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Dolby Laboratories

DB:FUO
Snowflake Description

Flawless balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FUO
DB
$7B
Market Cap
  1. Home
  2. DE
  3. Tech
Company description

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 last earnings update was 81 days ago. More info.


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FUO Share Price and Events
7 Day Returns
-2.8%
DB:FUO
1.7%
DE Electronic
1.5%
DE Market
1 Year Returns
2.5%
DB:FUO
-2%
DE Electronic
-6.2%
DE Market
FUO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dolby Laboratories (FUO) -2.8% -0.7% 2.7% 2.5% 50.3% 79.9%
DE Electronic 1.7% 8.1% 19.9% -2% 97.4% 104.1%
DE Market 1.5% 6% 8.5% -6.2% 10.7% 15.3%
1 Year Return vs Industry and Market
  • FUO outperformed the Electronic industry which returned -2% over the past year.
  • FUO outperformed the Market in Germany which returned -6.2% over the past year.
Price Volatility
FUO
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Dolby Laboratories undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Dolby Laboratories to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Dolby Laboratories.

DB:FUO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.5%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:FUO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Electronic Unlevered Beta Simply Wall St/ S&P Global 1.07
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.066 (1 + (1- 21%) (0%))
1.044
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.04
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.044 * 5.96%)
6.45%

Discounted Cash Flow Calculation for DB:FUO using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Dolby Laboratories is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:FUO DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 6.45%)
2019 252.70 Analyst x2 237.39
2020 345.00 Analyst x1 304.46
2021 379.00 Analyst x1 314.19
2022 404.19 Est @ 6.65% 314.77
2023 423.28 Est @ 4.72% 309.66
2024 437.56 Est @ 3.37% 300.71
2025 448.19 Est @ 2.43% 289.35
2026 456.12 Est @ 1.77% 276.63
2027 462.08 Est @ 1.31% 263.26
2028 466.62 Est @ 0.98% 249.74
Present value of next 10 years cash flows $2,860.16
DB:FUO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $466.62 × (1 + 0.23%) ÷ (6.45% – 0.23%)
$7,516.06
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $7,516.06 ÷ (1 + 6.45%)10
$4,022.66
DB:FUO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $2,860.16 + $4,022.66
$6,882.82
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $6,882.82 / 102.62
$67.07
DB:FUO Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:FUO represents 0.8864x of NYSE:DLB
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.8864x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 67.07 x 0.8864
€59.45
Value per share (EUR) From above. €59.45
Current discount Discount to share price of €56.49
= -1 x (€56.49 - €59.45) / €59.45
5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Dolby Laboratories is available for.
Intrinsic value
5%
Share price is €56.49 vs Future cash flow value of €59.45
Current Discount Checks
For Dolby Laboratories to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Dolby Laboratories's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Dolby Laboratories's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dolby Laboratories's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dolby Laboratories's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:FUO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-28) in USD $2.65
NYSE:DLB Share Price ** NYSE (2019-04-23) in USD $63.73
Germany Electronic Industry PE Ratio Median Figure of 13 Publicly-Listed Electronic Companies 23.37x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.6x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Dolby Laboratories.

DB:FUO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:DLB Share Price ÷ EPS (both in USD)

= 63.73 ÷ 2.65

24.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dolby Laboratories is overvalued based on earnings compared to the DE Electronic industry average.
  • Dolby Laboratories is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Dolby Laboratories's expected growth come at a high price?
Raw Data
DB:FUO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 24.07x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
7.5%per year
Germany Electronic Industry PEG Ratio Median Figure of 12 Publicly-Listed Electronic Companies 2.1x
Germany Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:FUO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 24.07x ÷ 7.5%

3.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dolby Laboratories is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Dolby Laboratories's assets?
Raw Data
DB:FUO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-28) in USD $22.86
NYSE:DLB Share Price * NYSE (2019-04-23) in USD $63.73
Germany Electronic Industry PB Ratio Median Figure of 19 Publicly-Listed Electronic Companies 2.57x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:FUO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:DLB Share Price ÷ Book Value per Share (both in USD)

= 63.73 ÷ 22.86

2.79x

* Primary Listing of Dolby Laboratories.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dolby Laboratories is overvalued based on assets compared to the DE Electronic industry average.
X
Value checks
We assess Dolby Laboratories's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electronic industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electronic industry average (and greater than 0)? (1 check)
  5. Dolby Laboratories has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Dolby Laboratories expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dolby Laboratories expected to grow at an attractive rate?
  • Dolby Laboratories's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Dolby Laboratories's earnings growth is positive but not above the Germany market average.
  • Dolby Laboratories's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:FUO Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:FUO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 7.5%
DB:FUO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 6.7%
Germany Electronic Industry Earnings Growth Rate Market Cap Weighted Average 12.5%
Germany Electronic Industry Revenue Growth Rate Market Cap Weighted Average 7.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:FUO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:FUO Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-09-30 1,420 463 325 3
2020-09-30 1,356 431 293 6
2019-09-30 1,256 442 274 6
DB:FUO Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-28 1,175 392 274
2018-09-28 1,172 352 122
2018-06-29 1,160 321 122
2018-03-30 1,149 317 115
2017-12-29 1,115 324 95
2017-09-29 1,081 378 202
2017-06-30 1,072 370 204
2017-03-31 1,044 359 192
2016-12-30 1,051 360 208
2016-09-30 1,026 360 186
2016-07-01 1,025 367 208
2016-04-01 980 288 180
2016-01-01 977 373 171

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Dolby Laboratories's earnings are expected to grow by 7.5% yearly, however this is not considered high growth (20% yearly).
  • Dolby Laboratories's revenue is expected to grow by 6.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:FUO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Dolby Laboratories Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:FUO Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-09-30 3.18 3.25 3.14 3.00
2020-09-30 2.80 2.85 2.73 6.00
2019-09-30 2.59 2.65 2.55 5.00
DB:FUO Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-28 2.65
2018-09-28 1.18
2018-06-29 1.19
2018-03-30 1.12
2017-12-29 0.93
2017-09-29 1.98
2017-06-30 2.01
2017-03-31 1.89
2016-12-30 2.06
2016-09-30 1.85
2016-07-01 2.07
2016-04-01 1.78
2016-01-01 1.68

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Dolby Laboratories is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Dolby Laboratories's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Dolby Laboratories has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Dolby Laboratories performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Dolby Laboratories's growth in the last year to its industry (Electronic).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Dolby Laboratories's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Dolby Laboratories's 1-year earnings growth exceeds its 5-year average (184.3% vs -4%)
  • Dolby Laboratories's earnings growth has exceeded the DE Electronic industry average in the past year (184.3% vs 18.1%).
Earnings and Revenue History
Dolby Laboratories's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Dolby Laboratories Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:FUO Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-28 1,174.77 273.77 525.30 239.00
2018-09-28 1,171.92 122.25 507.32 236.79
2018-06-29 1,160.38 122.27 489.90 234.12
2018-03-30 1,148.60 115.17 479.96 233.39
2017-12-29 1,114.71 95.13 474.07 232.24
2017-09-29 1,081.45 201.80 468.35 233.31
2017-06-30 1,072.40 203.94 464.05 234.70
2017-03-31 1,044.33 191.53 462.88 230.05
2016-12-30 1,051.19 208.33 458.30 223.80
2016-09-30 1,025.74 185.86 464.12 219.61
2016-07-01 1,025.49 208.48 470.29 211.01
2016-04-01 979.60 180.36 469.85 201.55
2016-01-01 977.21 170.93 467.15 206.06
2015-09-25 970.64 181.39 460.95 201.32
2015-06-26 964.85 180.78 448.97 197.78
2015-03-27 956.50 185.05 438.71 199.06
2014-12-26 963.14 202.95 435.70 187.26
2014-09-26 960.18 206.10 424.85 183.13
2014-06-27 949.87 205.96 410.85 177.49
2014-03-28 933.60 196.39 401.68 173.62
2013-12-27 904.35 182.44 393.03 170.77
2013-09-27 909.67 189.27 393.07 168.75
2013-06-28 918.78 194.97 387.28 165.26
2013-03-29 922.03 216.28 376.47 157.47
2012-12-28 935.44 242.49 359.51 149.75
2012-09-28 933.01 264.30 337.26 140.14
2012-06-29 951.03 291.88 318.58 135.29

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Dolby Laboratories has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Dolby Laboratories used its assets more efficiently than the DE Electronic industry average last year based on Return on Assets.
  • Dolby Laboratories has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Dolby Laboratories's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electronic industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Dolby Laboratories has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Dolby Laboratories's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Dolby Laboratories's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dolby Laboratories is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Dolby Laboratories's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Dolby Laboratories's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Dolby Laboratories has no debt, it does not need to be covered by short term assets.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Dolby Laboratories Company Filings, last reported 3 months ago.

DB:FUO Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-28 2,348.95 0.00 966.34
2018-09-28 2,196.12 0.00 1,096.20
2018-06-29 2,187.92 0.00 1,024.91
2018-03-30 2,153.98 0.00 946.02
2017-12-29 2,055.92 0.00 849.00
2017-09-29 2,143.84 0.00 874.77
2017-06-30 2,122.38 0.00 840.28
2017-03-31 2,043.16 0.00 727.51
2016-12-30 2,000.66 0.00 677.66
2016-09-30 1,978.74 0.00 637.74
2016-07-01 1,940.32 0.00 718.77
2016-04-01 1,854.05 0.00 625.47
2016-01-01 1,812.18 0.00 606.24
2015-09-25 1,816.01 0.00 670.83
2015-06-26 1,839.98 0.00 636.70
2015-03-27 1,799.06 0.00 702.16
2014-12-26 1,751.10 0.00 620.56
2014-09-26 1,731.65 0.00 799.68
2014-06-27 1,686.16 0.00 771.54
2014-03-28 1,653.18 0.00 737.98
2013-12-27 1,549.77 0.00 664.05
2013-09-27 1,500.03 0.00 594.66
2013-06-28 1,449.86 0.00 517.90
2013-03-29 1,408.53 0.00 452.92
2012-12-28 1,345.80 0.00 434.87
2012-09-28 1,743.23 0.00 795.29
2012-06-29 1,751.06 0.00 992.81
  • Dolby Laboratories has no debt.
  • Dolby Laboratories has not taken on any debt in the past 5 years.
  • Dolby Laboratories has no debt, it does not need to be covered by operating cash flow.
  • Dolby Laboratories has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Dolby Laboratories's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Dolby Laboratories has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Dolby Laboratories's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.19%
Current annual income from Dolby Laboratories dividends. Estimated to be 1.32% next year.
If you bought €2,000 of Dolby Laboratories shares you are expected to receive €24 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Dolby Laboratories's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Dolby Laboratories's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:FUO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Germany Electronic Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 1.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:FUO Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-09-30 0.92 1.00
2020-09-30 0.84 1.00
2019-09-30 0.75 1.00
DB:FUO Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-01-30 0.760 1.182
2018-11-15 0.760 1.174
2018-10-24 0.760 1.119
2018-08-01 0.640 0.932
2018-07-25 0.640 0.986
2018-05-02 0.640 1.016
2018-04-24 0.640 1.040
2018-01-31 0.640 0.989
2018-01-24 0.640 0.969
2017-10-25 0.640 1.038
2017-08-03 0.560 1.032
2017-07-25 0.560 1.066
2017-04-26 0.560 1.099
2017-02-02 0.560 1.108
2017-01-25 0.560 1.160
2016-11-18 0.560 1.191
2016-10-26 0.560 1.182
2016-08-02 0.480 0.942
2016-07-27 0.480 0.965
2016-01-27 0.480 1.107
2015-11-24 0.480 1.449
2015-10-21 0.480 1.384
2015-07-31 0.400 1.214
2015-07-22 0.400 1.129
2015-05-06 0.400 1.018
2015-04-21 0.400 0.991
2014-10-23 0.400 0.978

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Dolby Laboratories has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Dolby Laboratories only paid a dividend in the past 5 years.
Current Payout to shareholders
What portion of Dolby Laboratories's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4x coverage).
X
Income/ dividend checks
We assess Dolby Laboratories's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Dolby Laboratories afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dolby Laboratories has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Dolby Laboratories's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kevin Yeaman
COMPENSATION $8,157,746
AGE 52
TENURE AS CEO 10.1 years
CEO Bio

Mr. Kevin J. Yeaman has been the Chief Executive Officer and President of Dolby Laboratories, Inc. since March 28, 2009. Mr. Yeaman served as the Chief Financial Officer of Dolby Laboratories Inc., from October 24, 2005 to March 28, 2009 and also served as its Principal Accounting Officer. He served as an Executive Vice President of Dolby Laboratories Inc. since July 2007. Prior to joining Dolby, he worked for seven years at Epiphany, Inc. and served as Chief Financial Officer from August 1999 to October 2005. He is a co-owner at Yeamen Family Trust. Mr. Yeaman has more than 15 years of financial and strategic business management experience, including over 8 years in senior finance positions at publicly traded companies. He served as a Vice President of Dolby since joining it in October 2005 and Senior Vice President since November 2006. He served as the Chief Financial Officer of E.Piphany Inc., from August 1999 to October 2005 and also served as its Principal Accounting Officer. He served as Vice President of Finance and Administration of E.Piphany Inc. from June 1999 to August 1999 and its Controller from August 1998 to June 1999. He was responsible for strategic planning, investor relations, corporate governance and all administrative functions, including human resources, legal, facilities and IT. Prior to E.piphany from February 1998 to August 1998, Mr. Yeaman worked with Informix Software Inc. (now part of IBM), as Vice President of Worldwide Field Operations Controller, where he managed a team responsible for budgeting, forecasting, compensation and financial analysis in support of Dolby Laboratories Inc.'s sales organization. From September 1988 to February 1998, he worked with KPMG Peat Marwick LLP, where he managed audit services, mergers and acquisitions and IPOs for both high-tech startups and multibillion dollar companies in California's Silicon Valley and in London, England, as a Senior Manager. Mr. Yeaman is a member of the Academy of Motion Picture Arts and Sciences. He also sits on the Board of Trustees of the Academy Museum Foundation. He has been a Director of Dolby Laboratories, Inc., since March 28, 2009. Mr. Yeaman is a Certified Public Accountant in California and holds a BS degree in Commerce from Santa Clara University.

CEO Compensation
  • Kevin's compensation has been consistent with company performance over the past year.
  • Kevin's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Dolby Laboratories management team in years:

2.5
Average Tenure
51
Average Age
  • The tenure for the Dolby Laboratories management team is about average.
Management Team

Kevin Yeaman

TITLE
President
COMPENSATION
$8M
AGE
52
TENURE
10.1 yrs

Lewis Chew

TITLE
Principal Financial Officer
COMPENSATION
$3M
AGE
55
TENURE
6.8 yrs

Andy Sherman

TITLE
Executive VP
COMPENSATION
$3M
AGE
51
TENURE
8.3 yrs

Todd Pendleton

TITLE
Senior VP & Chief Marketing Officer
COMPENSATION
$4M
AGE
46
TENURE
0.8 yrs

Giles Baker

TITLE
Senior Vice President of Consumer Entertainment
COMPENSATION
$3M
AGE
42
TENURE
2.5 yrs

Ryan Nicholson

TITLE
Principal Accounting Officer
TENURE
0.2 yrs

Elena Carr

TITLE
Director of Corporate Finance & Investor Relations

Craig Todd

TITLE
CTO & Senior VP

Andrew Border

TITLE
Vice President of Communications Business Group

Linda Rogers

TITLE
Senior Vice presidentof Human Resources
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the Dolby Laboratories board of directors in years:

9.1
Average Tenure
58
Average Age
  • The tenure for the Dolby Laboratories board of directors is about average.
Board of Directors

Peter Gotcher

TITLE
Chairman
COMPENSATION
$364K
AGE
59
TENURE
8.1 yrs

Kevin Yeaman

TITLE
President
COMPENSATION
$8M
AGE
52
TENURE
10.1 yrs

Roger Siboni

TITLE
Independent Director
COMPENSATION
$339K
AGE
64
TENURE
14.8 yrs

Avie Tevanian

TITLE
Independent Director
COMPENSATION
$326K
AGE
57
TENURE
10.2 yrs

Micheline Chau

TITLE
Independent Director
COMPENSATION
$320K
AGE
65
TENURE
6.2 yrs

Bill Jasper

TITLE
Independent Director
COMPENSATION
$299K
AGE
71
TENURE
15.8 yrs

David Dolby

TITLE
Director
COMPENSATION
$304K
AGE
41
TENURE
8.2 yrs

Simon Segars

TITLE
Independent Director
COMPENSATION
$314K
AGE
51
TENURE
4.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
18. May 18 Sell Nicholas Donatiello Individual 16. May 18 16. May 18 -2,000 €53.46 €-106,928
X
Management checks
We assess Dolby Laboratories's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Dolby Laboratories has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

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, such as AAC & HE-AAC, a digital audio codec solution used for TVs, set-top boxes (STBs), personal computers (PCs), gaming consoles, mobile devices, and digital radio; AVC, a digital video codec with high bandwidth efficiency used in media devices; Dolby AC-4, an audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for home theaters, cinemas, device speakers, mobile devices, and headphones. Its audio technologies also include Dolby Digital, a digital audio coding technology that provides multichannel sound to applications; Dolby Digital Plus, a digital audio coding technology that offers audio transmission for a range of media applications; Dolby TrueHD, a digital audio coding technology providing encoding for Blu-ray discs and home theaters; Dolby Vision, an imaging technology for cinema and media devices; Dolby Voice, an audio conferencing technology; and HEVC, a digital video codec with high bandwidth efficiency to support for media devices. In addition, the company designs and manufactures digital cinema servers, cinema processors, amplifiers, loudspeakers, hardware components, video conferencing solutions, and other products for the cinema, television, broadcast, and entertainment industries. Further, it offers various 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.

Details
Name: Dolby Laboratories, Inc.
FUO
Exchange: DB
Founded: 1965
$5,836,084,835
102,616,717
Website: http://www.dolby.com
Address: Dolby Laboratories, Inc.
1275 Market Street,
San Francisco,
California, 94103,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE DLB Class A Common Stock New York Stock Exchange US USD 17. Feb 2005
DB FUO Class A Common Stock Deutsche Boerse AG DE EUR 17. Feb 2005
Number of employees
Current staff
Staff numbers
2,151
Dolby Laboratories employees.
Industry
Electronic Components
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 20:52
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/23
Last earnings filing: 2019/02/01
Last earnings reported: 2018/12/28
Last annual earnings reported: 2018/09/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.