Intrinsic value of PRA Health Sciences - PRAH

Previous Close

$82.40

  Intrinsic Value

$67.55

stock screener

  Rating & Target

hold

-18%

  Value-price divergence*

-93%

Previous close

$82.40

 
Intrinsic value

$67.55

 
Up/down potential

-18%

 
Rating

hold

 
Value-price divergence*

-93%

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

We calculate the intrinsic value of PRAH 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 5.1

 

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, %
  12.27
  17.10
  15.89
  14.80
  13.82
  12.94
  12.14
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
  6.07
  5.97
  5.87
  5.78
  5.70
  5.63
  5.57
Revenue, $m
  1,812
  2,122
  2,459
  2,823
  3,213
  3,629
  4,070
  4,535
  5,024
  5,537
  6,073
  6,633
  7,217
  7,824
  8,456
  9,113
  9,795
  10,505
  11,242
  12,008
  12,805
  13,634
  14,496
  15,393
  16,328
  17,302
  18,318
  19,377
  20,482
  21,636
  22,841
Variable operating expenses, $m
 
  1,889
  2,173
  2,481
  2,810
  3,161
  3,533
  3,926
  4,339
  4,772
  5,225
  5,601
  6,093
  6,606
  7,140
  7,694
  8,271
  8,870
  9,492
  10,139
  10,812
  11,512
  12,240
  12,998
  13,787
  14,609
  15,467
  16,361
  17,294
  18,268
  19,286
Fixed operating expenses, $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
Total operating expenses, $m
  1,688
  1,889
  2,173
  2,481
  2,810
  3,161
  3,533
  3,926
  4,339
  4,772
  5,225
  5,601
  6,093
  6,606
  7,140
  7,694
  8,271
  8,870
  9,492
  10,139
  10,812
  11,512
  12,240
  12,998
  13,787
  14,609
  15,467
  16,361
  17,294
  18,268
  19,286
Operating income, $m
  124
  233
  286
  342
  403
  468
  536
  609
  685
  765
  848
  1,032
  1,123
  1,218
  1,316
  1,418
  1,525
  1,635
  1,750
  1,869
  1,993
  2,122
  2,256
  2,396
  2,541
  2,693
  2,851
  3,016
  3,188
  3,367
  3,555
EBITDA, $m
  194
  361
  418
  480
  546
  617
  692
  771
  854
  941
  1,033
  1,128
  1,227
  1,330
  1,438
  1,549
  1,665
  1,786
  1,911
  2,042
  2,177
  2,318
  2,465
  2,617
  2,776
  2,942
  3,114
  3,294
  3,482
  3,679
  3,883
Interest expense (income), $m
  48
  45
  58
  73
  89
  107
  125
  144
  165
  187
  209
  233
  258
  283
  310
  338
  367
  397
  429
  461
  495
  530
  567
  605
  645
  686
  729
  774
  821
  869
  920
Earnings before tax, $m
  94
  188
  227
  269
  314
  361
  411
  464
  520
  578
  639
  800
  866
  934
  1,006
  1,080
  1,157
  1,238
  1,321
  1,408
  1,498
  1,592
  1,689
  1,791
  1,897
  2,007
  2,122
  2,242
  2,367
  2,498
  2,635
Tax expense, $m
  29
  51
  61
  73
  85
  97
  111
  125
  140
  156
  172
  216
  234
  252
  272
  292
  313
  334
  357
  380
  404
  430
  456
  484
  512
  542
  573
  605
  639
  674
  711
Net income, $m
  68
  138
  166
  196
  229
  264
  300
  339
  379
  422
  466
  584
  632
  682
  734
  789
  845
  904
  964
  1,028
  1,093
  1,162
  1,233
  1,307
  1,385
  1,465
  1,549
  1,637
  1,728
  1,824
  1,923

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  145
  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
  2,190
  2,395
  2,775
  3,186
  3,627
  4,096
  4,593
  5,118
  5,670
  6,249
  6,855
  7,487
  8,145
  8,831
  9,544
  10,285
  11,056
  11,857
  12,689
  13,553
  14,453
  15,388
  16,361
  17,374
  18,429
  19,528
  20,674
  21,870
  23,117
  24,419
  25,780
Adjusted assets (=assets-cash), $m
  2,045
  2,395
  2,775
  3,186
  3,627
  4,096
  4,593
  5,118
  5,670
  6,249
  6,855
  7,487
  8,145
  8,831
  9,544
  10,285
  11,056
  11,857
  12,689
  13,553
  14,453
  15,388
  16,361
  17,374
  18,429
  19,528
  20,674
  21,870
  23,117
  24,419
  25,780
Revenue / Adjusted assets
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
  0.886
Average production assets, $m
  589
  690
  799
  917
  1,044
  1,179
  1,323
  1,474
  1,633
  1,799
  1,974
  2,156
  2,345
  2,543
  2,748
  2,962
  3,184
  3,414
  3,654
  3,903
  4,162
  4,431
  4,711
  5,003
  5,307
  5,623
  5,953
  6,297
  6,657
  7,032
  7,423
Working capital, $m
  61
  -62
  -71
  -82
  -93
  -105
  -118
  -132
  -146
  -161
  -176
  -192
  -209
  -227
  -245
  -264
  -284
  -305
  -326
  -348
  -371
  -395
  -420
  -446
  -474
  -502
  -531
  -562
  -594
  -627
  -662
Total debt, $m
  828
  1,041
  1,307
  1,594
  1,902
  2,230
  2,578
  2,945
  3,331
  3,735
  4,158
  4,600
  5,060
  5,540
  6,038
  6,556
  7,095
  7,655
  8,236
  8,841
  9,469
  10,123
  10,803
  11,511
  12,249
  13,017
  13,818
  14,654
  15,526
  16,436
  17,387
Total liabilities, $m
  1,461
  1,674
  1,940
  2,227
  2,535
  2,863
  3,211
  3,578
  3,964
  4,368
  4,791
  5,233
  5,693
  6,173
  6,671
  7,189
  7,728
  8,288
  8,869
  9,474
  10,102
  10,756
  11,436
  12,144
  12,882
  13,650
  14,451
  15,287
  16,159
  17,069
  18,020
Total equity, $m
  729
  721
  835
  959
  1,092
  1,233
  1,383
  1,541
  1,707
  1,881
  2,063
  2,253
  2,452
  2,658
  2,873
  3,096
  3,328
  3,569
  3,819
  4,080
  4,350
  4,632
  4,925
  5,230
  5,547
  5,878
  6,223
  6,583
  6,958
  7,350
  7,760
Total liabilities and equity, $m
  2,190
  2,395
  2,775
  3,186
  3,627
  4,096
  4,594
  5,119
  5,671
  6,249
  6,854
  7,486
  8,145
  8,831
  9,544
  10,285
  11,056
  11,857
  12,688
  13,554
  14,452
  15,388
  16,361
  17,374
  18,429
  19,528
  20,674
  21,870
  23,117
  24,419
  25,780
Debt-to-equity ratio
  1.136
  1.440
  1.560
  1.660
  1.740
  1.810
  1.860
  1.910
  1.950
  1.990
  2.020
  2.040
  2.060
  2.080
  2.100
  2.120
  2.130
  2.140
  2.160
  2.170
  2.180
  2.190
  2.190
  2.200
  2.210
  2.210
  2.220
  2.230
  2.230
  2.240
  2.240
Adjusted equity ratio
  0.286
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301
  0.301

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  68
  138
  166
  196
  229
  264
  300
  339
  379
  422
  466
  584
  632
  682
  734
  789
  845
  904
  964
  1,028
  1,093
  1,162
  1,233
  1,307
  1,385
  1,465
  1,549
  1,637
  1,728
  1,824
  1,923
Depreciation, amort., depletion, $m
  70
  128
  133
  138
  143
  149
  156
  162
  169
  177
  185
  95
  104
  113
  122
  131
  141
  151
  162
  173
  184
  196
  208
  221
  235
  249
  263
  279
  295
  311
  328
Funds from operations, $m
  125
  265
  298
  334
  372
  413
  456
  501
  549
  599
  651
  679
  736
  795
  856
  920
  986
  1,055
  1,126
  1,200
  1,278
  1,358
  1,442
  1,529
  1,619
  1,714
  1,812
  1,915
  2,023
  2,135
  2,252
Change in working capital, $m
  -35
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
Cash from operations, $m
  160
  274
  308
  345
  384
  425
  469
  515
  563
  614
  666
  695
  753
  812
  874
  939
  1,006
  1,075
  1,147
  1,223
  1,301
  1,382
  1,467
  1,555
  1,647
  1,742
  1,842
  1,946
  2,055
  2,168
  2,287
Maintenance CAPEX, $m
  0
  -26
  -31
  -35
  -41
  -46
  -52
  -59
  -65
  -72
  -80
  -87
  -95
  -104
  -113
  -122
  -131
  -141
  -151
  -162
  -173
  -184
  -196
  -208
  -221
  -235
  -249
  -263
  -279
  -295
  -311
New CAPEX, $m
  -33
  -101
  -110
  -118
  -127
  -135
  -143
  -151
  -159
  -167
  -174
  -182
  -190
  -197
  -205
  -213
  -222
  -231
  -240
  -249
  -259
  -269
  -280
  -292
  -304
  -317
  -330
  -344
  -359
  -375
  -392
Cash from investing activities, $m
  -35
  -127
  -141
  -153
  -168
  -181
  -195
  -210
  -224
  -239
  -254
  -269
  -285
  -301
  -318
  -335
  -353
  -372
  -391
  -411
  -432
  -453
  -476
  -500
  -525
  -552
  -579
  -607
  -638
  -670
  -703
Free cash flow, $m
  125
  147
  168
  191
  216
  244
  273
  305
  339
  375
  413
  426
  468
  511
  556
  604
  653
  704
  757
  812
  869
  929
  990
  1,055
  1,121
  1,191
  1,263
  1,338
  1,417
  1,499
  1,584
Issuance/(repayment) of debt, $m
  -215
  244
  266
  287
  308
  328
  348
  367
  386
  405
  423
  442
  460
  479
  498
  518
  539
  560
  582
  605
  629
  654
  680
  708
  737
  768
  801
  836
  872
  910
  951
Issuance/(repurchase) of shares, $m
  1
  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  
  -102
  244
  266
  287
  308
  328
  348
  367
  386
  405
  423
  442
  460
  479
  498
  518
  539
  560
  582
  605
  629
  654
  680
  708
  737
  768
  801
  836
  872
  910
  951
Total cash flow (excl. dividends), $m
  23
  391
  434
  478
  524
  572
  621
  672
  725
  779
  836
  868
  928
  990
  1,055
  1,122
  1,191
  1,263
  1,338
  1,416
  1,498
  1,582
  1,671
  1,763
  1,859
  1,959
  2,064
  2,174
  2,289
  2,409
  2,535
Retained Cash Flow (-), $m
  -26
  -106
  -115
  -124
  -133
  -141
  -150
  -158
  -166
  -174
  -182
  -190
  -198
  -206
  -215
  -223
  -232
  -241
  -250
  -260
  -271
  -282
  -293
  -305
  -318
  -331
  -345
  -360
  -375
  -392
  -409
Prev. year cash balance distribution, $m
 
  114
  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
 
  399
  320
  355
  392
  430
  471
  514
  559
  605
  653
  677
  730
  784
  840
  899
  959
  1,022
  1,088
  1,156
  1,227
  1,301
  1,378
  1,458
  1,541
  1,628
  1,719
  1,814
  1,913
  2,017
  2,125
Discount rate, %
 
  6.90
  7.25
  7.61
  7.99
  8.39
  8.81
  9.25
  9.71
  10.19
  10.70
  11.24
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.61
  17.44
  18.31
  19.22
  20.18
  21.19
  22.25
  23.37
  24.53
  25.76
  27.05
  28.40
PV of cash for distribution, $m
 
  373
  278
  285
  288
  288
  284
  277
  266
  253
  236
  210
  191
  172
  152
  132
  112
  94
  77
  62
  49
  38
  29
  21
  15
  11
  7
  5
  3
  2
  1
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

PRA Health Sciences, Inc. is a contract research organization. The Company provides outsourced clinical development services to the biotechnology and pharmaceutical industries. The Company offers therapeutic services in areas of pharmaceutical development, including oncology, central nervous system, inflammation and infectious diseases. Its services include data management, statistical analysis, clinical trial management, and regulatory and drug development consulting. It provides its clients with clinical development service offerings, which includes both traditional, project-based Phase I through Phase IV services, as well as embedded and functional outsourcing services. As of December 31, 2016, its clinical development platform included approximately 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East. The Company's service offerings include product registration, strategic solutions and early development services.

FINANCIAL RATIOS  of  PRA Health Sciences (PRAH)

Valuation Ratios
P/E Ratio 74.6
Price to Sales 2.8
Price to Book 7
Price to Tangible Book
Price to Cash Flow 31.7
Price to Free Cash Flow 40
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 10.5%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 109.3%
Total Debt to Equity 113.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 9.5%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 30.2%
Gross Margin - 3 Yr. Avg. 29.5%
EBITDA Margin 11.7%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate 30.9%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 0%

PRAH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRAH stock intrinsic value calculation we used $1812 million for the last fiscal year's total revenue generated by PRA Health Sciences. The default revenue input number comes from 2016 income statement of PRA Health Sciences. 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 PRAH stock valuation model: a) initial revenue growth rate of 17.1% 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 6.9%, whose default value for PRAH is calculated based on our internal credit rating of PRA Health Sciences, 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 PRA Health Sciences.
    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 PRAH stock the variable cost ratio is equal to 89.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PRAH 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 5.6% for PRA Health Sciences.

Corporate tax rate of 27% is the nominal tax rate for PRA Health Sciences. 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 PRAH 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 PRAH are equal to 32.5%.

Life of production assets of 22.6 years is the average useful life of capital assets used in PRA Health Sciences 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 PRAH is equal to -2.9%. 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 - $729 million for PRA Health Sciences - 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 62.376 million for PRA Health Sciences 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 PRA Health Sciences at the current share price and the inputted number of shares is $5.1 billion.

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COMPANY NEWS

▶ This No. 1-Ranked Medical Stock Is Breaking Out With Q3 Earnings Due   [Oct-13-17 11:40AM  Investor's Business Daily]
▶ No. 1-Ranked Medical Stock Tests Buy Zone Ahead Of Earnings   [Oct-11-17 11:34AM  Investor's Business Daily]
▶ PRA Health Sciences to Report Third Quarter 2017 Earnings   [Oct-09-17 03:46PM  GlobeNewswire]
▶ 5 MedTech Stocks to Buy Before Q3 Earnings   [Oct-05-17 01:49PM  Zacks]
▶ PRA Health Sciences Clears Key Benchmark, Hitting 80-Plus RS Rating   [Sep-28-17 03:00AM  Investor's Business Daily]
▶ PRA closes $530M acquisition   [Sep-12-17 09:05AM  American City Business Journals]
▶ A list of executives that have sold $3M-plus in stock of Triangle companies   [Sep-08-17 03:40PM  American City Business Journals]
▶ PRA Health Sciences Announces Appointment of New Director   [Aug-14-17 04:05PM  GlobeNewswire]
▶ PRA Health Sciences Gaps Up On Earnings   [05:14AM  Investor's Business Daily]
▶ PRA Health Sciences tops Street 2Q forecasts   [Aug-07-17 11:54PM  Associated Press]
▶ PRA to buy data and analytics company for $530M+   [06:31PM  American City Business Journals]
▶ PRA Health Sciences to Report 2nd Quarter 2017 Earnings   [Jul-25-17 04:05PM  GlobeNewswire]
▶ PRA Health Sciences and Jumo Announce Partnership   [Jun-19-17 10:00AM  GlobeNewswire]
▶ Biopharmaceutical Services Stock Continues To Test New Buy Zone   [May-12-17 11:29AM  Investor's Business Daily]
▶ Medical Stock Bolts Higher On 81% Spike In Earnings   [11:21AM  Investor's Business Daily]
▶ PRA Health Sciences beats Street 1Q forecasts   [Apr-25-17 04:44PM  Associated Press]
▶ PRA Health Sciences to Report First Quarter 2017 Earnings   [Apr-17-17 04:13PM  GlobeNewswire]
▶ Parexel Is Discovering the Drugs of the Future   [Apr-10-17 04:44PM  TheStreet.com]
▶ Stocks Flat; Why The Dow 30 Still Looks Solid; 6 Top Medicals To Watch   [Apr-04-17 03:45PM  Investor's Business Daily]
▶ PRA Health Sciences Named Top Workplace in Philadelphia   [Mar-27-17 09:00AM  GlobeNewswire]
▶ Parexel Investors: Swimming With the Whales   [Mar-03-17 10:16AM  GuruFocus.com]
▶ PRA Health Sciences beats Street 4Q forecasts   [Feb-22-17 04:54PM  Associated Press]
▶ Raleigh's PRA Health Sciences gains 60 employees after Takeda deal   [Feb-16-17 11:11AM  at bizjournals.com]
▶ Do Hedge Funds Love PRA Health Sciences Inc (PRAH)?   [Nov-29-16 06:08AM  at Insider Monkey]
Financial statements of PRAH
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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