DDM Analysis: DLB

Valuation Snapshot

Stable Growth	$30.02 - $49.29	$38.59
Multi-Stage	$40.62 - $44.48	$42.51
Blended Fair Value	$40.55
Current Price	$79.91
Upside	-49.25%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DPS	7.40%	11.93%	1.30	1.18	1.07	1.03	0.92	0.91	0.80	0.68	0.59	0.50
YoY Growth	-	-	10.49%	10.80%	3.34%	12.22%	0.67%	14.30%	17.14%	15.94%	17.90%	17.99%
Dividend Yield	-	-	0.00%	1.50%	1.24%	1.46%	1.04%	0.96%	1.17%	1.12%	0.95%	1.10%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	255.02
(-) Cash Dividends Paid (M)	126.60
(=) Cash Retained (M)	128.42

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	51.00	31.88	19.13
Cash Retained (M)	128.42	128.42	128.42
(-) Cash Required (M)	-51.00	-31.88	-19.13
(=) Excess Retained (M)	77.42	96.54	109.29
(/) Shares Outstanding (M)	97.09	97.09	97.09
(=) Excess Retained per Share	0.80	0.99	1.13
LTM Dividend per Share	1.30	1.30	1.30
(+) Excess Retained per Share	0.80	0.99	1.13
(=) Adjusted Dividend	2.10	2.30	2.43
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	1.35%	2.35%	3.35%
Fair Value	$30.02	$38.59	$49.29
Upside / Downside	-62.44%	-51.70%	-38.32%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	255.02	261.00	267.13	273.40	279.82	286.39	294.98
Payout Ratio	49.64%	57.71%	65.79%	73.86%	81.93%	90.00%	92.50%
Projected Dividends (M)	126.60	150.64	175.73	201.93	229.25	257.75	272.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.44%	8.44%	8.44%
Growth Rate	1.35%	2.35%	3.35%
Year 1 PV (M)	137.55	138.91	140.27
Year 2 PV (M)	146.53	149.44	152.37
Year 3 PV (M)	153.75	158.34	163.03
Year 4 PV (M)	159.39	165.78	172.35
Year 5 PV (M)	163.64	171.87	180.44
PV of Terminal Value (M)	3,183.16	3,343.33	3,509.88
Equity Value (M)	3,944.02	4,127.67	4,318.34
Shares Outstanding (M)	97.09	97.09	97.09
Fair Value	$40.62	$42.51	$44.48
Upside / Downside	-49.17%	-46.80%	-44.34%

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Dolby Laboratories, Inc. (DLB)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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