Acquisitions and Booming Biotech Environment Drive Charles River's Growth; Shares Look Overvalued
Charles River Labs reported first-quarter results mostly in line with our expectations, posting $605 million in revenue, up nearly 11% organically from last year. After modeling in slight increases in full-year capital expenditures and amortization expense due to acquisitions, we are raising our fair value estimate slightly to $103 per share, driven by the time value of money in our valuation model and a slight increase to near-term revenue in the discovery and safety assessment segment. However...Charles River Laboratories International is a contract research organization. The company has a laboratory animal medicine and science to develop a portfolio of discovery and safety assessment services. The company's segments are: Research Models and Services, which supplies research models to the drug development industry; Discovery and Safety Assessment (DSA), which provides DSA services, including in vitro and in vivo studies, laboratory support services, and strategic non-clinical consulting and program management to support product development; and Manufacturing Support, which ensures the production and release of products manufactured by the company's clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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