  371
  393
  416
  440
  465
  492
  520
  549
  580
  613
  647
  683
  720
  760
  802
  846
  892
  941
Issuance/(repayment) of debt, $m
  0
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
  75
Issuance/(repurchase) of shares, $m
  -43
  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  
  -41
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  30
  32
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  53
  56
  59
  62
  65
  68
  71
  75
Total cash flow (excl. dividends), $m
  32
  205
  218
  232
  246
  261
  277
  294
  311
  330
  349
  361
  382
  404
  428
  452
  478
  505
  534
  564
  595
  629
  663
  700
  739
  779
  822
  867
  914
  963
  1,016
Retained Cash Flow (-), $m
  -163
  -76
  -79
  -83
  -86
  -90
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -137
  -143
  -150
  -157
  -165
  -173
  -182
  -191
  -200
  -210
  -220
  -231
  -242
  -254
  -267
  -280
  -294
Prev. year cash balance distribution, $m
 
  638
  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
 
  767
  139
  149
  160
  171
  183
  195
  208
  221
  236
  242
  258
  274
  291
  309
  328
  348
  369
  391
  414
  438
  464
  490
  519
  548
  580
  612
  647
  683
  722
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
 
  735
  127
  130
  132
  133
  133
  132
  130
  127
  124
  115
  110
  104
  98
  91
  83
  76
  68
  60
  53
  45
  38
  32
  26
  21
  17
  13
  10
  7
  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. creates audio and imaging technologies that transform entertainment and communications at the cinema, at home, at work, and on mobile devices. The company develops and licenses its audio technologies, including Dolby Digital Plus for digital television, mobile, and Internet-based services; Dolby Digital, a digital audio coding technology that provides multichannel sound in the home; and AAC & HE-AAC, an audio coding technologies used to broadcast, download, and streaming content. Its audio technologies also comprise Dolby TrueHD, an audio coding technology for content providers; Dolby Atmos, an object-oriented audio technology for home theaters, device speakers, and headphones; Dolby AC-4, a digital audio coding system that addresses the current and future needs of broadcast and streaming entertainment services; Dolby Voice, an audio conferencing technology; and Dolby Vision, an imaging technology for cinema, digital television, and other consumer devices, as well as HEVC, a digital video codec with higher bandwidth efficiency used in a range of media devices. In addition, the company designs and manufactures audio and imaging products, such as digital cinema servers, Dolby Cinema audio products, and other products for the film production, cinema, television, broadcast, and entertainment industries. Further, it offers an array of services to support theatrical and television production for cinema exhibition, broadcast, and home entertainment. The company serves film studios, content creators, post-production facilities, cinema operators, broadcasters, and video game designers. It sells its products directly to the end users, as well as through dealers and distributors worldwide. Dolby Laboratories, Inc. was founded in 1965 and is headquartered in San Francisco, California.

FINANCIAL RATIOS  of  Dolby Laboratories Cl A (DLB)

Valuation Ratios
P/E Ratio 27
Price to Sales 4.9
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 14.1
Price to Free Cash Flow 37.2
Growth Rates
Sales Growth Rate 5.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 13.8%
Cap. Spend. - 3 Yr. Gr. Rate 48.3%
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 8.4%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 11%
Return On Equity 9.8%
Return On Equity - 3 Yr. Avg. 11%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 89.4%
Gross Margin - 3 Yr. Avg. 90.8%
EBITDA Margin 31.3%
EBITDA Margin - 3 Yr. Avg. 32.7%
Operating Margin 22.6%
Oper. Margin - 3 Yr. Avg. 24.4%
Pre-Tax Margin 23%
Pre-Tax Margin - 3 Yr. Avg. 25.7%
Net Profit Margin 18.1%
Net Profit Margin - 3 Yr. Avg. 19.4%
Effective Tax Rate 21.2%
Eff/ Tax Rate - 3 Yr. Avg. 23.7%
Payout Ratio 25.8%

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 $1026 million for the last fiscal year's total revenue generated by Dolby Laboratories Cl A. The default revenue input number comes from 2016 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 5.7% 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 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 67.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $107 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 57.9%.

Life of production assets of 10.6 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 -8.9%. 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 - $1970 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 100.459 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 $5.0 billion.

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COMPANY NEWS

▶ 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]
▶ Dolby Labs Gets Loud For Pixar   [Jun-13-17 08:31AM  Fortune]
▶ These are the 9 highest-paid Bay Area tech execs outside of Silicon Valley   [Jun-08-17 05:40PM  American City Business Journals]
▶ Have We Hit Peak IMAX?   [Jun-07-17 03:03PM  Motley Fool]
▶ Dolby Laboratories Trades Ex-Dividend Thursday   [May-02-17 10:35AM  Investopedia]
▶ Dolby Laboratories beats 2Q profit forecasts   [Apr-26-17 04:36PM  Associated Press]
▶ Avid Pro Tools to Provide Native Dolby Atmos Mixing   [Apr-22-17 12:30PM  GlobeNewswire]
▶ PwC keeps its Oscar job, but now there's a new rule   [Mar-30-17 09:05AM  at bizjournals.com]
▶ PwC keeps its Oscar job, but now there's a new rule   [09:05AM  American City Business Journals]
▶ CinemaCon 2017: Laser projection a hot topic, but do moviegoers care?   [03:00AM  American City Business Journals]
▶ Dolby Cinema Coming to the Middle East   [08:30AM  Business Wire]
▶ Apple eyes big ambitions for augmented reality push   [Mar-20-17 06:08PM  at bizjournals.com]
▶ Apple eyes big ambitions for augmented reality push   [06:08PM  American City Business Journals]
▶ Dolby Cinema Showcases Strong Spring Lineup   [08:30AM  Business Wire]
▶ Dolby Atmos Transforms the 2017 Sundance Film Festival   [Jan-18-17 08:30AM  Business Wire]
▶ Dolby Cinema at AMC Opens Its 50th Location   [Jan-10-17 08:30AM  Business Wire]
Stock chart of DLB 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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