Technamental Stock Study Worksheet
STRAYER EDUCATION INC - BI (STRA)
Quality   Date: 10/19/09
  Last Fiscal Year Ended: 12/31/08
Fiscal Year   1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
(check to discard)
Sales ($M) 69.8 78.2 92.9 116.7 146.5 183.2 220.5 263.7 318.0 396.3
Pretax Profit ($M) 31.8 35.7 36.4 43.0 52.9 67.1 77.9 84.1 104.0 131.3
Tax Rate (%) 39.3% 38.9% 38.9% 38.9% 39.1% 38.5% 38.3% 37.8% 37.6% 38.5%
Net Profit ($M) 19.3 21.8 22.3 26.3 32.2 41.3 48.1 52.3 64.9 80.8
Earnings (EPS) ($) 1.23 1.41 1.51 1.81 2.17 2.74 3.26 3.61 4.47 5.67
Shares (M) 15.3 15.3 8.4 10.7 10.7 14.7 14.3 14.3 14.4 14.1
Book Value per share 5.31 6.39       10.15 10.62 12.00 13.07 12.50
Pretax Margin (%) 45.6% 45.6% 39.2% 36.8% 36.1% 36.6% 35.3% 31.9% 32.7% 33.1%
Return on Equity (%) Using Trailing Book Value 26.6% 23.6%       32.1% 34.0% 37.3% 43.4%
 
    Quarterly Sales Quarterly Earnings (EPS)
    Sep-08 Dec-08 Mar-09 Jun-09 TTM Sep-08 Dec-08 Mar-09 Jun-09 TTM
Last year  69.8 89.1 97.1 97.9 353.9 0.64 1.34 1.64 1.50 5.12
This year  87.0 114.3 124.5 125.9 451.7 0.83 1.71 2.07 2.00 6.61
% Change  24.6% 28.2% 28.2% 28.6% 27.6% 29.7% 27.6% 26.2% 33.3% 29.1%
 
Growth                   Sales EPS
Growth graph Stability  99.7% 99.1%
Historical %  22.0% 18.6%
Forecast %  % %
Bus. Model Forecast %  20.3%
      Avg. PTPM
Pretax Profit Margins  37.3%
   
 
 
 
 
 
 
 
 
      Avg. ROE
  Return on Equity  32.8%
   
 
 
 
 
 
 
 
 
 
Forecast
Earnings		           5yr. Fcst.
(for 2013)		      
  Business Model   Forecast Growth Model   Forecast Earnings per Share
  2008   5yr. Fcst. Forecast Sales  986.1    
x Avg. Profit Margin  37.3% or % = Pretax Profit  325.4    
less taxes @  38.5% or %  = Net after taxes  200.1        
less Adjustments      = Net to shareholders  200.1      
÷ Shares  14.0 or = Bus. Model EPS  14.29 or #N/A = 14.29
        5 yr. EPS growth rate  20.3%