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  "documentTitle": "Core Laboratories (CLB)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2017-05-08 00:00:00",
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  "notes": "The slide uses a 10-year trailing average EPS to justify a fair value estimate.",
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      "text": "Looking at the 10-year history, it’s arguable that there is no secular earnings growth here.",
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      "text": "CLB earnings per share history from 2007 to 2019e",
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      "text": "fair value: $62.30",
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      "text": "Looking at the 10-year history, it's arguable that there is no secular earnings growth here. A generous valuation would be a market multiple on mid-cycle earnings of $3.50, which we don't think Core is likely to obtain until at least 2021. This gets us a fair value of $62 or 45% below today's price.",
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      "text": "Source: Greenlight estimates. CLB earnings and consensus estimates, and S&P 500 forward P/E from Bloomberg LP, retrieved May 2017.",
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      "text": "Mid-cycle EPS: $3.52; x S&P 500 P/E: 17.7x; Fair Value: $62.30; % downside: -45.1%",
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