Laureate Education, Inc.

LAUR

Consumer DefensiveEducation & Training ServicesNASDAQ

$32.81

Market Cap: $4.59B

Laureate Education, Inc. (LAUR) Valuation Summary

Updated May 11, 2026 07:35

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$18.64 – $150.48	$35.12	+7.0%
Growth Exit 10Y	$25.38 – $193.25	$46.50	+41.7%
EBITDA Exit 5Y	$13.24 – $45.39	$27.92	-14.9%
EBITDA Exit 10Y	$19.16 – $60.83	$36.72	+11.9%
▸ Trading Multiples
P/E	$26.96 – $35.48	$27.01	-17.7%
EV/EBITDA	$19.53 – $41.25	$24.89	-24.1%
EV/Revenue	$10.19 – $24.14	$11.19	-65.9%
▸ PEG
PEG Fair Value	$31.74 – $31.74	$31.74	-3.3%
▸ Earnings Power Value
Earnings Power Value	$13.71 – $24.78	$17.97	-45.2%
▸ Dividend Discount
Dividend Discount	$0.04 – $0.10	$0.06	-99.8%

Valuation History

DCF Analysis

Fair Value

$35.12

Market Price

$32.81

Upside / Downside

+7.0%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Laureate Education, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 12.4% to 11.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 14, DIO 3). At a 6.5% WACC with mid-year discounting, the terminal value (85% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $35.12 per share, suggesting LAUR is fairly valued by 7.0% at the current price of $32.81.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	350	375	404	452	506	518
(−) Net Interest	34	36	39	43	49	50
(+) D&A	67	75	83	93	101	104
EBITDA	450	485	526	588	656	672

(−) Tax	164	175	189	212	237	243
(−) CapEx	89	96	103	115	129	132
(−) ΔWC	61	10	12	19	22	22
Free Cash Flow (FCFF)	136	204	222	242	268	275

Terminal Value						6,874
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	132	186	190	194	202	5,018

Enterprise Value	5,921
Projection Period	903	15.3%
Terminal Value	5,018	84.7%

(−) Current Net Debt	701

Equity Value	5,221
(/) Outstanding Shares	149

Fair Price	$35.12

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$51	$61	$76	$101	$150
5.5%	$37	$42	$49	$58	$72
6.5%	$28	$31	$35	$40	$46
7.5%	$23	$25	$27	$30	$33
8.5%	$19	$20	$22	$23	$26

Current price: $32.81. Green = undervalued, Red = overvalued.

Fair Value

$46.50

Market Price

$32.81

Upside / Downside

+41.7%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Laureate Education, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 12.4% to 4.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 14, DIO 3). At a 6.5% WACC with mid-year discounting, the terminal value (74% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $46.50 per share, suggesting LAUR is undervalued by 41.7% at the current price of $32.81.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	350	375	404	452	506	558	608	653	692	723	741
(−) Net Interest	34	36	39	43	49	54	58	63	66	69	71
(+) D&A	67	75	83	93	101	106	117	129	142	154	158
EBITDA	450	485	526	588	656	718	784	845	900	947	970

(−) Tax	164	175	189	212	237	261	285	306	324	339	347
(−) CapEx	89	96	103	115	129	142	155	167	177	185	189
(−) ΔWC	61	10	12	19	22	21	20	18	16	13	13
Free Cash Flow (FCFF)	136	204	222	242	268	293	324	354	384	411	421

Terminal Value											10,539
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	132	186	190	194	202	207	215	221	225	226	5,616

Enterprise Value	7,613
Projection Period	1,997	26.2%
Terminal Value	5,616	73.8%

(−) Current Net Debt	701

Equity Value	6,913
(/) Outstanding Shares	149

Fair Price	$46.50

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$71	$83	$102	$132	$193
5.5%	$51	$57	$65	$76	$93
6.5%	$39	$42	$46	$52	$59
7.5%	$31	$33	$36	$39	$42
8.5%	$25	$27	$28	$30	$33

Current price: $32.81. Green = undervalued, Red = overvalued.

Fair Value

$27.93

Market Price

$32.81

Upside / Downside

-14.9%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Laureate Education, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 12.4% to 11.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 14, DIO 3). At a 6.5% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 8.1x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $27.92 per share, suggesting LAUR is fairly valued by 14.9% at the current price of $32.81.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

EV/EBITDA Exit Multiple

8.05x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	350	375	404	452	506	518
(−) Net Interest	34	36	39	43	49	50
(+) D&A	67	75	83	93	101	104
EBITDA	450	485	526	588	656	672

(−) Tax	164	175	189	212	237	—
(−) CapEx	89	96	103	115	129	—
(−) ΔWC	61	10	12	19	22	—
Free Cash Flow (FCF)	136	204	222	242	268	—

Peers' EBITDA Multiple						8.1x
Terminal Value						5,410
WACC / Discount Rate	6.50%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	132	186	190	194	202	3,949

Enterprise Value	4,852
Projection Period	903	18.6%
Terminal Value	3,949	81.4%

(−) Current Net Debt	701
Equity Value	4,152
(÷) Outstanding Shares	149M
Fair Price	$28	-14.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	4.0x	6.0x	8.0x	10.0x	12.0x
4.5%	$16	$24	$31	$38	$45
5.5%	$16	$22	$29	$36	$43
6.5%	$15	$21	$28	$35	$41
7.5%	$14	$20	$27	$33	$39
8.5%	$13	$19	$25	$31	$37

Current price: $32.81. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$36.72

Market Price

$32.81

Upside / Downside

+11.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Laureate Education, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 12.4% to 4.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 14, DIO 3). At a 6.5% WACC with mid-year discounting, the terminal value (68% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 8.1x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $36.72 per share, suggesting LAUR is fairly valued by 11.9% at the current price of $32.81.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

EV/EBITDA Exit Multiple

8.05x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	350	375	404	452	506	558	608	653	692	723	741
(−) Net Interest	34	36	39	43	49	54	58	63	66	69	71
(+) D&A	67	75	83	93	101	106	117	129	142	154	158
EBITDA	450	485	526	588	656	718	784	845	900	947	970

(−) Tax	164	175	189	212	237	261	285	306	324	339	—
(−) CapEx	89	96	103	115	129	142	155	167	177	185	—
(−) ΔWC	61	10	12	19	22	21	20	18	16	13	—
Free Cash Flow (FCF)	136	204	222	242	268	293	324	354	384	411	—

Peers' EBITDA Multiple											8.1x
Terminal Value											7,811
WACC / Discount Rate	6.50%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	132	186	190	194	202	207	215	221	225	226	4,163

Enterprise Value	6,160
Projection Period	1,997	32.4%
Terminal Value	4,163	67.6%

(−) Current Net Debt	701
Equity Value	5,459
(÷) Outstanding Shares	149M
Fair Price	$37	+11.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	4.0x	6.0x	8.0x	10.0x	12.0x
4.5%	$27	$36	$44	$52	$61
5.5%	$25	$33	$40	$48	$55
6.5%	$23	$30	$37	$44	$51
7.5%	$21	$27	$34	$40	$46
8.5%	$19	$25	$31	$36	$42

Current price: $32.81. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$27.01

Market Price

$32.81

Upside / Downside

-17.7%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), Laureate Education, Inc. (LAUR) has a fair value of $27.01 based on 8 comparable companies in the Education & Training Services industry.

P/E Valuation — Education & Training Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Laureate Education, Inc.LAUR	4,878	17.4x	20.3x
Graham Holdings CompanyGHC	4,925	17.1x	18.2x
Grand Canyon Education, Inc.LOPE	4,404	21.5x	23.1x
Stride, Inc.LRN	3,739	14.8x	12.5x
Cal-Maine Foods, Inc.CALM	3,605	3.0x	13.1x
The Marzetti CompanyMZTI	3,118	18.7x	18.1x
Perdoceo Education CorporationPRDO	2,159	14.2x	16.2x
Strategic Education, Inc.STRA	1,798	14.6x	16.3x
BellRing Brands, Inc.BRBR	1,199	6.1x	7.7x
Industry Median		14.7x	16.3x
(*) Profit after tax		282	240
Equity Value		4,136	3,897
(/) Outstanding shares		149	149
Fair Price		$28	$26

Selected Fair Value (avg of trailing + forward)

$27.01

-17.7%

Fair Value

$24.89

Market Price

$32.81

Upside / Downside

-24.1%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), Laureate Education, Inc. (LAUR) has a fair value of $24.89 based on 9 comparable companies in the Education & Training Services industry.

EV/EBITDA Valuation — Education & Training Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Laureate Education, Inc.LAUR	4,878	10.7x	11.7x
Adecoagro S.A.AGRO	6,702	70.9x	63.6x
Graham Holdings CompanyGHC	4,925	15.1x	15.4x
Grand Canyon Education, Inc.LOPE	4,404	13.1x	14.7x
Stride, Inc.LRN	3,739	6.9x	6.6x
Cal-Maine Foods, Inc.CALM	3,605	1.8x	3.3x
The Marzetti CompanyMZTI	3,118	10.5x	10.6x
Perdoceo Education CorporationPRDO	2,159	8.0x	9.6x
Strategic Education, Inc.STRA	1,798	7.8x	8.1x
BellRing Brands, Inc.BRBR	1,199	5.9x	5.8x
Industry Median		8.0x	9.6x
(*) EBITDA		523	478
= Enterprise Value		4,206	4,595
(-) Net Debt		701	701
Equity Value		3,505	3,894
(/) Outstanding shares		149	149
Fair Price		$24	$26

Selected Fair Value (avg of trailing + forward)

$24.89

-24.1%

Fair Value

$11.19

Market Price

$32.81

Upside / Downside

-65.9%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), Laureate Education, Inc. (LAUR) has a fair value of $11.19 based on 9 comparable companies in the Education & Training Services industry.

EV/Revenue Valuation — Education & Training Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Laureate Education, Inc.LAUR	4,878	3.3x	3.6x
Adecoagro S.A.AGRO	6,702	6.0x	5.4x
Graham Holdings CompanyGHC	4,925	1.3x	1.3x
Grand Canyon Education, Inc.LOPE	4,404	4.1x	4.6x
Stride, Inc.LRN	3,739	1.5x	1.4x
Cal-Maine Foods, Inc.CALM	3,605	0.7x	1.3x
The Marzetti CompanyMZTI	3,118	1.6x	1.6x
Perdoceo Education CorporationPRDO	2,159	2.5x	3.0x
Strategic Education, Inc.STRA	1,798	1.4x	1.4x
BellRing Brands, Inc.BRBR	1,199	1.0x	0.9x
Industry Median		1.5x	1.4x
(*) Revenue		1,702	1,556
= Enterprise Value		2,481	2,246
(-) Net Debt		701	701
Equity Value		1,781	1,546
(/) Outstanding shares		149	149
Fair Price		$12	$10

Selected Fair Value (avg of trailing + forward)

$11.19

-65.9%

PEG Fair Value

Fair Value

$31.74

Market Price

$32.81

Upside / Downside

-3.3%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 14.8% plus 0.0% dividend yield, the company has a fair value of $31.74 based on NTM EPS (FY2026) of $2.15. The current PEG ratio is 1.03.

PEG Ratio

1.03Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 15.3 ÷ (14.8% + 0.0%) = 1.03

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateForward	14.8%
Dividend Yield	+0.0%
Adjusted Growth (clamped 8–25%)	14.8%
Fair P/E	14.8x
NTM EPS (FY2026)	$2.15
Fair Value	$31.74

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$1.89	—	—
FY2026E	$2.15	+13.6%	3
FY2027E	$2.46	+14.5%	4
FY2028E	$2.86	+16.2%	5

3Y Forward EPS CAGR: 14.8%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$192.4M	$-2.34	—
FY2022	$69.6M	$0.37	—
FY2023	$107.6M	$0.74	+100.0%
FY2024	$296.5M	$1.92	+159.5%
FY2025	$281.6M	$1.89	-1.6%

4Y Historical EPS CAGR: 86.0%

Earnings Power Value

Fair Value

$17.97

Market Price

$32.81

Upside / Downside

-45.2%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 6.5% and normalized earnings of $219.1M, the company has a fair value of $17.97 per share. The EPV range is $13.71 – $24.78 based on WACC sensitivity (5.0% – 8.0%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	219	219	219
(/) WACC	8.0%	6.5%	5.0%
Enterprise Value	2,739	3,372	4,384
(-) Net debt	701	701	701
Equity Value	2,039	2,671	3,684
(/) Outstanding shares	149	149	149
Fair Price	$13.71	$17.97	$24.78

Dividend Discount Model

Fair Value

$0.06

Market Price

$32.81

Upside / Downside

-99.8%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.5% and projected dividend growth of 0.0%, the fair value is $0.06 per share. The DDM range is $0.04 – $0.10 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.00

Dividend Yield

0.01%

Payout Ratio

0.2%

Dividend Coverage

618.97x

FCF Payout Ratio0.2%

DPS CAGR (3Y)-87.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.00	0.2%	-72.3%
2024	$0.01	0.6%	-98.4%
2023	$0.71	104.5%	-52.7%
2022	$1.50	363.9%	—
2021	—	0.0%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.00	0.0%	0.9300	$0.00
2027	$0.00	0.0%	0.8648	$0.00
2028	$0.00	0.0%	0.8043	$0.00
2029	$0.00	0.0%	0.7479	$0.00
2030	$0.00	0.0%	0.6956	$0.00
Terminal Value	$0.00 DPS	2.5%		$0.04

PV of Projected Dividends$0.01

PV of Terminal Value$0.04

Fair Value per Share$0.06

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
5.5%	$0	$0	$0	$0	$0
6.5%	$0	$0	$0	$0	$0
7.5%	$0	$0	$0	$0	$0
8.5%	$0	$0	$0	$0	$0
9.5%	$0	$0	$0	$0	$0

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Laureate Education, Inc. (LAUR) Valuation Summary

Updated May 11, 2026 07:35

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$18.64 – $150.48	$35.12	+7.0%
Growth Exit 10Y	$25.38 – $193.25	$46.50	+41.7%
EBITDA Exit 5Y	$13.24 – $45.39	$27.92	-14.9%
EBITDA Exit 10Y	$19.16 – $60.83	$36.72	+11.9%
▸ Trading Multiples
P/E	$26.96 – $35.48	$27.01	-17.7%
EV/EBITDA	$19.53 – $41.25	$24.89	-24.1%
EV/Revenue	$10.19 – $24.14	$11.19	-65.9%
▸ PEG
PEG Fair Value	$31.74 – $31.74	$31.74	-3.3%
▸ Earnings Power Value
Earnings Power Value	$13.71 – $24.78	$17.97	-45.2%
▸ Dividend Discount
Dividend Discount	$0.04 – $0.10	$0.06	-99.8%

Valuation History

DCF Analysis

Fair Value

$35.12

Market Price

$32.81

Upside / Downside

+7.0%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	350	375	404	452	506	518
(−) Net Interest	34	36	39	43	49	50
(+) D&A	67	75	83	93	101	104
EBITDA	450	485	526	588	656	672

(−) Tax	164	175	189	212	237	243
(−) CapEx	89	96	103	115	129	132
(−) ΔWC	61	10	12	19	22	22
Free Cash Flow (FCFF)	136	204	222	242	268	275

Terminal Value						6,874
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	132	186	190	194	202	5,018

Enterprise Value	5,921
Projection Period	903	15.3%
Terminal Value	5,018	84.7%

(−) Current Net Debt	701

Equity Value	5,221
(/) Outstanding Shares	149

Fair Price	$35.12

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$51	$61	$76	$101	$150
5.5%	$37	$42	$49	$58	$72
6.5%	$28	$31	$35	$40	$46
7.5%	$23	$25	$27	$30	$33
8.5%	$19	$20	$22	$23	$26

Current price: $32.81. Green = undervalued, Red = overvalued.

Fair Value

$46.50

Market Price

$32.81

Upside / Downside

+41.7%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	350	375	404	452	506	558	608	653	692	723	741
(−) Net Interest	34	36	39	43	49	54	58	63	66	69	71
(+) D&A	67	75	83	93	101	106	117	129	142	154	158
EBITDA	450	485	526	588	656	718	784	845	900	947	970

(−) Tax	164	175	189	212	237	261	285	306	324	339	347
(−) CapEx	89	96	103	115	129	142	155	167	177	185	189
(−) ΔWC	61	10	12	19	22	21	20	18	16	13	13
Free Cash Flow (FCFF)	136	204	222	242	268	293	324	354	384	411	421

Terminal Value											10,539
WACC / Discount Rate	6.5%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	132	186	190	194	202	207	215	221	225	226	5,616

Enterprise Value	7,613
Projection Period	1,997	26.2%
Terminal Value	5,616	73.8%

(−) Current Net Debt	701

Equity Value	6,913
(/) Outstanding Shares	149

Fair Price	$46.50

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.5%	$71	$83	$102	$132	$193
5.5%	$51	$57	$65	$76	$93
6.5%	$39	$42	$46	$52	$59
7.5%	$31	$33	$36	$39	$42
8.5%	$25	$27	$28	$30	$33

Current price: $32.81. Green = undervalued, Red = overvalued.

Fair Value

$27.93

Market Price

$32.81

Upside / Downside

-14.9%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Laureate Education, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 12.4% to 11.9% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 14, DIO 3). At a 6.5% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 8.1x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $27.92 per share, suggesting LAUR is fairly valued by 14.9% at the current price of $32.81.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

EV/EBITDA Exit Multiple

8.05x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	350	375	404	452	506	518
(−) Net Interest	34	36	39	43	49	50
(+) D&A	67	75	83	93	101	104
EBITDA	450	485	526	588	656	672

(−) Tax	164	175	189	212	237	—
(−) CapEx	89	96	103	115	129	—
(−) ΔWC	61	10	12	19	22	—
Free Cash Flow (FCF)	136	204	222	242	268	—

Peers' EBITDA Multiple						8.1x
Terminal Value						5,410
WACC / Discount Rate	6.50%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	132	186	190	194	202	3,949

Enterprise Value	4,852
Projection Period	903	18.6%
Terminal Value	3,949	81.4%

(−) Current Net Debt	701
Equity Value	4,152
(÷) Outstanding Shares	149M
Fair Price	$28	-14.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	4.0x	6.0x	8.0x	10.0x	12.0x
4.5%	$16	$24	$31	$38	$45
5.5%	$16	$22	$29	$36	$43
6.5%	$15	$21	$28	$35	$41
7.5%	$14	$20	$27	$33	$39
8.5%	$13	$19	$25	$31	$37

Current price: $32.81. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$36.72

Market Price

$32.81

Upside / Downside

+11.9%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project Laureate Education, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 12.4% to 4.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 35, DPO 14, DIO 3). At a 6.5% WACC with mid-year discounting, the terminal value (68% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 8.1x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $36.72 per share, suggesting LAUR is fairly valued by 11.9% at the current price of $32.81.

FCFF Present Value Calculation

WACC

6.50%

3% – 20%

EV/EBITDA Exit Multiple

8.05x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	350	375	404	452	506	558	608	653	692	723	741
(−) Net Interest	34	36	39	43	49	54	58	63	66	69	71
(+) D&A	67	75	83	93	101	106	117	129	142	154	158
EBITDA	450	485	526	588	656	718	784	845	900	947	970

(−) Tax	164	175	189	212	237	261	285	306	324	339	—
(−) CapEx	89	96	103	115	129	142	155	167	177	185	—
(−) ΔWC	61	10	12	19	22	21	20	18	16	13	—
Free Cash Flow (FCF)	136	204	222	242	268	293	324	354	384	411	—

Peers' EBITDA Multiple											8.1x
Terminal Value											7,811
WACC / Discount Rate	6.50%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	132	186	190	194	202	207	215	221	225	226	4,163

Enterprise Value	6,160
Projection Period	1,997	32.4%
Terminal Value	4,163	67.6%

(−) Current Net Debt	701
Equity Value	5,459
(÷) Outstanding Shares	149M
Fair Price	$37	+11.9%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	4.0x	6.0x	8.0x	10.0x	12.0x
4.5%	$27	$36	$44	$52	$61
5.5%	$25	$33	$40	$48	$55
6.5%	$23	$30	$37	$44	$51
7.5%	$21	$27	$34	$40	$46
8.5%	$19	$25	$31	$36	$42

Current price: $32.81. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$27.01

Market Price

$32.81

Upside / Downside

-17.7%

Verdict

Overvalued

P/E Valuation — Education & Training Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
Laureate Education, Inc.LAUR	4,878	17.4x	20.3x
Graham Holdings CompanyGHC	4,925	17.1x	18.2x
Grand Canyon Education, Inc.LOPE	4,404	21.5x	23.1x
Stride, Inc.LRN	3,739	14.8x	12.5x
Cal-Maine Foods, Inc.CALM	3,605	3.0x	13.1x
The Marzetti CompanyMZTI	3,118	18.7x	18.1x
Perdoceo Education CorporationPRDO	2,159	14.2x	16.2x
Strategic Education, Inc.STRA	1,798	14.6x	16.3x
BellRing Brands, Inc.BRBR	1,199	6.1x	7.7x
Industry Median		14.7x	16.3x
(*) Profit after tax		282	240
Equity Value		4,136	3,897
(/) Outstanding shares		149	149
Fair Price		$28	$26

Selected Fair Value (avg of trailing + forward)

$27.01

-17.7%

Fair Value

$24.89

Market Price

$32.81

Upside / Downside

-24.1%

Verdict

Overvalued

EV/EBITDA Valuation — Education & Training Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
Laureate Education, Inc.LAUR	4,878	10.7x	11.7x
Adecoagro S.A.AGRO	6,702	70.9x	63.6x
Graham Holdings CompanyGHC	4,925	15.1x	15.4x
Grand Canyon Education, Inc.LOPE	4,404	13.1x	14.7x
Stride, Inc.LRN	3,739	6.9x	6.6x
Cal-Maine Foods, Inc.CALM	3,605	1.8x	3.3x
The Marzetti CompanyMZTI	3,118	10.5x	10.6x
Perdoceo Education CorporationPRDO	2,159	8.0x	9.6x
Strategic Education, Inc.STRA	1,798	7.8x	8.1x
BellRing Brands, Inc.BRBR	1,199	5.9x	5.8x
Industry Median		8.0x	9.6x
(*) EBITDA		523	478
= Enterprise Value		4,206	4,595
(-) Net Debt		701	701
Equity Value		3,505	3,894
(/) Outstanding shares		149	149
Fair Price		$24	$26

Selected Fair Value (avg of trailing + forward)

$24.89

-24.1%

Fair Value

$11.19

Market Price

$32.81

Upside / Downside

-65.9%

Verdict

Overvalued

EV/Revenue Valuation — Education & Training Services

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
Laureate Education, Inc.LAUR	4,878	3.3x	3.6x
Adecoagro S.A.AGRO	6,702	6.0x	5.4x
Graham Holdings CompanyGHC	4,925	1.3x	1.3x
Grand Canyon Education, Inc.LOPE	4,404	4.1x	4.6x
Stride, Inc.LRN	3,739	1.5x	1.4x
Cal-Maine Foods, Inc.CALM	3,605	0.7x	1.3x
The Marzetti CompanyMZTI	3,118	1.6x	1.6x
Perdoceo Education CorporationPRDO	2,159	2.5x	3.0x
Strategic Education, Inc.STRA	1,798	1.4x	1.4x
BellRing Brands, Inc.BRBR	1,199	1.0x	0.9x
Industry Median		1.5x	1.4x
(*) Revenue		1,702	1,556
= Enterprise Value		2,481	2,246
(-) Net Debt		701	701
Equity Value		1,781	1,546
(/) Outstanding shares		149	149
Fair Price		$12	$10

Selected Fair Value (avg of trailing + forward)

$11.19

-65.9%

PEG Fair Value

Fair Value

$31.74

Market Price

$32.81

Upside / Downside

-3.3%

Verdict

Overvalued

PEG Ratio

1.03Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 15.3 ÷ (14.8% + 0.0%) = 1.03

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: StalwartPEG highly applicable

PEG works well for steady growers with predictable earnings.

Fair Value Calculation

EPS Growth RateForward	14.8%
Dividend Yield	+0.0%
Adjusted Growth (clamped 8–25%)	14.8%
Fair P/E	14.8x
NTM EPS (FY2026)	$2.15
Fair Value	$31.74

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$1.89	—	—
FY2026E	$2.15	+13.6%	3
FY2027E	$2.46	+14.5%	4
FY2028E	$2.86	+16.2%	5

3Y Forward EPS CAGR: 14.8%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$192.4M	$-2.34	—
FY2022	$69.6M	$0.37	—
FY2023	$107.6M	$0.74	+100.0%
FY2024	$296.5M	$1.92	+159.5%
FY2025	$281.6M	$1.89	-1.6%

4Y Historical EPS CAGR: 86.0%

Earnings Power Value

Fair Value

$17.97

Market Price

$32.81

Upside / Downside

-45.2%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	219	219	219
(/) WACC	8.0%	6.5%	5.0%
Enterprise Value	2,739	3,372	4,384
(-) Net debt	701	701	701
Equity Value	2,039	2,671	3,684
(/) Outstanding shares	149	149	149
Fair Price	$13.71	$17.97	$24.78

Dividend Discount Model

Fair Value

$0.06

Market Price

$32.81

Upside / Downside

-99.8%

Verdict

Overvalued

Dividend Profile

Current DPS

$0.00

Dividend Yield

0.01%

Payout Ratio

0.2%

Dividend Coverage

618.97x

FCF Payout Ratio0.2%

DPS CAGR (3Y)-87.3%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.00	0.2%	-72.3%
2024	$0.01	0.6%	-98.4%
2023	$0.71	104.5%	-52.7%
2022	$1.50	363.9%	—
2021	—	0.0%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.00	0.0%	0.9300	$0.00
2027	$0.00	0.0%	0.8648	$0.00
2028	$0.00	0.0%	0.8043	$0.00
2029	$0.00	0.0%	0.7479	$0.00
2030	$0.00	0.0%	0.6956	$0.00
Terminal Value	$0.00 DPS	2.5%		$0.04

PV of Projected Dividends$0.01

PV of Terminal Value$0.04

Fair Value per Share$0.06

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	0.0%	0.0%	0.0%	1.0%	2.0%
5.5%	$0	$0	$0	$0	$0
6.5%	$0	$0	$0	$0	$0
7.5%	$0	$0	$0	$0	$0
8.5%	$0	$0	$0	$0	$0
9.5%	$0	$0	$0	$0	$0