Intrinsic value of Icon - ICLR

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$104.99

  Intrinsic Value

$109.80

stock screener

  Rating & Target

hold

+5%

  Value-price divergence*

-48%

Previous close

$104.99

 
Intrinsic value

$109.80

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence*

-48%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ICLR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.78
  7.70
  7.43
  7.19
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
Revenue, $m
  1,666
  1,794
  1,928
  2,066
  2,210
  2,360
  2,515
  2,677
  2,846
  3,021
  3,204
  3,394
  3,592
  3,800
  4,016
  4,241
  4,477
  4,723
  4,980
  5,250
  5,531
  5,826
  6,134
  6,458
  6,796
  7,150
  7,522
  7,911
  8,319
  8,747
  9,195
Variable operating expenses, $m
 
  1,217
  1,303
  1,392
  1,485
  1,581
  1,682
  1,786
  1,894
  2,007
  2,125
  2,186
  2,314
  2,447
  2,586
  2,731
  2,883
  3,042
  3,208
  3,381
  3,562
  3,752
  3,951
  4,159
  4,377
  4,605
  4,844
  5,095
  5,358
  5,633
  5,922
Fixed operating expenses, $m
 
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  335
  344
  352
  361
  370
  380
  389
  399
  409
  419
  429
  440
  451
  462
  474
Total operating expenses, $m
  1,355
  1,449
  1,540
  1,635
  1,734
  1,837
  1,944
  2,055
  2,169
  2,289
  2,414
  2,483
  2,618
  2,759
  2,905
  3,058
  3,218
  3,386
  3,560
  3,742
  3,932
  4,132
  4,340
  4,558
  4,786
  5,024
  5,273
  5,535
  5,809
  6,095
  6,396
Operating income, $m
  312
  345
  387
  431
  476
  523
  572
  623
  676
  732
  790
  912
  975
  1,041
  1,110
  1,182
  1,258
  1,337
  1,420
  1,507
  1,599
  1,694
  1,795
  1,900
  2,010
  2,126
  2,248
  2,376
  2,510
  2,651
  2,799
EBITDA, $m
  371
  423
  466
  511
  557
  606
  656
  709
  764
  821
  880
  943
  1,008
  1,076
  1,147
  1,221
  1,299
  1,380
  1,466
  1,555
  1,649
  1,747
  1,851
  1,959
  2,072
  2,192
  2,317
  2,448
  2,586
  2,731
  2,883
Interest expense (income), $m
  14
  14
  17
  19
  22
  25
  29
  32
  35
  39
  43
  46
  50
  55
  59
  64
  68
  73
  79
  84
  90
  96
  102
  108
  115
  122
  130
  138
  146
  155
  164
Earnings before tax, $m
  300
  332
  370
  411
  453
  497
  543
  591
  641
  693
  747
  865
  924
  986
  1,051
  1,119
  1,190
  1,264
  1,342
  1,423
  1,509
  1,599
  1,693
  1,791
  1,895
  2,004
  2,118
  2,238
  2,364
  2,496
  2,635
Tax expense, $m
  38
  90
  100
  111
  122
  134
  147
  160
  173
  187
  202
  234
  250
  266
  284
  302
  321
  341
  362
  384
  407
  432
  457
  484
  512
  541
  572
  604
  638
  674
  712
Net income, $m
  262
  242
  270
  300
  331
  363
  396
  431
  468
  506
  545
  632
  675
  720
  767
  817
  868
  923
  980
  1,039
  1,102
  1,167
  1,236
  1,308
  1,383
  1,463
  1,546
  1,634
  1,726
  1,822
  1,924

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  261
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,826
  1,685
  1,810
  1,940
  2,075
  2,216
  2,362
  2,514
  2,672
  2,837
  3,008
  3,187
  3,373
  3,568
  3,770
  3,982
  4,204
  4,435
  4,676
  4,929
  5,194
  5,470
  5,760
  6,063
  6,381
  6,714
  7,063
  7,428
  7,811
  8,213
  8,634
Adjusted assets (=assets-cash), $m
  1,565
  1,685
  1,810
  1,940
  2,075
  2,216
  2,362
  2,514
  2,672
  2,837
  3,008
  3,187
  3,373
  3,568
  3,770
  3,982
  4,204
  4,435
  4,676
  4,929
  5,194
  5,470
  5,760
  6,063
  6,381
  6,714
  7,063
  7,428
  7,811
  8,213
  8,634
Revenue / Adjusted assets
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
Average production assets, $m
  209
  224
  241
  258
  276
  295
  314
  335
  356
  378
  400
  424
  449
  475
  502
  530
  560
  590
  623
  656
  691
  728
  767
  807
  849
  894
  940
  989
  1,040
  1,093
  1,149
Working capital, $m
  464
  219
  235
  252
  270
  288
  307
  327
  347
  369
  391
  414
  438
  464
  490
  517
  546
  576
  608
  640
  675
  711
  748
  788
  829
  872
  918
  965
  1,015
  1,067
  1,122
Total debt, $m
  349
  417
  487
  560
  636
  715
  798
  883
  972
  1,065
  1,162
  1,262
  1,367
  1,477
  1,591
  1,710
  1,835
  1,965
  2,101
  2,243
  2,392
  2,548
  2,711
  2,882
  3,061
  3,248
  3,444
  3,650
  3,866
  4,092
  4,329
Total liabilities, $m
  881
  949
  1,019
  1,092
  1,168
  1,247
  1,330
  1,415
  1,504
  1,597
  1,694
  1,794
  1,899
  2,009
  2,123
  2,242
  2,367
  2,497
  2,633
  2,775
  2,924
  3,080
  3,243
  3,414
  3,593
  3,780
  3,976
  4,182
  4,398
  4,624
  4,861
Total equity, $m
  945
  736
  791
  848
  907
  968
  1,032
  1,099
  1,168
  1,240
  1,315
  1,393
  1,474
  1,559
  1,648
  1,740
  1,837
  1,938
  2,044
  2,154
  2,270
  2,391
  2,517
  2,650
  2,789
  2,934
  3,086
  3,246
  3,413
  3,589
  3,773
Total liabilities and equity, $m
  1,826
  1,685
  1,810
  1,940
  2,075
  2,215
  2,362
  2,514
  2,672
  2,837
  3,009
  3,187
  3,373
  3,568
  3,771
  3,982
  4,204
  4,435
  4,677
  4,929
  5,194
  5,471
  5,760
  6,064
  6,382
  6,714
  7,062
  7,428
  7,811
  8,213
  8,634
Debt-to-equity ratio
  0.369
  0.570
  0.620
  0.660
  0.700
  0.740
  0.770
  0.800
  0.830
  0.860
  0.880
  0.910
  0.930
  0.950
  0.970
  0.980
  1.000
  1.010
  1.030
  1.040
  1.050
  1.070
  1.080
  1.090
  1.100
  1.110
  1.120
  1.120
  1.130
  1.140
  1.150
Adjusted equity ratio
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  262
  242
  270
  300
  331
  363
  396
  431
  468
  506
  545
  632
  675
  720
  767
  817
  868
  923
  980
  1,039
  1,102
  1,167
  1,236
  1,308
  1,383
  1,463
  1,546
  1,634
  1,726
  1,822
  1,924
Depreciation, amort., depletion, $m
  59
  78
  79
  80
  82
  83
  85
  86
  88
  89
  91
  31
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
Funds from operations, $m
  156
  320
  350
  381
  413
  446
  481
  517
  555
  595
  636
  663
  708
  755
  804
  855
  909
  966
  1,025
  1,087
  1,152
  1,220
  1,292
  1,367
  1,445
  1,528
  1,615
  1,706
  1,802
  1,902
  2,008
Change in working capital, $m
  -103
  16
  16
  17
  18
  18
  19
  20
  21
  21
  22
  23
  24
  25
  26
  28
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  47
  50
  52
  55
Cash from operations, $m
  259
  304
  333
  364
  395
  428
  462
  498
  535
  573
  614
  639
  683
  729
  778
  828
  881
  936
  994
  1,054
  1,118
  1,184
  1,254
  1,327
  1,404
  1,485
  1,570
  1,659
  1,752
  1,850
  1,953
Maintenance CAPEX, $m
  0
  -15
  -16
  -18
  -19
  -20
  -22
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
  -69
  -72
  -76
  -80
New CAPEX, $m
  -43
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -49
  -51
  -53
  -56
Cash from investing activities, $m
  -75
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -51
  -53
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -96
  -101
  -106
  -111
  -118
  -123
  -129
  -136
Free cash flow, $m
  184
  273
  300
  329
  358
  389
  421
  454
  489
  526
  563
  586
  628
  671
  716
  763
  812
  864
  918
  975
  1,035
  1,097
  1,162
  1,231
  1,303
  1,379
  1,458
  1,541
  1,629
  1,721
  1,817
Issuance/(repayment) of debt, $m
  0
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  109
  114
  119
  125
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
  237
Issuance/(repurchase) of shares, $m
  -100
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -94
  68
  70
  73
  76
  79
  82
  86
  89
  93
  97
  101
  105
  109
  114
  119
  125
  130
  136
  142
  149
  156
  163
  171
  179
  187
  196
  206
  216
  226
  237
Total cash flow (excl. dividends), $m
  89
  341
  371
  402
  434
  468
  503
  540
  578
  618
  660
  687
  733
  780
  830
  882
  937
  994
  1,054
  1,117
  1,183
  1,253
  1,325
  1,402
  1,482
  1,566
  1,654
  1,747
  1,844
  1,947
  2,054
Retained Cash Flow (-), $m
  -182
  -52
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -85
  -89
  -93
  -97
  -101
  -106
  -110
  -116
  -121
  -127
  -133
  -139
  -145
  -152
  -160
  -167
  -175
  -184
Prev. year cash balance distribution, $m
 
  261
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  550
  316
  345
  375
  407
  439
  474
  509
  546
  585
  609
  651
  695
  741
  790
  840
  893
  949
  1,007
  1,068
  1,132
  1,199
  1,269
  1,343
  1,420
  1,502
  1,587
  1,677
  1,771
  1,870
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  527
  289
  300
  309
  315
  319
  320
  318
  314
  307
  289
  278
  264
  249
  232
  214
  194
  175
  155
  136
  117
  99
  83
  68
  55
  44
  34
  26
  19
  14
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

ICON Public Limited Company, a contract research organization, provides outsourced development services to the pharmaceutical, biotechnology, and medical device industries in Ireland, rest of Europe, the United States, and internationally. It specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies. The company’s clinical development services include product development planning, strategic consulting, study protocol preparation, clinical pharmacology, pharmacokinetic and pharmacodynamic analysis, clinical research center, investigator recruitment, study monitoring and data collection, case report form preparation, statistical analysis, patient safety monitoring, risk-based monitoring, clinical data management, strategic analysis and data operation, regulatory consulting, and medical reporting and pharmacovigilance services. Its clinical development services also comprise interactive response technologies, electronic endpoint adjudication, medical imaging, adaptive trial design and execution, medical device trial, functional and strategic resourcing, sample analyses, safety testing, microbiology, custom flow cytometry, biomarker development, bioanalysis, immunoassay development, patient registries, outcomes research, health economics, market access and commercialization, price consulting, and healthcare and scientific communication services, as well as electronic transmission of test results, and electronic patient reported outcomes. ICON Public Limited Company was founded in 1990 and is headquartered in Dublin, Ireland.

FINANCIAL RATIOS  of  Icon (ICLR)

Valuation Ratios
P/E Ratio 21.9
Price to Sales 3.4
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 22.1
Price to Free Cash Flow 26.5
Growth Rates
Sales Growth Rate 5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14%
Cap. Spend. - 3 Yr. Gr. Rate 8.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 36.9%
Total Debt to Equity 36.9%
Interest Coverage 22
Management Effectiveness
Return On Assets 15.5%
Ret/ On Assets - 3 Yr. Avg. 14%
Return On Total Capital 21.8%
Ret/ On T. Cap. - 3 Yr. Avg. 21.2%
Return On Equity 30.7%
Return On Equity - 3 Yr. Avg. 25.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 41.5%
EBITDA Margin 22.4%
EBITDA Margin - 3 Yr. Avg. 20.3%
Operating Margin 18.7%
Oper. Margin - 3 Yr. Avg. 16.7%
Pre-Tax Margin 18%
Pre-Tax Margin - 3 Yr. Avg. 16.4%
Net Profit Margin 15.7%
Net Profit Margin - 3 Yr. Avg. 14.1%
Effective Tax Rate 12.7%
Eff/ Tax Rate - 3 Yr. Avg. 14%
Payout Ratio 0%

ICLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ICLR stock intrinsic value calculation we used $1666 million for the last fiscal year's total revenue generated by Icon. The default revenue input number comes from 2016 income statement of Icon. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ICLR stock valuation model: a) initial revenue growth rate of 7.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ICLR is calculated based on our internal credit rating of Icon, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Icon.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ICLR stock the variable cost ratio is equal to 68.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $226 million in the base year in the intrinsic value calculation for ICLR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4% for Icon.

Corporate tax rate of 27% is the nominal tax rate for Icon. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ICLR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ICLR are equal to 12.5%.

Life of production assets of 13.7 years is the average useful life of capital assets used in Icon operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ICLR is equal to 12.2%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $945 million for Icon - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 55.503 million for Icon is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Icon at the current share price and the inputted number of shares is $5.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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PRAH PRA Health Sci 74.76 59.17  sell
MEDP Medpace Holdin 31.20 45.32  str.buy
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COMPANY NEWS

▶ Icon PLC tops Street 2Q forecasts   [Jul-27-17 10:33PM  Associated Press]
▶ ICON Acquires Mapi Group   [06:05AM  Business Wire]
▶ ICON Reports Second Quarter 2017 Results   [06:00AM  Business Wire]
▶ Historically Strong Stocks in June   [May-31-17 01:00PM  Investopedia]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-30-17 03:30PM  Investor's Business Daily]
▶ ETFs with exposure to ICON Plc : May 22, 2017   [May-22-17 01:46PM  Capital Cube]
▶ ETFs with exposure to ICON Plc : May 4, 2017   [May-04-17 04:03PM  Capital Cube]
▶ ICON Plc Value Analysis (NASDAQ:ICLR) : May 1, 2017   [May-01-17 05:02PM  Capital Cube]
▶ Icon PLC beats 1Q profit forecasts   [Apr-27-17 06:16AM  Associated Press]
▶ ICON Reports First Quarter 2017 Results   [06:00AM  Business Wire]
▶ ICON Awarded Best CRO at World Vaccine Congress 2017   [Apr-12-17 05:00AM  Business Wire]
▶ Parexel Is Discovering the Drugs of the Future   [Apr-10-17 04:44PM  TheStreet.com]
▶ ETFs with exposure to ICON Plc : April 7, 2017   [Apr-07-17 04:50PM  Capital Cube]
▶ Icon PLC meets 4Q profit forecasts   [06:34AM  Associated Press]
▶ ICON Plc Value Analysis (NASDAQ:ICLR) : January 10, 2017   [Jan-10-17 10:54AM  Capital Cube]
▶ ICON Issues Financial Guidance for Full Year 2017   [Jan-09-17 04:15PM  Business Wire]
▶ Is ICON PLC (ICLR) A Good Stock To Buy?   [Dec-14-16 02:13AM  Insider Monkey]
▶ Is ICON PLC (ICLR) A Good Stock To Buy?   [02:13AM  at Insider Monkey]
▶ ICON Reports Third Quarter 2016 Results   [04:00AM  Business Wire]
▶ ICON Reports Second Quarter 2016 Results   [06:00AM  Business Wire]
▶ ICON to Acquire Clinical Research Management, Inc.   [Jun-30-16 08:00AM  Business Wire]
Stock chart of ICLR Financial statements of ICLR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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