Intrinsic value of Charles River Laboratories International - CRL

Previous Close

$128.71

  Intrinsic Value

$196.54

stock screener

  Rating & Target

str. buy

+53%

Previous close

$128.71

 
Intrinsic value

$196.54

 
Up/down potential

+53%

 
Rating

str. buy

We calculate the intrinsic value of CRL 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 0001), $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 6.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  24.80
  22.82
  21.04
  19.43
  17.99
  16.69
  15.52
  14.47
  13.52
  12.67
  11.90
  11.21
  10.59
  10.03
  9.53
  9.08
  8.67
  8.30
  7.97
  7.67
  7.41
  7.17
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
Revenue, $m
  2,318
  2,847
  3,446
  4,116
  4,857
  5,667
  6,547
  7,494
  8,508
  9,586
  10,727
  11,930
  13,193
  14,517
  15,901
  17,344
  18,847
  20,412
  22,039
  23,731
  25,488
  27,315
  29,213
  31,187
  33,239
  35,373
  37,594
  39,907
  42,316
  44,826
Variable operating expenses, $m
  1,626
  1,970
  2,360
  2,796
  3,278
  3,806
  4,378
  4,995
  5,654
  6,356
  6,981
  7,763
  8,586
  9,447
  10,347
  11,287
  12,265
  13,283
  14,342
  15,443
  16,587
  17,776
  19,011
  20,295
  21,631
  23,020
  24,465
  25,970
  27,537
  29,171
Fixed operating expenses, $m
  253
  259
  265
  271
  277
  283
  289
  295
  302
  308
  315
  322
  329
  336
  344
  351
  359
  367
  375
  383
  392
  400
  409
  418
  427
  437
  446
  456
  466
  476
Total operating expenses, $m
  1,879
  2,229
  2,625
  3,067
  3,555
  4,089
  4,667
  5,290
  5,956
  6,664
  7,296
  8,085
  8,915
  9,783
  10,691
  11,638
  12,624
  13,650
  14,717
  15,826
  16,979
  18,176
  19,420
  20,713
  22,058
  23,457
  24,911
  26,426
  28,003
  29,647
Operating income, $m
  439
  618
  821
  1,049
  1,302
  1,579
  1,880
  2,205
  2,552
  2,922
  3,431
  3,844
  4,279
  4,734
  5,209
  5,706
  6,223
  6,762
  7,322
  7,904
  8,510
  9,139
  9,793
  10,473
  11,181
  11,917
  12,683
  13,481
  14,312
  15,178
EBITDA, $m
  671
  876
  1,109
  1,370
  1,659
  1,977
  2,321
  2,692
  3,090
  3,513
  3,961
  4,434
  4,930
  5,451
  5,995
  6,562
  7,154
  7,770
  8,410
  9,076
  9,769
  10,488
  11,236
  12,014
  12,823
  13,664
  14,540
  15,452
  16,402
  17,392
Interest expense (income), $m
  23
  62
  87
  116
  149
  185
  226
  270
  319
  370
  426
  485
  548
  613
  683
  755
  831
  910
  992
  1,078
  1,167
  1,260
  1,356
  1,456
  1,560
  1,668
  1,780
  1,897
  2,019
  2,146
  2,278
Earnings before tax, $m
  377
  531
  705
  901
  1,117
  1,353
  1,610
  1,886
  2,182
  2,496
  2,946
  3,297
  3,665
  4,051
  4,454
  4,875
  5,313
  5,769
  6,244
  6,737
  7,250
  7,783
  8,337
  8,913
  9,513
  10,136
  10,786
  11,462
  12,166
  12,901
Tax expense, $m
  102
  143
  190
  243
  301
  365
  435
  509
  589
  674
  795
  890
  990
  1,094
  1,203
  1,316
  1,435
  1,558
  1,686
  1,819
  1,958
  2,101
  2,251
  2,407
  2,568
  2,737
  2,912
  3,095
  3,285
  3,483
Net income, $m
  275
  388
  515
  657
  815
  988
  1,175
  1,377
  1,593
  1,822
  2,151
  2,407
  2,676
  2,957
  3,252
  3,559
  3,879
  4,212
  4,558
  4,918
  5,293
  5,682
  6,086
  6,507
  6,944
  7,400
  7,874
  8,367
  8,881
  9,418

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,657
  4,491
  5,436
  6,492
  7,660
  8,939
  10,326
  11,821
  13,419
  15,120
  16,919
  18,817
  20,810
  22,898
  25,080
  27,356
  29,728
  32,196
  34,762
  37,430
  40,203
  43,084
  46,078
  49,190
  52,427
  55,793
  59,297
  62,944
  66,744
  70,704
Adjusted assets (=assets-cash), $m
  3,657
  4,491
  5,436
  6,492
  7,660
  8,939
  10,326
  11,821
  13,419
  15,120
  16,919
  18,817
  20,810
  22,898
  25,080
  27,356
  29,728
  32,196
  34,762
  37,430
  40,203
  43,084
  46,078
  49,190
  52,427
  55,793
  59,297
  62,944
  66,744
  70,704
Revenue / Adjusted assets
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
Average production assets, $m
  1,695
  2,081
  2,519
  3,009
  3,550
  4,143
  4,786
  5,478
  6,219
  7,007
  7,841
  8,721
  9,644
  10,612
  11,623
  12,678
  13,777
  14,921
  16,111
  17,347
  18,632
  19,967
  21,355
  22,798
  24,297
  25,858
  27,481
  29,172
  30,933
  32,768
Working capital, $m
  287
  353
  427
  510
  602
  703
  812
  929
  1,055
  1,189
  1,330
  1,479
  1,636
  1,800
  1,972
  2,151
  2,337
  2,531
  2,733
  2,943
  3,161
  3,387
  3,622
  3,867
  4,122
  4,386
  4,662
  4,948
  5,247
  5,558
Total debt, $m
  1,611
  2,148
  2,756
  3,435
  4,186
  5,008
  5,900
  6,861
  7,889
  8,982
  10,139
  11,359
  12,641
  13,983
  15,386
  16,850
  18,375
  19,962
  21,612
  23,328
  25,111
  26,963
  28,888
  30,890
  32,971
  35,135
  37,388
  39,734
  42,177
  44,723
Total liabilities, $m
  2,351
  2,888
  3,495
  4,175
  4,926
  5,748
  6,640
  7,601
  8,629
  9,722
  10,879
  12,099
  13,381
  14,723
  16,126
  17,590
  19,115
  20,702
  22,352
  24,068
  25,850
  27,703
  29,628
  31,629
  33,710
  35,875
  38,128
  40,473
  42,916
  45,462
Total equity, $m
  1,305
  1,603
  1,941
  2,318
  2,735
  3,191
  3,687
  4,220
  4,791
  5,398
  6,040
  6,718
  7,429
  8,174
  8,953
  9,766
  10,613
  11,494
  12,410
  13,363
  14,352
  15,381
  16,450
  17,561
  18,716
  19,918
  21,169
  22,471
  23,828
  25,241
Total liabilities and equity, $m
  3,656
  4,491
  5,436
  6,493
  7,661
  8,939
  10,327
  11,821
  13,420
  15,120
  16,919
  18,817
  20,810
  22,897
  25,079
  27,356
  29,728
  32,196
  34,762
  37,431
  40,202
  43,084
  46,078
  49,190
  52,426
  55,793
  59,297
  62,944
  66,744
  70,703
Debt-to-equity ratio
  1.230
  1.340
  1.420
  1.480
  1.530
  1.570
  1.600
  1.630
  1.650
  1.660
  1.680
  1.690
  1.700
  1.710
  1.720
  1.730
  1.730
  1.740
  1.740
  1.750
  1.750
  1.750
  1.760
  1.760
  1.760
  1.760
  1.770
  1.770
  1.770
  1.770
Adjusted equity ratio
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  275
  388
  515
  657
  815
  988
  1,175
  1,377
  1,593
  1,822
  2,151
  2,407
  2,676
  2,957
  3,252
  3,559
  3,879
  4,212
  4,558
  4,918
  5,293
  5,682
  6,086
  6,507
  6,944
  7,400
  7,874
  8,367
  8,881
  9,418
Depreciation, amort., depletion, $m
  232
  258
  288
  321
  357
  397
  441
  488
  538
  591
  530
  589
  652
  717
  785
  857
  931
  1,008
  1,089
  1,172
  1,259
  1,349
  1,443
  1,540
  1,642
  1,747
  1,857
  1,971
  2,090
  2,214
Funds from operations, $m
  507
  646
  803
  978
  1,173
  1,385
  1,616
  1,864
  2,130
  2,413
  2,680
  2,996
  3,327
  3,674
  4,037
  4,415
  4,810
  5,220
  5,647
  6,090
  6,551
  7,031
  7,529
  8,047
  8,586
  9,147
  9,730
  10,338
  10,971
  11,632
Change in working capital, $m
  57
  66
  74
  83
  92
  101
  109
  117
  126
  134
  141
  149
  157
  164
  172
  179
  186
  194
  202
  210
  218
  227
  235
  245
  254
  265
  275
  287
  299
  311
Cash from operations, $m
  450
  580
  728
  895
  1,081
  1,285
  1,507
  1,747
  2,005
  2,279
  2,539
  2,847
  3,170
  3,510
  3,865
  4,236
  4,623
  5,026
  5,445
  5,881
  6,334
  6,804
  7,294
  7,803
  8,332
  8,882
  9,455
  10,051
  10,673
  11,320
Maintenance CAPEX, $m
  -92
  -115
  -141
  -170
  -203
  -240
  -280
  -323
  -370
  -420
  -473
  -530
  -589
  -652
  -717
  -785
  -857
  -931
  -1,008
  -1,089
  -1,172
  -1,259
  -1,349
  -1,443
  -1,540
  -1,642
  -1,747
  -1,857
  -1,971
  -2,090
New CAPEX, $m
  -337
  -387
  -438
  -490
  -541
  -593
  -643
  -693
  -741
  -788
  -834
  -879
  -924
  -968
  -1,011
  -1,055
  -1,099
  -1,144
  -1,189
  -1,236
  -1,285
  -1,335
  -1,388
  -1,443
  -1,500
  -1,560
  -1,624
  -1,690
  -1,761
  -1,835
Cash from investing activities, $m
  -429
  -502
  -579
  -660
  -744
  -833
  -923
  -1,016
  -1,111
  -1,208
  -1,307
  -1,409
  -1,513
  -1,620
  -1,728
  -1,840
  -1,956
  -2,075
  -2,197
  -2,325
  -2,457
  -2,594
  -2,737
  -2,886
  -3,040
  -3,202
  -3,371
  -3,547
  -3,732
  -3,925
Free cash flow, $m
  22
  79
  150
  235
  336
  452
  584
  731
  894
  1,071
  1,231
  1,438
  1,658
  1,891
  2,137
  2,396
  2,667
  2,951
  3,247
  3,556
  3,876
  4,210
  4,557
  4,917
  5,291
  5,680
  6,084
  6,504
  6,941
  7,395
Issuance/(repayment) of debt, $m
  466
  537
  608
  679
  751
  822
  892
  961
  1,028
  1,093
  1,157
  1,220
  1,282
  1,342
  1,403
  1,464
  1,525
  1,587
  1,650
  1,715
  1,783
  1,853
  1,925
  2,001
  2,081
  2,165
  2,253
  2,345
  2,443
  2,546
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  466
  537
  608
  679
  751
  822
  892
  961
  1,028
  1,093
  1,157
  1,220
  1,282
  1,342
  1,403
  1,464
  1,525
  1,587
  1,650
  1,715
  1,783
  1,853
  1,925
  2,001
  2,081
  2,165
  2,253
  2,345
  2,443
  2,546
Total cash flow (excl. dividends), $m
  488
  615
  757
  915
  1,087
  1,274
  1,476
  1,692
  1,921
  2,164
  2,389
  2,658
  2,939
  3,233
  3,540
  3,860
  4,192
  4,538
  4,897
  5,271
  5,659
  6,063
  6,482
  6,918
  7,372
  7,845
  8,337
  8,849
  9,384
  9,941
Retained Cash Flow (-), $m
  -260
  -298
  -337
  -377
  -417
  -456
  -495
  -533
  -571
  -607
  -643
  -677
  -712
  -745
  -779
  -813
  -847
  -881
  -916
  -952
  -990
  -1,029
  -1,069
  -1,111
  -1,155
  -1,202
  -1,251
  -1,302
  -1,356
  -1,414
Prev. year cash balance distribution, $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 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
  228
  317
  420
  538
  670
  818
  981
  1,158
  1,351
  1,557
  1,746
  1,980
  2,228
  2,488
  2,761
  3,047
  3,346
  3,657
  3,981
  4,319
  4,669
  5,034
  5,413
  5,807
  6,217
  6,643
  7,086
  7,547
  8,027
  8,528
Discount rate, %
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
  214
  279
  342
  404
  461
  511
  551
  581
  599
  604
  587
  569
  541
  505
  461
  413
  362
  311
  262
  215
  173
  136
  105
  78
  57
  40
  28
  19
  12
  8
Current shareholders' claim on cash, %
  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

Charles River Laboratories International, Inc. is an early-stage contract research company. The Company is engaged in laboratory animal medicine and science (research model technologies) and develop a portfolio of discovery and safety assessment services, both good laboratory practice (GLP) and non-GLP, which supports its clients from target identification through non-clinical development. The Company operates in three segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Support (Manufacturing). The RMS segment includes Research Models and Research Model Services. The DSA segment includes Discovery Services and Safety Assessment. The Manufacturing segment includes Microbial Solutions, Avian, Biologics and Contract Manufacturing. The Company also provides a suite of products and services to support the Company's clients' manufacturing activities.

FINANCIAL RATIOS  of  Charles River Laboratories International (CRL)

Valuation Ratios
P/E Ratio 39.3
Price to Sales 3.6
Price to Book 7.3
Price to Tangible Book
Price to Cash Flow 20.5
Price to Free Cash Flow 25.1
Growth Rates
Sales Growth Rate 23.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.7%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 144.3%
Total Debt to Equity 147.6%
Interest Coverage 11
Management Effectiveness
Return On Assets 7.2%
Ret/ On Assets - 3 Yr. Avg. 7.6%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 19.7%
Return On Equity - 3 Yr. Avg. 20.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 38.5%
Gross Margin - 3 Yr. Avg. 38%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 14.1%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 13.3%
Pre-Tax Margin - 3 Yr. Avg. 13.8%
Net Profit Margin 9.2%
Net Profit Margin - 3 Yr. Avg. 10%
Effective Tax Rate 30%
Eff/ Tax Rate - 3 Yr. Avg. 26.4%
Payout Ratio 0%

CRL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CRL stock intrinsic value calculation we used $1857.601 million for the last fiscal year's total revenue generated by Charles River Laboratories International. The default revenue input number comes from 0001 income statement of Charles River Laboratories International. 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 CRL stock valuation model: a) initial revenue growth rate of 24.8% 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 6.4%, whose default value for CRL is calculated based on our internal credit rating of Charles River Laboratories International, 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 Charles River Laboratories International.
    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 CRL stock the variable cost ratio is equal to 71.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $248 million in the base year in the intrinsic value calculation for CRL 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 5.4% for Charles River Laboratories International.

Corporate tax rate of 27% is the nominal tax rate for Charles River Laboratories International. 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 CRL 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 CRL are equal to 73.1%.

Life of production assets of 14.8 years is the average useful life of capital assets used in Charles River Laboratories International 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 CRL is equal to 12.4%. 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 - $1045.08 million for Charles River Laboratories International - 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 48.032 million for Charles River Laboratories International 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 Charles River Laboratories International at the current share price and the inputted number of shares is $6.2 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ Charles River: 3Q Earnings Snapshot   [07:21AM  Associated Press]
▶ Charles River: 2Q Earnings Snapshot   [07:16AM  Associated Press]
▶ Charles River: 1Q Earnings Snapshot   [May-10-18 07:12AM  Associated Press]
▶ Edited Transcript of CRL presentation 7-Mar-17 6:05pm GMT   [Apr-10-18 01:22PM  Thomson Reuters StreetEvents]
▶ Charles River Labs to acquire contract research firm for $800M   [11:05AM  American City Business Journals]
▶ Charles River reports 4Q loss   [07:29AM  Associated Press]
▶ IIROC Trade Resumption - CRL, CRL.WT, CRL.RT   [Jan-17-18 11:01AM  PR Newswire]
▶ IIROC Trading Halt - CRL CRL.WT CRL.RT   [09:14AM  PR Newswire]
▶ Charles River Laboratories Acquires KWS BioTest   [Jan-11-18 07:00AM  Business Wire]
▶ Charles River Labs International Sees IBD RS Rating Rise To 72   [Dec-13-17 03:00AM  Investor's Business Daily]
▶ Charles River tops Street 3Q forecasts   [07:15AM  Associated Press]
▶ Charles River Laboratories Intl. Inc Can Keep the Run Going   [Oct-23-17 02:10PM  InvestorPlace]

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