Intrinsic value of Charles River Laboratories International - CRL

Previous Close

$124.27

  Intrinsic Value

$85.09

stock screener

  Rating & Target

sell

-32%

Previous close

$124.27

 
Intrinsic value

$85.09

 
Up/down potential

-32%

 
Rating

sell

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 2017), $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 5.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  10.50
  9.95
  9.45
  9.01
  8.61
  8.25
  7.92
  7.63
  7.37
  7.13
  6.92
  6.73
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.36
  5.32
  5.29
  5.26
Revenue, $m
  2,053
  2,257
  2,471
  2,693
  2,925
  3,167
  3,417
  3,678
  3,949
  4,231
  4,523
  4,828
  5,144
  5,473
  5,816
  6,172
  6,544
  6,931
  7,335
  7,756
  8,196
  8,655
  9,135
  9,636
  10,160
  10,708
  11,281
  11,882
  12,510
  13,168
Variable operating expenses, $m
  1,456
  1,589
  1,728
  1,873
  2,024
  2,181
  2,345
  2,515
  2,691
  2,875
  2,948
  3,147
  3,353
  3,567
  3,790
  4,023
  4,265
  4,517
  4,781
  5,055
  5,342
  5,641
  5,954
  6,280
  6,622
  6,979
  7,353
  7,744
  8,153
  8,582
Fixed operating expenses, $m
  251
  257
  263
  268
  274
  280
  286
  293
  299
  306
  313
  319
  326
  334
  341
  348
  356
  364
  372
  380
  389
  397
  406
  415
  424
  433
  443
  452
  462
  473
Total operating expenses, $m
  1,707
  1,846
  1,991
  2,141
  2,298
  2,461
  2,631
  2,808
  2,990
  3,181
  3,261
  3,466
  3,679
  3,901
  4,131
  4,371
  4,621
  4,881
  5,153
  5,435
  5,731
  6,038
  6,360
  6,695
  7,046
  7,412
  7,796
  8,196
  8,615
  9,055
Operating income, $m
  346
  412
  480
  552
  627
  705
  786
  871
  959
  1,050
  1,263
  1,362
  1,465
  1,572
  1,684
  1,801
  1,923
  2,050
  2,182
  2,321
  2,466
  2,617
  2,775
  2,941
  3,114
  3,296
  3,486
  3,685
  3,894
  4,113
EBITDA, $m
  679
  766
  857
  952
  1,051
  1,154
  1,262
  1,374
  1,490
  1,611
  1,737
  1,868
  2,004
  2,146
  2,294
  2,448
  2,609
  2,776
  2,951
  3,134
  3,325
  3,524
  3,733
  3,951
  4,179
  4,418
  4,668
  4,930
  5,205
  5,493
Interest expense (income), $m
  23
  62
  72
  84
  95
  108
  120
  133
  147
  161
  176
  192
  208
  224
  242
  260
  279
  298
  318
  340
  362
  385
  409
  434
  460
  488
  516
  546
  578
  611
  645
Earnings before tax, $m
  284
  339
  397
  457
  519
  585
  653
  723
  797
  874
  1,071
  1,154
  1,241
  1,331
  1,425
  1,522
  1,625
  1,731
  1,843
  1,959
  2,081
  2,208
  2,341
  2,481
  2,626
  2,779
  2,939
  3,107
  3,283
  3,468
Tax expense, $m
  77
  92
  107
  123
  140
  158
  176
  195
  215
  236
  289
  312
  335
  359
  385
  411
  439
  467
  498
  529
  562
  596
  632
  670
  709
  750
  794
  839
  886
  936
Net income, $m
  207
  248
  290
  333
  379
  427
  476
  528
  582
  638
  782
  842
  906
  971
  1,040
  1,111
  1,186
  1,264
  1,345
  1,430
  1,519
  1,612
  1,709
  1,811
  1,917
  2,029
  2,146
  2,268
  2,397
  2,532

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
  3,238
  3,561
  3,897
  4,248
  4,614
  4,995
  5,390
  5,802
  6,229
  6,673
  7,135
  7,615
  8,114
  8,633
  9,173
  9,736
  10,322
  10,932
  11,569
  12,234
  12,927
  13,651
  14,408
  15,198
  16,025
  16,890
  17,794
  18,741
  19,732
  20,769
Adjusted assets (=assets-cash), $m
  3,238
  3,561
  3,897
  4,248
  4,614
  4,995
  5,390
  5,802
  6,229
  6,673
  7,135
  7,615
  8,114
  8,633
  9,173
  9,736
  10,322
  10,932
  11,569
  12,234
  12,927
  13,651
  14,408
  15,198
  16,025
  16,890
  17,794
  18,741
  19,732
  20,769
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
  2,152
  2,366
  2,589
  2,823
  3,066
  3,319
  3,581
  3,855
  4,139
  4,434
  4,741
  5,059
  5,391
  5,736
  6,095
  6,469
  6,858
  7,264
  7,687
  8,128
  8,589
  9,070
  9,573
  10,098
  10,648
  11,222
  11,823
  12,452
  13,110
  13,800
Working capital, $m
  41
  45
  49
  54
  59
  63
  68
  74
  79
  85
  90
  97
  103
  109
  116
  123
  131
  139
  147
  155
  164
  173
  183
  193
  203
  214
  226
  238
  250
  263
Total debt, $m
  1,342
  1,550
  1,766
  1,992
  2,227
  2,472
  2,726
  2,991
  3,265
  3,551
  3,848
  4,156
  4,477
  4,811
  5,158
  5,520
  5,897
  6,290
  6,699
  7,126
  7,572
  8,038
  8,524
  9,033
  9,564
  10,120
  10,702
  11,310
  11,948
  12,615
Total liabilities, $m
  2,082
  2,289
  2,506
  2,732
  2,967
  3,211
  3,466
  3,730
  4,005
  4,291
  4,588
  4,896
  5,217
  5,551
  5,898
  6,260
  6,637
  7,030
  7,439
  7,866
  8,312
  8,778
  9,264
  9,773
  10,304
  10,860
  11,442
  12,050
  12,687
  13,355
Total equity, $m
  1,156
  1,271
  1,391
  1,517
  1,647
  1,783
  1,924
  2,071
  2,224
  2,382
  2,547
  2,718
  2,897
  3,082
  3,275
  3,476
  3,685
  3,903
  4,130
  4,367
  4,615
  4,874
  5,144
  5,426
  5,721
  6,030
  6,352
  6,690
  7,044
  7,415
Total liabilities and equity, $m
  3,238
  3,560
  3,897
  4,249
  4,614
  4,994
  5,390
  5,801
  6,229
  6,673
  7,135
  7,614
  8,114
  8,633
  9,173
  9,736
  10,322
  10,933
  11,569
  12,233
  12,927
  13,652
  14,408
  15,199
  16,025
  16,890
  17,794
  18,740
  19,731
  20,770
Debt-to-equity ratio
  1.160
  1.220
  1.270
  1.310
  1.350
  1.390
  1.420
  1.440
  1.470
  1.490
  1.510
  1.530
  1.550
  1.560
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.650
  1.660
  1.660
  1.670
  1.680
  1.680
  1.690
  1.700
  1.700
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
  207
  248
  290
  333
  379
  427
  476
  528
  582
  638
  782
  842
  906
  971
  1,040
  1,111
  1,186
  1,264
  1,345
  1,430
  1,519
  1,612
  1,709
  1,811
  1,917
  2,029
  2,146
  2,268
  2,397
  2,532
Depreciation, amort., depletion, $m
  333
  354
  376
  400
  424
  449
  476
  503
  531
  561
  474
  506
  539
  574
  609
  647
  686
  726
  769
  813
  859
  907
  957
  1,010
  1,065
  1,122
  1,182
  1,245
  1,311
  1,380
Funds from operations, $m
  540
  602
  666
  733
  803
  876
  952
  1,031
  1,113
  1,199
  1,256
  1,348
  1,445
  1,545
  1,649
  1,758
  1,872
  1,990
  2,114
  2,243
  2,378
  2,519
  2,666
  2,821
  2,982
  3,151
  3,328
  3,514
  3,708
  3,911
Change in working capital, $m
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  13
  13
Cash from operations, $m
  536
  598
  662
  729
  799
  871
  947
  1,026
  1,108
  1,193
  1,250
  1,342
  1,438
  1,538
  1,643
  1,751
  1,864
  1,982
  2,106
  2,235
  2,369
  2,510
  2,657
  2,811
  2,972
  3,140
  3,317
  3,502
  3,695
  3,898
Maintenance CAPEX, $m
  -195
  -215
  -237
  -259
  -282
  -307
  -332
  -358
  -385
  -414
  -443
  -474
  -506
  -539
  -574
  -609
  -647
  -686
  -726
  -769
  -813
  -859
  -907
  -957
  -1,010
  -1,065
  -1,122
  -1,182
  -1,245
  -1,311
New CAPEX, $m
  -204
  -214
  -224
  -233
  -243
  -253
  -263
  -273
  -284
  -295
  -307
  -319
  -332
  -345
  -359
  -374
  -389
  -406
  -423
  -441
  -461
  -481
  -503
  -525
  -549
  -574
  -601
  -629
  -658
  -689
Cash from investing activities, $m
  -399
  -429
  -461
  -492
  -525
  -560
  -595
  -631
  -669
  -709
  -750
  -793
  -838
  -884
  -933
  -983
  -1,036
  -1,092
  -1,149
  -1,210
  -1,274
  -1,340
  -1,410
  -1,482
  -1,559
  -1,639
  -1,723
  -1,811
  -1,903
  -2,000
Free cash flow, $m
  137
  168
  201
  236
  273
  312
  352
  394
  438
  484
  500
  549
  601
  654
  710
  768
  828
  891
  956
  1,024
  1,095
  1,170
  1,247
  1,328
  1,413
  1,501
  1,593
  1,690
  1,792
  1,898
Issuance/(repayment) of debt, $m
  197
  207
  216
  226
  235
  245
  254
  264
  275
  286
  297
  309
  321
  334
  347
  362
  377
  393
  410
  427
  446
  466
  486
  508
  532
  556
  582
  609
  637
  667
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  
  197
  207
  216
  226
  235
  245
  254
  264
  275
  286
  297
  309
  321
  334
  347
  362
  377
  393
  410
  427
  446
  466
  486
  508
  532
  556
  582
  609
  637
  667
Total cash flow (excl. dividends), $m
  334
  376
  418
  462
  508
  557
  607
  659
  713
  770
  797
  858
  922
  988
  1,057
  1,130
  1,205
  1,284
  1,366
  1,452
  1,541
  1,635
  1,734
  1,836
  1,944
  2,057
  2,175
  2,299
  2,429
  2,565
Retained Cash Flow (-), $m
  -111
  -115
  -120
  -125
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -171
  -178
  -185
  -193
  -201
  -209
  -218
  -227
  -237
  -248
  -259
  -270
  -282
  -295
  -309
  -323
  -338
  -354
  -370
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
  45
  49
  54
  59
  65
  70
  76
  82
  88
  95
  102
  109
  116
  123
  131
  140
  148
  157
  166
  176
  186
  197
  208
  219
  231
  244
  257
  271
  285
  300
Cash available for distribution, $m
  223
  260
  298
  337
  378
  421
  465
  512
  561
  611
  632
  687
  744
  803
  864
  929
  996
  1,066
  1,138
  1,214
  1,294
  1,377
  1,463
  1,554
  1,649
  1,748
  1,852
  1,961
  2,075
  2,195
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
  210
  229
  243
  253
  260
  263
  262
  257
  249
  237
  212
  197
  181
  163
  144
  126
  108
  91
  75
  61
  48
  37
  28
  21
  15
  11
  7
  5
  3
  2
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 38
Price to Sales 3.5
Price to Book 7
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 24.2
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 $1858 million for the last fiscal year's total revenue generated by Charles River Laboratories International. The default revenue input number comes from 2017 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 10.5% 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 71.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $246 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 2.4%.

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 104.8%.

Life of production assets of 10 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 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 - $1045 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 47 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 $5.8 billion.

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COMPANY NEWS

▶ 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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