CRA International, Inc.

AI-generated fair value estimate for this company.

Method: 10-year owner-earnings DCF: $49.2M TTM net income (used as FCF proxy; asset-light consulting model has capex roughly equal to D&A) growing 8%/yr years 1-5 (in line with recent 11.5% revenue growth moderating), 5%/yr years 6-10; 9% discount rate; 3% terminal growth; no net debt adjustment applied given uncertainty in whether the reported $303.65M 'total debt' figure reflects funded debt vs. operating lease liabilities for this asset-light firm with only $21.4M cash.

Reasoning: CRA International is a labor-intensive, low-capex economic consulting firm where net income closely approximates free cash flow, making an owner-earnings DCF appropriate; the elevated discount rate reflects consulting-demand cyclicality.