Intrinsic value of Laureate Education Cl A - LAUR

Previous Close

$14.46

  Intrinsic Value

$30.76

stock screener

  Rating & Target

str. buy

+113%

Previous close

$14.46

 
Intrinsic value

$30.76

 
Up/down potential

+113%

 
Rating

str. buy

We calculate the intrinsic value of LAUR 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 1.3

 

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, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,466
  4,568
  4,686
  4,817
  4,964
  5,124
  5,298
  5,487
  5,691
  5,909
  6,143
  6,392
  6,657
  6,940
  7,239
  7,556
  7,892
  8,247
  8,622
  9,018
  9,436
  9,877
  10,342
  10,832
  11,347
  11,890
  12,462
  13,063
  13,696
  14,361
Variable operating expenses, $m
  4,057
  4,143
  4,241
  4,351
  4,473
  4,607
  4,752
  4,910
  5,080
  5,262
  5,128
  5,337
  5,558
  5,794
  6,044
  6,308
  6,589
  6,885
  7,199
  7,529
  7,878
  8,246
  8,634
  9,043
  9,474
  9,927
  10,404
  10,906
  11,434
  11,990
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
  4,057
  4,143
  4,241
  4,351
  4,473
  4,607
  4,752
  4,910
  5,080
  5,262
  5,128
  5,337
  5,558
  5,794
  6,044
  6,308
  6,589
  6,885
  7,199
  7,529
  7,878
  8,246
  8,634
  9,043
  9,474
  9,927
  10,404
  10,906
  11,434
  11,990
Operating income, $m
  408
  425
  445
  467
  491
  517
  546
  577
  611
  647
  1,014
  1,055
  1,099
  1,146
  1,195
  1,248
  1,303
  1,362
  1,424
  1,489
  1,558
  1,631
  1,708
  1,789
  1,874
  1,963
  2,058
  2,157
  2,261
  2,371
EBITDA, $m
  924
  945
  970
  997
  1,027
  1,060
  1,097
  1,136
  1,178
  1,223
  1,271
  1,323
  1,378
  1,436
  1,498
  1,564
  1,633
  1,707
  1,784
  1,866
  1,953
  2,044
  2,140
  2,242
  2,348
  2,461
  2,579
  2,703
  2,834
  2,972
Interest expense (income), $m
  367
  341
  353
  367
  383
  400
  420
  441
  465
  490
  517
  547
  578
  612
  647
  685
  725
  768
  813
  861
  911
  964
  1,020
  1,080
  1,142
  1,208
  1,277
  1,350
  1,427
  1,507
  1,592
Earnings before tax, $m
  68
  72
  78
  84
  90
  97
  105
  112
  121
  129
  467
  477
  488
  499
  510
  522
  535
  549
  563
  578
  594
  611
  628
  647
  666
  686
  708
  730
  754
  779
Tax expense, $m
  18
  20
  21
  23
  24
  26
  28
  30
  33
  35
  126
  129
  132
  135
  138
  141
  144
  148
  152
  156
  160
  165
  170
  175
  180
  185
  191
  197
  204
  210
Net income, $m
  49
  53
  57
  61
  66
  71
  76
  82
  88
  94
  341
  348
  356
  364
  372
  381
  391
  401
  411
  422
  434
  446
  458
  472
  486
  501
  517
  533
  551
  569

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
  7,543
  7,717
  7,915
  8,138
  8,384
  8,655
  8,950
  9,269
  9,613
  9,981
  10,376
  10,797
  11,246
  11,722
  12,228
  12,764
  13,331
  13,931
  14,565
  15,234
  15,940
  16,685
  17,470
  18,297
  19,168
  20,085
  21,050
  22,066
  23,134
  24,258
Adjusted assets (=assets-cash), $m
  7,543
  7,717
  7,915
  8,138
  8,384
  8,655
  8,950
  9,269
  9,613
  9,981
  10,376
  10,797
  11,246
  11,722
  12,228
  12,764
  13,331
  13,931
  14,565
  15,234
  15,940
  16,685
  17,470
  18,297
  19,168
  20,085
  21,050
  22,066
  23,134
  24,258
Revenue / Adjusted assets
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
  0.592
Average production assets, $m
  3,773
  3,860
  3,959
  4,071
  4,194
  4,330
  4,477
  4,637
  4,809
  4,993
  5,191
  5,401
  5,626
  5,864
  6,117
  6,385
  6,669
  6,969
  7,286
  7,621
  7,974
  8,346
  8,739
  9,153
  9,588
  10,047
  10,530
  11,038
  11,573
  12,135
Working capital, $m
  -634
  -649
  -665
  -684
  -705
  -728
  -752
  -779
  -808
  -839
  -872
  -908
  -945
  -985
  -1,028
  -1,073
  -1,121
  -1,171
  -1,224
  -1,281
  -1,340
  -1,403
  -1,469
  -1,538
  -1,611
  -1,688
  -1,770
  -1,855
  -1,945
  -2,039
Total debt, $m
  3,495
  3,632
  3,788
  3,963
  4,157
  4,370
  4,602
  4,853
  5,124
  5,414
  5,725
  6,056
  6,409
  6,784
  7,182
  7,604
  8,050
  8,522
  9,021
  9,548
  10,103
  10,689
  11,307
  11,958
  12,644
  13,365
  14,125
  14,924
  15,765
  16,650
Total liabilities, $m
  5,936
  6,073
  6,229
  6,404
  6,598
  6,811
  7,043
  7,295
  7,565
  7,855
  8,166
  8,497
  8,850
  9,225
  9,623
  10,045
  10,491
  10,964
  11,462
  11,989
  12,545
  13,131
  13,749
  14,399
  15,085
  15,807
  16,566
  17,366
  18,207
  19,091
Total equity, $m
  1,607
  1,644
  1,686
  1,733
  1,786
  1,844
  1,906
  1,974
  2,047
  2,126
  2,210
  2,300
  2,395
  2,497
  2,605
  2,719
  2,839
  2,967
  3,102
  3,245
  3,395
  3,554
  3,721
  3,897
  4,083
  4,278
  4,484
  4,700
  4,928
  5,167
Total liabilities and equity, $m
  7,543
  7,717
  7,915
  8,137
  8,384
  8,655
  8,949
  9,269
  9,612
  9,981
  10,376
  10,797
  11,245
  11,722
  12,228
  12,764
  13,330
  13,931
  14,564
  15,234
  15,940
  16,685
  17,470
  18,296
  19,168
  20,085
  21,050
  22,066
  23,135
  24,258
Debt-to-equity ratio
  2.180
  2.210
  2.250
  2.290
  2.330
  2.370
  2.410
  2.460
  2.500
  2.550
  2.590
  2.630
  2.680
  2.720
  2.760
  2.800
  2.840
  2.870
  2.910
  2.940
  2.980
  3.010
  3.040
  3.070
  3.100
  3.120
  3.150
  3.180
  3.200
  3.220
Adjusted equity ratio
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  49
  53
  57
  61
  66
  71
  76
  82
  88
  94
  341
  348
  356
  364
  372
  381
  391
  401
  411
  422
  434
  446
  458
  472
  486
  501
  517
  533
  551
  569
Depreciation, amort., depletion, $m
  516
  520
  525
  530
  537
  543
  551
  558
  567
  576
  257
  267
  278
  290
  303
  316
  330
  345
  361
  377
  395
  413
  433
  453
  475
  497
  521
  546
  573
  601
Funds from operations, $m
  565
  573
  582
  592
  603
  614
  627
  640
  655
  670
  598
  616
  634
  654
  675
  697
  721
  746
  772
  799
  828
  859
  891
  925
  961
  998
  1,038
  1,080
  1,123
  1,169
Change in working capital, $m
  -12
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -73
  -77
  -81
  -85
  -90
  -94
Cash from operations, $m
  577
  587
  599
  610
  623
  637
  652
  667
  684
  702
  631
  651
  672
  694
  718
  742
  768
  796
  825
  855
  888
  921
  957
  995
  1,034
  1,076
  1,119
  1,165
  1,213
  1,264
Maintenance CAPEX, $m
  -183
  -187
  -191
  -196
  -202
  -208
  -214
  -222
  -230
  -238
  -247
  -257
  -267
  -278
  -290
  -303
  -316
  -330
  -345
  -361
  -377
  -395
  -413
  -433
  -453
  -475
  -497
  -521
  -546
  -573
New CAPEX, $m
  -74
  -87
  -99
  -111
  -123
  -135
  -147
  -160
  -172
  -185
  -197
  -211
  -224
  -238
  -253
  -268
  -284
  -300
  -317
  -335
  -353
  -373
  -393
  -414
  -436
  -459
  -483
  -508
  -535
  -562
Cash from investing activities, $m
  -257
  -274
  -290
  -307
  -325
  -343
  -361
  -382
  -402
  -423
  -444
  -468
  -491
  -516
  -543
  -571
  -600
  -630
  -662
  -696
  -730
  -768
  -806
  -847
  -889
  -934
  -980
  -1,029
  -1,081
  -1,135
Free cash flow, $m
  320
  314
  308
  303
  298
  294
  290
  286
  282
  279
  187
  184
  180
  177
  174
  172
  169
  166
  163
  160
  157
  154
  151
  148
  145
  142
  139
  136
  132
  129
Issuance/(repayment) of debt, $m
  120
  137
  156
  175
  194
  213
  232
  251
  271
  290
  311
  331
  353
  375
  398
  422
  446
  472
  499
  527
  556
  586
  618
  651
  686
  722
  760
  799
  841
  885
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  
  120
  137
  156
  175
  194
  213
  232
  251
  271
  290
  311
  331
  353
  375
  398
  422
  446
  472
  499
  527
  556
  586
  618
  651
  686
  722
  760
  799
  841
  885
Total cash flow (excl. dividends), $m
  440
  450
  464
  478
  493
  507
  522
  537
  553
  569
  497
  515
  533
  552
  572
  593
  615
  638
  662
  687
  713
  740
  769
  799
  831
  864
  899
  935
  973
  1,013
Retained Cash Flow (-), $m
  -32
  -37
  -42
  -47
  -53
  -58
  -63
  -68
  -73
  -79
  -84
  -90
  -96
  -102
  -108
  -114
  -121
  -128
  -135
  -143
  -150
  -159
  -167
  -176
  -186
  -195
  -206
  -216
  -228
  -239
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
  408
  413
  422
  431
  440
  449
  459
  469
  480
  491
  413
  425
  438
  451
  465
  479
  494
  510
  527
  544
  562
  582
  602
  623
  645
  668
  693
  719
  746
  774
Discount rate, %
  9.50
  9.98
  10.47
  11.00
  11.55
  12.12
  12.73
  13.37
  14.04
  14.74
  15.47
  16.25
  17.06
  17.91
  18.81
  19.75
  20.74
  21.77
  22.86
  24.01
  25.21
  26.47
  27.79
  29.18
  30.64
  32.17
  33.78
  35.47
  37.24
  39.10
PV of cash for distribution, $m
  373
  342
  313
  284
  255
  226
  198
  172
  147
  124
  85
  70
  56
  45
  35
  27
  20
  15
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
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

Laureate Education, Inc. provides higher education programs and services to students through an international network of licensed universities and higher education institutions (institutions). The Company’s programs are provided through institutions that are campus-based and Internet-based, or through electronically distributed educational programs (online). It offers its educational services through six segments: Brazil; Mexico; Andean and Iberian; Central America and United States (U.S.) Campuses; Online and Partnerships; and Europe, Middle East, Africa and Asia Pacific (EMEAA). Its institutions also offer an education that emphasizes professional-oriented fields of study with undergraduate and graduate degrees in a wide range of disciplines. As of June 30, 2017, the Company’s global network of 69 institutions comprised 57 institutions it owned or controlled, and an additional 12 institutions that it managed or with which it had other relationships.

FINANCIAL RATIOS  of  Laureate Education Cl A (LAUR)

Valuation Ratios
P/E Ratio 5.2
Price to Sales 0.5
Price to Book 2
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow -35.1
Growth Rates
Sales Growth Rate -1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -30.2%
Cap. Spend. - 3 Yr. Gr. Rate -13.7%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 376.1%
Total Debt to Equity 394.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 9.4%
Ret/ On Assets - 3 Yr. Avg. 5%
Return On Total Capital 7.7%
Ret/ On T. Cap. - 3 Yr. Avg. -1.4%
Return On Equity 57.7%
Return On Equity - 3 Yr. Avg. -6.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 21.3%
Gross Margin - 3 Yr. Avg. 19.9%
EBITDA Margin 25%
EBITDA Margin - 3 Yr. Avg. 14.8%
Operating Margin 18.2%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 10.2%
Pre-Tax Margin - 3 Yr. Avg. 0.3%
Net Profit Margin 8.8%
Net Profit Margin - 3 Yr. Avg. -0.7%
Effective Tax Rate 15.1%
Eff/ Tax Rate - 3 Yr. Avg. -7.9%
Payout Ratio 0%

LAUR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LAUR stock intrinsic value calculation we used $4377.989 million for the last fiscal year's total revenue generated by Laureate Education Cl A. The default revenue input number comes from 0001 income statement of Laureate Education Cl A. 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 LAUR stock valuation model: a) initial revenue growth rate of 2% 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 9.5%, whose default value for LAUR is calculated based on our internal credit rating of Laureate Education Cl A, 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 Laureate Education Cl A.
    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 LAUR stock the variable cost ratio is equal to 91%.

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 LAUR 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 10.1% for Laureate Education Cl A.

Corporate tax rate of 27% is the nominal tax rate for Laureate Education Cl A. 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 LAUR 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 LAUR are equal to 84.5%.

Life of production assets of 20.2 years is the average useful life of capital assets used in Laureate Education Cl A 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 LAUR is equal to -14.2%. 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 - $1575.164 million for Laureate Education Cl A - 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 91.614 million for Laureate Education Cl A 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 Laureate Education Cl A at the current share price and the inputted number of shares is $1.3 billion.

RELATED COMPANIES Price Int.Val. Rating
LAUR Laureate Educa 14.46 48.25  str.buy
CECO Career Educati 12.87 0.72  str.sell
ATGE Adtalem Global 57.71 12.14  str.sell
NAUH National Ameri 0.420 0.30  str.sell
FC Franklin Covey 22.21 22.70  hold

COMPANY NEWS

▶ Laureate shares rise as 3Q loss improves almost 7 percent   [Nov-08-18 01:03PM  American City Business Journals]
▶ Laureate Education: 3Q Earnings Snapshot   [08:39AM  Associated Press]
▶ Laureate Education: 2Q Earnings Snapshot   [08:01AM  Associated Press]
▶ Laureate Education: 1Q Earnings Snapshot   [May-09-18 08:46AM  Associated Press]
▶ New Baltimore fintech raises $2M from Doug Becker, TEDCO   [Apr-18-18 08:00AM  American City Business Journals]
▶ Boosted by IPO, Laureate's former CEO Becker took home $23 million in 2017   [Apr-13-18 03:26PM  American City Business Journals]
▶ Here's what a Tenable IPO could mean for Maryland's cyber market   [Mar-28-18 07:15AM  American City Business Journals]
▶ Laureate profit soars on tax benefit, increased enrollment in 4Q   [Mar-20-18 05:31PM  American City Business Journals]
▶ Laureate Education misses 4Q profit forecasts   [04:51PM  Associated Press]
▶ Baltimore-area companies feel the effects of stock market plunge   [Feb-06-18 04:53PM  American City Business Journals]
▶ Laureate to launch digital curriculum through partnership with IBM   [Jan-30-18 09:20AM  American City Business Journals]
▶ Laureate to sell Chinese university for $218.5M   [Dec-27-17 01:31PM  American City Business Journals]
▶ Laureate Education reports 3Q loss   [05:02AM  Associated Press]
▶ Laureate reports $103.5 million third-quarter loss   [Nov-08-17 06:40PM  American City Business Journals]
▶ Doug Becker to step down as CEO of Laureate   [Sep-14-17 12:09PM  American City Business Journals]
▶ Laureate reports $117 million profit in second quarter   [Aug-09-17 08:03AM  American City Business Journals]
▶ Laureate Education misses 2Q profit forecasts   [Aug-08-17 11:22PM  Associated Press]
▶ Laureate Education takes $120 million loss in first quarter   [May-11-17 02:28PM  American City Business Journals]
▶ Laureate Education reports 1Q loss   [07:32AM  Associated Press]

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