CRA International
CRA International, Inc., a consulting company, provides economic, financial, and management consulting services in the United States, the United Kingdom, and internationally. The last earnings update was 56 days ago. More info.
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- CRA International has significant price volatility in the past 3 months.
CRAI Share Price and Events
7 Day Returns
1 Year Returns
CRAI Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| CRA International (CRAI) | -2.5% | -6.9% | -29.4% | -30.7% | 41.4% | 43.3% |
| US Professional Services | -1.9% | 2.8% | 6.3% | 5.5% | 44.1% | 52.9% |
| US Market | -0.4% | 2.8% | 2.7% | 4.3% | 40.9% | 38.2% |
1 Year Return vs Industry and Market
- CRAI underperformed the Professional Services industry which returned 5.5% over the past year.
- CRAI underperformed the Market in United States of America which returned 4.3% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
CRA International
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for CRA International.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity | |
| Levered Free Cash Flow | Average of 2 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 9.4% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| Professional Services Unlevered Beta | Simply Wall St/ S&P Global | 0.85 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.851 (1 + (1- 21%) (50.04%)) |
1.126 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.13 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.126 * 5.96%) |
9.44% |
Discounted Cash Flow Calculation for NasdaqGS:CRAI using 2 Stage Free Cash Flow to Equity Model
The calculations below outline how an intrinsic value for CRA International is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
| Levered FCF (USD, Millions) | Source |
Present Value Discounted (@ 9.44%) |
|
|---|---|---|---|
| 2019 | 18.77 | Analyst x1 | 17.15 |
| 2020 | 27.78 | Analyst x1 | 23.19 |
| 2021 | 34.27 | Est @ 23.37% | 26.14 |
| 2022 | 40.15 | Est @ 17.18% | 27.99 |
| 2023 | 45.31 | Est @ 12.84% | 28.86 |
| 2024 | 49.75 | Est @ 9.81% | 28.96 |
| 2025 | 53.58 | Est @ 7.68% | 28.49 |
| 2026 | 56.90 | Est @ 6.2% | 27.65 |
| 2027 | 59.83 | Est @ 5.16% | 26.57 |
| 2028 | 62.48 | Est @ 4.43% | 25.35 |
| Present value of next 10 years cash flows | $260.37 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $62.48 × (1 + 2.73%) ÷ (9.44% – 2.73%) |
$956.67 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $956.67 ÷ (1 + 9.44%)10 |
$388.16 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $260.37 + $388.16 |
$648.53 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $648.53 / 8.04 |
$80.65 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $80.65 |
| Current discount | Discount to share price of
$35.66
= -1 x ($35.66 - $80.65) / $80.65 |
55.8% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- CRA International's share price is below the future cash flow value, and at a moderate discount (> 20%).
- CRA International's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for CRA International's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
CRA International's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-30) in USD | $2.76 |
| NasdaqGS:CRAI Share Price ** | NasdaqGS (2019-06-26) in USD | $35.66 |
| United States of America Professional Services Industry PE Ratio | Median Figure of 38 Publicly-Listed Professional Services Companies | 20.29x |
| United States of America Market PE Ratio | Median Figure of 3,094 Publicly-Listed Companies | 17.77x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of CRA International.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NasdaqGS:CRAI Share Price ÷ EPS (both in USD) = 35.66 ÷ 2.76 |
12.93x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CRA International is good value based on earnings compared to the US Professional Services industry average.
- CRA International is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does
CRA International's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 12.93x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts |
8.5%per year |
| United States of America Professional Services Industry PEG Ratio | Median Figure of 31 Publicly-Listed Professional Services Companies | 1.81x |
| United States of America Market PEG Ratio | Median Figure of 2,133 Publicly-Listed Companies | 1.51x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 12.93x ÷ 8.5% |
1.52x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CRA International is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
CRA International's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-30) in USD | $24.72 |
| NasdaqGS:CRAI Share Price * | NasdaqGS (2019-06-26) in USD | $35.66 |
| United States of America Professional Services Industry PB Ratio | Median Figure of 60 Publicly-Listed Professional Services Companies | 2.33x |
| United States of America Market PB Ratio | Median Figure of 5,255 Publicly-Listed Companies | 1.78x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NasdaqGS:CRAI Share Price ÷ Book Value per Share (both in USD) = 35.66 ÷ 24.72 |
1.44x |
* Primary Listing of CRA International.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- CRA International is good value based on assets compared to the US Professional Services industry average.
Value checks
We assess CRA International's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the Professional Services industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Professional Services industry average (and greater than 0)? (1 check) CRA International has a total score of 5/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- CRA International's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- CRA International's earnings growth is positive but not above the United States of America market average.
- CRA International's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NasdaqGS:CRAI Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts | 8.5% |
| NasdaqGS:CRAI Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts | 5.2% |
| United States of America Professional Services Industry Earnings Growth Rate | Market Cap Weighted Average | 31.5% |
| United States of America Professional Services Industry Revenue Growth Rate | Market Cap Weighted Average | 5.8% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.9% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.4% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 464 | 48 | 26 | 2 |
| 2019-12-31 | 441 | 43 | 23 | 2 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-30 | 424 | 20 | 22 |
| 2018-12-29 | 418 | 36 | 22 |
| 2018-09-29 | 406 | 30 | 13 |
| 2018-06-30 | 393 | 22 | 13 |
| 2018-03-31 | 381 | 26 | 10 |
| 2017-12-30 | 370 | 46 | 8 |
| 2017-09-30 | 353 | 40 | 12 |
| 2017-07-01 | 343 | 45 | 12 |
| 2017-04-01 | 332 | 38 | 13 |
| 2016-12-31 | 325 | 48 | 13 |
| 2016-10-01 | 318 | 42 | 9 |
| 2016-07-02 | 313 | 32 | 9 |
| 2016-04-02 | 306 | 35 | 7 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (2 months ago) | See Below |
| Future Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
All data from CRA International Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2020-12-31 | 3.12 | 3.12 | 3.12 | 1.00 |
| 2019-12-31 | 2.80 | 2.80 | 2.80 | 1.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-30 | 2.76 |
| 2018-12-29 | 2.76 |
| 2018-09-29 | 1.64 |
| 2018-06-30 | 1.54 |
| 2018-03-31 | 1.16 |
| 2017-12-30 | 0.91 |
| 2017-09-30 | 1.43 |
| 2017-07-01 | 1.42 |
| 2017-04-01 | 1.58 |
| 2016-12-31 | 1.50 |
| 2016-10-01 | 1.09 |
| 2016-07-02 | 1.03 |
| 2016-04-02 | 0.81 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- Unable to establish if CRA International will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
Future performance checks
We assess CRA International's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
CRA International has a total score of 1/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has CRA International performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- CRA International's year on year earnings growth rate has been positive over the past 5 years.
- CRA International's 1-year earnings growth exceeds its 5-year average (131.6% vs 6.3%)
- CRA International's earnings growth has exceeded the US Professional Services industry average in the past year (131.6% vs 24.8%).
Earnings and Revenue History
All data from CRA International Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-30 | 424.02 | 22.18 | 90.63 | |
| 2018-12-29 | 417.65 | 22.38 | 89.53 | |
| 2018-09-29 | 405.90 | 13.31 | 93.54 | |
| 2018-06-30 | 393.36 | 12.61 | 92.56 | |
| 2018-03-31 | 381.38 | 9.60 | 88.57 | |
| 2017-12-30 | 370.08 | 7.57 | 85.64 | |
| 2017-09-30 | 352.63 | 11.85 | 77.61 | |
| 2017-07-01 | 342.99 | 11.83 | 72.97 | |
| 2017-04-01 | 332.04 | 13.22 | 70.08 | |
| 2016-12-31 | 324.78 | 12.79 | 70.58 | |
| 2016-10-01 | 317.67 | 9.46 | 70.08 | |
| 2016-07-02 | 312.50 | 9.12 | 71.77 | |
| 2016-04-02 | 306.43 | 7.23 | 73.58 | |
| 2016-01-02 | 303.56 | 7.60 | 72.44 | |
| 2015-10-03 | 309.56 | 12.69 | 72.88 | |
| 2015-07-04 | 306.52 | 13.08 | 71.20 | |
| 2015-04-04 | 308.17 | 12.98 | 70.00 | |
| 2015-01-03 | 306.37 | 13.62 | 69.07 | |
| 2014-09-27 | 303.58 | 13.54 | 68.26 | |
| 2014-06-28 | 304.53 | 13.59 | 67.69 | |
| 2014-03-29 | 291.55 | 11.81 | 65.60 | |
| 2013-12-28 | 278.43 | 11.34 | 64.24 | |
| 2013-09-28 | 270.29 | -45.84 | 62.69 | |
| 2013-06-29 | 261.78 | -49.85 | 62.92 | |
| 2013-03-30 | 264.39 | -50.54 | 64.21 | |
| 2012-12-29 | 270.39 | -52.99 | 65.74 | |
| 2012-09-29 | 277.83 | 4.94 | 68.54 | |
| 2012-06-30 | 282.93 | 9.35 | 69.23 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- CRA International has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- CRA International used its assets less efficiently than the US Professional Services industry average last year based on Return on Assets.
- CRA International has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess CRA International's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Professional Services industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
CRA International has a total score of 4/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is CRA International's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up CRA International's finances.
The net worth of a company is the difference between its assets and liabilities.
- CRA International is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- CRA International's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is covered by short term assets, assets are 4.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from CRA International Company Filings, last reported 2 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-30 | 197.89 | 39.00 | 14.96 |
| 2018-12-29 | 196.47 | 0.00 | 38.03 |
| 2018-09-29 | 200.54 | 5.00 | 11.86 |
| 2018-06-30 | 196.56 | 20.79 | 9.03 |
| 2018-03-31 | 204.28 | 10.00 | 10.85 |
| 2017-12-30 | 207.23 | 0.00 | 54.04 |
| 2017-09-30 | 208.18 | 0.00 | 20.90 |
| 2017-07-01 | 209.13 | 0.00 | 14.67 |
| 2017-04-01 | 215.31 | 6.00 | 21.82 |
| 2016-12-31 | 207.88 | 0.00 | 53.53 |
| 2016-10-01 | 207.22 | 0.00 | 25.18 |
| 2016-07-02 | 204.41 | 0.00 | 12.21 |
| 2016-04-02 | 214.22 | 0.00 | 22.58 |
| 2016-01-02 | 211.07 | 0.08 | 38.14 |
| 2015-10-03 | 216.04 | 0.08 | 21.00 |
| 2015-07-04 | 215.07 | 0.08 | 15.82 |
| 2015-04-04 | 212.24 | 0.08 | 17.23 |
| 2015-01-03 | 214.70 | 0.98 | 48.20 |
| 2014-09-27 | 224.51 | 0.98 | 44.68 |
| 2014-06-28 | 229.13 | 0.98 | 27.61 |
| 2014-03-29 | 227.53 | 0.99 | 32.49 |
| 2013-12-28 | 224.64 | 1.01 | 51.25 |
| 2013-09-28 | 221.58 | 1.01 | 17.90 |
| 2013-06-29 | 216.47 | 6.84 | 16.33 |
| 2013-03-30 | 214.11 | 1.70 | 30.59 |
| 2012-12-29 | 212.23 | 1.70 | 55.45 |
| 2012-09-29 | 265.51 | 1.69 | 42.30 |
| 2012-06-30 | 266.64 | 2.32 | 41.78 |
- CRA International's level of debt (19.7%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has increased over the past 5 years (0.4% vs 19.7% today).
- Debt is well covered by operating cash flow (51.7%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 46.4x coverage).
Financial health checks
We assess CRA International's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) CRA International has a total score of 5/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
What is CRA International's current dividend yield, its reliability and sustainability?
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
CRA International
shares you are expected to receive
$45
in your first year as a dividend.
Dividend Amount
- CRA International's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
- CRA International's dividend is below the markets top 25% of dividend payers in United States of America (3.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 2 Analyst Estimates (S&P Global) | See Below |
| United States of America Professional Services Industry Average Dividend Yield | Market Cap Weighted Average of 21 Stocks | 1.6% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 2012 Stocks | 2.4% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.4% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2020-12-31 | ||
| 2019-12-31 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-28 | 0.800 | 1.808 |
| 2018-08-02 | 0.680 | 1.463 |
| 2018-05-08 | 0.680 | 1.253 |
| 2018-04-26 | 0.680 | 1.204 |
| 2018-03-12 | 0.680 | 1.267 |
| 2018-02-15 | 0.680 | 1.360 |
| 2017-10-31 | 0.680 | 1.509 |
| 2017-10-26 | 0.680 | 1.605 |
| 2017-07-27 | 0.560 | 1.440 |
| 2017-02-16 | 0.560 | 1.577 |
| 2016-11-03 | 0.560 | 1.652 |
| 2016-10-27 | 0.560 | 1.872 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, CRA International has been paying a dividend for less than 10 years.
- Dividend payments have increased, but CRA International only paid a dividend in the past 3 years.
Income/ dividend checks
We assess CRA International's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can CRA International afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) CRA International has a total score of 2/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $3,006,723 |
| AGE | 54 |
| TENURE AS CEO | 9.6 years |
CEO Bio
Mr. Paul A. Maleh has been the Chief Executive Officer and President of CRA International Inc. (formerly known as Charles River Associates Inc.) since November 29, 2009. Mr. Maleh has been an Integral Member of CRA’s management team for more than a decade. He is a recognized authority in the application of financial and economic theory to complex business matters. He served as the Chief Operating Officer of CRA International Inc. from October 29, 2008 to November 29, 2009 and served as its Executive Vice President from October 2006 to November 29, 2009. He was responsible for all areas of CRA's global consulting operations and the administrative functions of marketing, business development and human resources, including recruiting. He served as Head of Finance of CRA International, Inc. from December 2006 to January 2009. He focused on the development of a new strategy designed to position more effectively CRA International Inc.'s services, to increase its utilization rate and to better align staffing with work load demands. He has consulted on these matters in a range of industries, including telecommunications and high-tech, energy, computer hardware and software, pharmaceuticals, investment banking, retail and sports and entertainment. He has directed research concerning business valuation, securities litigation, breach of contract, bankruptcy and general business damages. He joined CRA in 1989 as an associate in the Energy Practice and has led the Finance Practice since 2000 to December 2006. From December 2006 to January 2009, he served as head of CRA's finance platform. He served as Vice President of CRA International, Inc. from 1999 to October 2006. In performing valuations of companies and securities, he provided corporate clients with assistance on recapitalizations and restructurings, acquisitions and divestitures and fairness opinions. In litigation contexts, his analysis covered such topics as cash flow estimates, but for revenue analyses, competing financial models and estimates of appropriate discount rates. Likewise, in securities litigation, he helps defend companies and accounting firms against Section 11 and Rule 10b-5 claims involving common stocks, preferred stocks and convertible bonds. He critiques class certification, assesses materiality and causation, performs damages estimates and assists in case discovery. Mr. Maleh has been a Director of CRA International Inc. since November 29, 2009. He holds an M.B.A. from Northeastern University.
CEO Compensation
- Paul's compensation has been consistent with company performance over the past year, both up more than 20%.
- Paul's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the CRA International management team in years:
- The average tenure for the CRA International management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team
Paul Maleh
President
$3M
54
9.6 yrs
Chad Holmes
Executive VP
$1M
45
4.6 yrs
Jonathan Yellin
Executive VP & General Counsel
$917K
54
15.3 yrs
Mary Savio
VP & Director of Operations
Douglas Miller
VP, Chief Accounting Officer & Corporate Controller
53
2.2 yrs
Samuel Lynch
Principal
15.4 yrs
Elahd Toam
Principal
Cristina Caffarra
VP & Head of European Competition Practice
14 yrs
Miguel Herce
Principal
19.9 yrs
Elizabeth Wang
Principal
Board of Directors Tenure
Average tenure and age of the CRA International board of directors in years:
- The tenure for the CRA International board of directors is about average.
Board of Directors
Row Moriarty
Chairman
$315K
71
17.1 yrs
Paul Maleh
President
$3M
54
9.6 yrs
Franklin Fisher
Chairman Emeritus & Board Observer
83
12.2 yrs
Bill Concannon
Director
$165K
62
19 yrs
Robert Holthausen
Director
$175K
70
4.9 yrs
Tom Avery
Director
$170K
64
3.3 yrs
Nancy Hawthorne
Director
$155K
67
4.5 yrs
Bob Whitman
Director
$150K
64
2.1 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18. Mar 19 | Sell | Rowland Moriarty | Individual | 14. Mar 19 | 15. Mar 19 | -9,000 | $52.00 | $-460,521 | ||
| 13. Mar 19 | Sell | Rowland Moriarty | Individual | 11. Mar 19 | 12. Mar 19 | -3,785 | $51.64 | $-192,049 | ||
| 12. Mar 19 | Sell | Rowland Moriarty | Individual | 08. Mar 19 | 08. Mar 19 | -3,500 | $50.06 | $-175,212 | ||
| 08. Mar 19 | Sell | Rowland Moriarty | Individual | 06. Mar 19 | 06. Mar 19 | -3,715 | $50.19 | $-186,451 | ||
| 06. Mar 19 | Sell | Paul Maleh | Individual | 04. Mar 19 | 05. Mar 19 | -25,000 | $50.32 | $-1,211,450 | ||
Management checks
We assess CRA International's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) CRA International has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
How Much Are CRA International, Inc. (NASDAQ:CRAI) Insiders Taking Off The Table?
So we'll take a look at whether insiders have been buying or selling shares in CRA International, Inc. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' See our latest analysis for CRA International The Last 12 Months Of Insider Transactions At CRA International In the last twelve months, the biggest single sale by an insider was when the President, Paul Maleh, sold US$1.2m worth of shares at a price of US$50.32 per share.
Simply Wall St - – Full articleWhat Does CRA International, Inc.'s (NASDAQ:CRAI) Balance Sheet Tell Us About It?
Does CRAI Produce Much Cash Relative To Its Debt? … Moreover, CRAI has generated US$20m in operating cash flow in the last twelve months, resulting in an operating cash to total debt ratio of 14%, signalling that CRAI’s debt is not covered by operating cash. … Looking at CRAI’s US$149m in current liabilities, the company has maintained a safe level of current assets to meet its obligations, with the current ratio last standing at 1.12x.
Simply Wall St - – Full articleShould You Think About Buying CRA International, Inc. (NASDAQ:CRAI) Now?
According to my valuation, the intrinsic value for the stock is $72.99, but it is currently trading at US$38.82 on the share market, meaning that there is still an opportunity to buy now. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price. … However, with a relatively muted profit growth of 7.7% expected over the next year, growth doesn’t seem like a key driver for a buy decision for CRA International, at least in the short term.
Simply Wall St - – Full articleIs CRA International, Inc. (NASDAQ:CRAI) A Volatile Stock?
Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … The fact that this is well below 1 indicates that its share price movements haven't historically been very sensitive to overall market volatility. … What this means for you: Since CRA International is not heavily influenced by market moves, its share price is probably far more dependend on company specific developments.
Simply Wall St - – Full articleAre Investors Undervaluing CRA International, Inc. (NASDAQ:CRAI) By 46%?
by projecting its future cash flows and then discounting them to today's value. … We generally believe that a company's value is the present value of all of the cash it will generate in the future. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model
Simply Wall St - – Full articleHow Good Is CRA International, Inc. (NASDAQ:CRAI) At Creating Shareholder Value?
Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … Understanding Return On Capital Employed (ROCE). … ROCE measures the amount of pre-tax profits a company can generate from the capital employed in its business.
Simply Wall St - – Full articleIs CRA International, Inc.'s (NASDAQ:CRAI) P/E Ratio Really That Good?
This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … We'll look at CRA International, Inc.'s (NASDAQ:CRAI) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleA Note On CRA International, Inc.'s (NASDAQ:CRAI) ROE and Debt To Equity
With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows CRA International has a return on equity of 11% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleIs CRA International, Inc. (NASDAQ:CRAI) A Strong Dividend Stock?
Dividends play an important role in compounding returns in the long run and end up forming a sizeable part of investment returns. … Does CRA International tick all the boxes of a great dividend stock? … How I analyze a dividend stock
Simply Wall St - – Full articleThese Factors Make CRA International, Inc. (NASDAQ:CRAI) An Interesting Investment
(NASDAQ:CRAI) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … Below, I've touched on some key aspects you should know on a high level
Simply Wall St - – Full articleCompany Info
Description
CRA International, Inc., a consulting company, provides economic, financial, and management consulting services in the United States, the United Kingdom, and internationally. It advises clients on economic and financial matters pertaining to litigation and regulatory proceedings; and guides corporations through business strategy and performance-related issues. The company also offers consulting services, including research and analysis, expert testimony, and support in litigation and regulatory proceedings in the areas of finance, accounting, economics, insurance, and forensic accounting and investigations to corporate clients and attorneys. In addition, it offers management consulting services comprising strategy development, performance improvement, corporate strategy and portfolio analysis, estimation of market demand, new product pricing strategies, valuation of intellectual property and other assets, assessment of competitors' actions, and analysis of new sources of supply. The company serves various industries, including agriculture, banking and capital markets, chemicals, communications and media, consumer products, energy, entertainment, financial services, health care, insurance, life sciences, manufacturing, oil and gas, real estate, retail, sports, telecommunications, transportation, and technology, as well as metals, mining, and materials. CRA International, Inc. was founded in 1965 and is headquartered in Boston, Massachusetts.
Details
| Name: | CRA International, Inc. |
| CRAI | |
| Exchange: | NasdaqGS |
| Founded: | 1965 |
| $286,739,064 | |
| 8,040,916 | |
| Website: | http://www.crai.com |
| Address: |
CRA International, Inc. 200 Clarendon Street, Boston, Massachusetts, 02116, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NasdaqGS | CRAI | Common Stock | Nasdaq Global Select | US | USD | 24. Apr 1998 | |
| DB | CR2 | Common Stock | Deutsche Boerse AG | DE | EUR | 24. Apr 1998 | |
| MUN | CR2 | Common Stock | Boerse Muenchen | DE | EUR | 24. Apr 1998 | |
| MUN | CR2 | Common Stock | Boerse Muenchen | DE | EUR | 24. Apr 1998 |
Number of employees
Current staff
Industry
| Research and Consulting Services | |
| Commercial Services |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/06/27 00:04 |
| End of day share price update: | 2019/06/26 00:00 |
| Last estimates confirmation: | 2019/06/19 |
| Last earnings filing: | 2019/05/02 |
| Last earnings reported: | 2019/03/30 |
| Last annual earnings reported: | 2018/12/29 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.
