Intrinsic value of Charles River Laboratories International - CRL

Previous Close

$108.08

  Intrinsic Value

$113.77

stock screener

  Rating & Target

hold

+5%

Previous close

$108.08

 
Intrinsic value

$113.77

 
Up/down potential

+5%

 
Rating

hold

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

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 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 5.1

 

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, %
  23.33
  23.30
  21.47
  19.82
  18.34
  17.01
  15.81
  14.73
  13.75
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
Revenue, $m
  1,681
  2,073
  2,518
  3,017
  3,570
  4,177
  4,837
  5,550
  6,313
  7,126
  7,988
  8,897
  9,852
  10,854
  11,902
  12,995
  14,134
  15,320
  16,554
  17,836
  19,169
  20,554
  21,993
  23,489
  25,045
  26,663
  28,346
  30,099
  31,924
  33,826
  35,809
Variable operating expenses, $m
 
  1,741
  2,098
  2,499
  2,942
  3,429
  3,959
  4,530
  5,143
  5,795
  6,486
  7,136
  7,903
  8,706
  9,547
  10,424
  11,338
  12,289
  13,278
  14,307
  15,376
  16,487
  17,641
  18,841
  20,089
  21,387
  22,737
  24,143
  25,607
  27,132
  28,723
Fixed operating expenses, $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 operating expenses, $m
  1,444
  1,741
  2,098
  2,499
  2,942
  3,429
  3,959
  4,530
  5,143
  5,795
  6,486
  7,136
  7,903
  8,706
  9,547
  10,424
  11,338
  12,289
  13,278
  14,307
  15,376
  16,487
  17,641
  18,841
  20,089
  21,387
  22,737
  24,143
  25,607
  27,132
  28,723
Operating income, $m
  237
  331
  419
  518
  628
  748
  878
  1,019
  1,170
  1,331
  1,502
  1,760
  1,950
  2,148
  2,355
  2,571
  2,797
  3,032
  3,276
  3,529
  3,793
  4,067
  4,352
  4,648
  4,956
  5,276
  5,609
  5,956
  6,317
  6,693
  7,086
EBITDA, $m
  364
  509
  619
  741
  877
  1,027
  1,189
  1,364
  1,551
  1,751
  1,963
  2,186
  2,421
  2,667
  2,925
  3,193
  3,473
  3,765
  4,068
  4,383
  4,711
  5,051
  5,405
  5,772
  6,155
  6,552
  6,966
  7,396
  7,845
  8,312
  8,800
Interest expense (income), $m
  23
  42
  57
  74
  94
  115
  138
  164
  191
  220
  252
  285
  320
  356
  395
  435
  477
  521
  567
  614
  663
  715
  768
  823
  881
  941
  1,003
  1,068
  1,135
  1,205
  1,278
Earnings before tax, $m
  223
  289
  362
  444
  534
  633
  740
  856
  979
  1,111
  1,250
  1,476
  1,630
  1,791
  1,960
  2,136
  2,320
  2,510
  2,709
  2,915
  3,130
  3,353
  3,584
  3,825
  4,075
  4,335
  4,606
  4,888
  5,182
  5,488
  5,807
Tax expense, $m
  67
  78
  98
  120
  144
  171
  200
  231
  264
  300
  338
  398
  440
  484
  529
  577
  626
  678
  731
  787
  845
  905
  968
  1,033
  1,100
  1,171
  1,244
  1,320
  1,399
  1,482
  1,568
Net income, $m
  155
  211
  264
  324
  390
  462
  540
  625
  715
  811
  913
  1,077
  1,190
  1,308
  1,431
  1,559
  1,693
  1,833
  1,978
  2,128
  2,285
  2,447
  2,616
  2,792
  2,975
  3,165
  3,363
  3,568
  3,783
  4,006
  4,239

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  121
  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
  2,712
  3,194
  3,879
  4,648
  5,501
  6,436
  7,454
  8,551
  9,727
  10,980
  12,307
  13,708
  15,181
  16,724
  18,339
  20,023
  21,779
  23,606
  25,507
  27,483
  29,536
  31,670
  33,888
  36,193
  38,590
  41,083
  43,677
  46,377
  49,189
  52,120
  55,175
Adjusted assets (=assets-cash), $m
  2,591
  3,194
  3,879
  4,648
  5,501
  6,436
  7,454
  8,551
  9,727
  10,980
  12,307
  13,708
  15,181
  16,724
  18,339
  20,023
  21,779
  23,606
  25,507
  27,483
  29,536
  31,670
  33,888
  36,193
  38,590
  41,083
  43,677
  46,377
  49,189
  52,120
  55,175
Revenue / Adjusted assets
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
  0.649
Average production assets, $m
  1,055
  1,300
  1,579
  1,892
  2,238
  2,619
  3,033
  3,480
  3,958
  4,468
  5,008
  5,578
  6,177
  6,806
  7,462
  8,148
  8,862
  9,606
  10,379
  11,183
  12,019
  12,887
  13,790
  14,728
  15,703
  16,718
  17,773
  18,872
  20,016
  21,209
  22,452
Working capital, $m
  227
  164
  199
  238
  282
  330
  382
  438
  499
  563
  631
  703
  778
  857
  940
  1,027
  1,117
  1,210
  1,308
  1,409
  1,514
  1,624
  1,737
  1,856
  1,979
  2,106
  2,239
  2,378
  2,522
  2,672
  2,829
Total debt, $m
  1,235
  1,637
  2,126
  2,674
  3,282
  3,949
  4,674
  5,457
  6,296
  7,189
  8,135
  9,134
  10,184
  11,284
  12,435
  13,637
  14,888
  16,191
  17,546
  18,955
  20,420
  21,941
  23,522
  25,166
  26,875
  28,652
  30,501
  32,427
  34,432
  36,521
  38,700
Total liabilities, $m
  1,875
  2,277
  2,766
  3,314
  3,922
  4,589
  5,314
  6,097
  6,936
  7,829
  8,775
  9,774
  10,824
  11,924
  13,075
  14,277
  15,528
  16,831
  18,186
  19,595
  21,060
  22,581
  24,162
  25,806
  27,515
  29,292
  31,141
  33,067
  35,072
  37,161
  39,340
Total equity, $m
  837
  917
  1,113
  1,334
  1,579
  1,847
  2,139
  2,454
  2,792
  3,151
  3,532
  3,934
  4,357
  4,800
  5,263
  5,747
  6,251
  6,775
  7,321
  7,888
  8,477
  9,089
  9,726
  10,387
  11,075
  11,791
  12,535
  13,310
  14,117
  14,958
  15,835
Total liabilities and equity, $m
  2,712
  3,194
  3,879
  4,648
  5,501
  6,436
  7,453
  8,551
  9,728
  10,980
  12,307
  13,708
  15,181
  16,724
  18,338
  20,024
  21,779
  23,606
  25,507
  27,483
  29,537
  31,670
  33,888
  36,193
  38,590
  41,083
  43,676
  46,377
  49,189
  52,119
  55,175
Debt-to-equity ratio
  1.476
  1.790
  1.910
  2.000
  2.080
  2.140
  2.190
  2.220
  2.260
  2.280
  2.300
  2.320
  2.340
  2.350
  2.360
  2.370
  2.380
  2.390
  2.400
  2.400
  2.410
  2.410
  2.420
  2.420
  2.430
  2.430
  2.430
  2.440
  2.440
  2.440
  2.440
Adjusted equity ratio
  0.276
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287
  0.287

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  155
  211
  264
  324
  390
  462
  540
  625
  715
  811
  913
  1,077
  1,190
  1,308
  1,431
  1,559
  1,693
  1,833
  1,978
  2,128
  2,285
  2,447
  2,616
  2,792
  2,975
  3,165
  3,363
  3,568
  3,783
  4,006
  4,239
Depreciation, amort., depletion, $m
  127
  178
  199
  223
  250
  279
  310
  344
  381
  420
  461
  426
  472
  520
  570
  622
  677
  733
  792
  854
  917
  984
  1,053
  1,124
  1,199
  1,276
  1,357
  1,441
  1,528
  1,619
  1,714
Funds from operations, $m
  268
  389
  464
  547
  640
  741
  851
  969
  1,096
  1,231
  1,374
  1,503
  1,661
  1,827
  2,001
  2,181
  2,370
  2,566
  2,770
  2,982
  3,202
  3,431
  3,669
  3,916
  4,173
  4,441
  4,719
  5,009
  5,311
  5,625
  5,953
Change in working capital, $m
  -30
  31
  35
  39
  44
  48
  52
  56
  60
  64
  68
  72
  76
  79
  83
  86
  90
  94
  97
  101
  105
  109
  114
  118
  123
  128
  133
  138
  144
  150
  157
Cash from operations, $m
  298
  358
  428
  508
  596
  693
  799
  913
  1,036
  1,167
  1,306
  1,431
  1,586
  1,748
  1,918
  2,095
  2,280
  2,472
  2,672
  2,881
  3,097
  3,322
  3,555
  3,798
  4,051
  4,313
  4,586
  4,871
  5,167
  5,475
  5,797
Maintenance CAPEX, $m
  0
  -80
  -99
  -121
  -144
  -171
  -200
  -232
  -266
  -302
  -341
  -382
  -426
  -472
  -520
  -570
  -622
  -677
  -733
  -792
  -854
  -917
  -984
  -1,053
  -1,124
  -1,199
  -1,276
  -1,357
  -1,441
  -1,528
  -1,619
New CAPEX, $m
  -55
  -245
  -279
  -313
  -347
  -381
  -414
  -447
  -479
  -510
  -540
  -570
  -599
  -628
  -657
  -686
  -714
  -744
  -773
  -804
  -836
  -868
  -902
  -938
  -975
  -1,014
  -1,056
  -1,099
  -1,144
  -1,193
  -1,243
Cash from investing activities, $m
  -686
  -325
  -378
  -434
  -491
  -552
  -614
  -679
  -745
  -812
  -881
  -952
  -1,025
  -1,100
  -1,177
  -1,256
  -1,336
  -1,421
  -1,506
  -1,596
  -1,690
  -1,785
  -1,886
  -1,991
  -2,099
  -2,213
  -2,332
  -2,456
  -2,585
  -2,721
  -2,862
Free cash flow, $m
  -388
  33
  50
  74
  104
  141
  185
  235
  291
  355
  424
  479
  561
  648
  741
  840
  943
  1,052
  1,166
  1,284
  1,408
  1,536
  1,669
  1,807
  1,951
  2,100
  2,255
  2,415
  2,582
  2,755
  2,934
Issuance/(repayment) of debt, $m
  388
  429
  489
  548
  608
  667
  725
  783
  839
  893
  946
  999
  1,050
  1,101
  1,151
  1,201
  1,252
  1,303
  1,355
  1,409
  1,464
  1,522
  1,581
  1,644
  1,709
  1,777
  1,849
  1,925
  2,005
  2,089
  2,178
Issuance/(repurchase) of shares, $m
  11
  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  
  391
  429
  489
  548
  608
  667
  725
  783
  839
  893
  946
  999
  1,050
  1,101
  1,151
  1,201
  1,252
  1,303
  1,355
  1,409
  1,464
  1,522
  1,581
  1,644
  1,709
  1,777
  1,849
  1,925
  2,005
  2,089
  2,178
Total cash flow (excl. dividends), $m
  0
  462
  539
  623
  712
  808
  910
  1,017
  1,130
  1,248
  1,371
  1,478
  1,611
  1,749
  1,892
  2,041
  2,195
  2,355
  2,521
  2,693
  2,872
  3,057
  3,250
  3,451
  3,660
  3,877
  4,104
  4,340
  4,587
  4,844
  5,113
Retained Cash Flow (-), $m
  -104
  -174
  -197
  -221
  -245
  -268
  -292
  -315
  -338
  -360
  -381
  -402
  -423
  -443
  -463
  -483
  -504
  -524
  -546
  -567
  -589
  -612
  -636
  -662
  -688
  -715
  -744
  -775
  -807
  -841
  -877
Prev. year cash balance distribution, $m
 
  94
  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
 
  382
  342
  402
  468
  540
  618
  702
  792
  888
  990
  1,076
  1,188
  1,306
  1,429
  1,558
  1,691
  1,831
  1,975
  2,126
  2,282
  2,445
  2,614
  2,789
  2,972
  3,162
  3,360
  3,565
  3,780
  4,003
  4,236
Discount rate, %
 
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
 
  355
  294
  317
  335
  349
  357
  359
  355
  345
  329
  303
  279
  253
  224
  195
  166
  139
  114
  91
  71
  54
  40
  29
  21
  14
  9
  6
  4
  2
  1
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

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 33
Price to Sales 3
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 17.2
Price to Free Cash Flow 21.1
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 $1681 million for the last fiscal year's total revenue generated by Charles River Laboratories International. The default revenue input number comes from 2016 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 23.3% 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 7.5%, 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 84.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 3.5% 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 62.7%.

Life of production assets of 13.1 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 7.9%. 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 - $837 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 47.582 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 $5.1 billion.

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COMPANY NEWS

▶ 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]
▶ Charles River beats Street 2Q forecasts   [Aug-09-17 10:19PM  Associated Press]
▶ Charles River Laboratories Acquires Brains On-Line   [Aug-07-17 07:30AM  Business Wire]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-25-17 11:43AM  Investor's Business Daily]
▶ Opening Bell, May 23, 2017   [May-23-17 09:29AM  CNBC Videos]
▶ Today's Bell Ringer, May 23, 2017   [09:17AM  CNBC Videos]
▶ Charles River shareholders reject PETA proposal on monkey research   [May-12-17 12:35PM  American City Business Journals]
▶ Charles River beats Street 1Q forecasts   [May-10-17 07:10AM  Associated Press]
▶ Parexel Is Discovering the Drugs of the Future   [Apr-10-17 04:44PM  TheStreet.com]
▶ Charles River Labs settles with feds over NIH billing flap   [Mar-14-17 07:25AM  at bizjournals.com]
▶ Charles River Labs settles with feds over NIH billing flap   [07:25AM  American City Business Journals]
Financial statements of CRL
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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