Discounted Cash Flow

CRA International, Inc.

CRAI · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $303.6m $7.7m $7.4m 2.5% $0.84
2017 $370.1m (21.9%) $7.6m (-0.4%) $36.1m (387.8%) 2.1% (-18.3%) $0.91 (8.3%)
2018 $417.6m (12.9%) $22.5m (195.0%) $20.7m (-42.5%) 5.4% (161.4%) $2.76 (203.3%)
2019 $451.4m (8.1%) $20.7m (-7.8%) $11.1m (-46.3%) 4.6% (-14.6%) $2.63 (-4.7%)
2020 $508.4m (12.6%) $24.5m (18.1%) $37.6m (237.3%) 4.8% (4.9%)
2021 $508.4m (0.0%) $24.5m (0.0%) $37.6m (0.0%) 4.8% (0.0%) $3.14
2022 $590.9m (16.2%) $43.6m (78.0%) $21.3m (-43.3%) 7.4% (53.1%) $6.02 (91.7%)
2023 $624.0m (5.6%) $38.5m (-11.8%) $57.7m (170.8%) 6.2% (-16.5%) $5.48 (-9.0%)
2024 $687.4m (10.2%) $46.7m (21.2%) $33.1m (-42.6%) 6.8% (10.0%) $6.82 (24.5%)
2025 $751.6m (9.3%) $54.8m (17.4%) $18.6m (-44.0%) 7.3% (7.4%) $8.23 (20.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model