Intrinsic value of PRA Health Sciences - PRAH

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$99.52

  Intrinsic Value

$97.64

stock screener

  Rating & Target

hold

-2%

Previous close

$99.52

 
Intrinsic value

$97.64

 
Up/down potential

-2%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  24.70
  22.73
  20.96
  19.36
  17.93
  16.63
  15.47
  14.42
  13.48
  12.63
  11.87
  11.18
  10.56
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
  6.75
  6.57
  6.41
  6.27
  6.15
  6.03
  5.93
Revenue, $m
  1,812
  2,817
  3,457
  4,182
  4,991
  5,886
  6,865
  7,927
  9,071
  10,293
  11,594
  12,970
  14,420
  15,943
  17,539
  19,206
  20,945
  22,757
  24,643
  26,603
  28,642
  30,760
  32,961
  35,248
  37,626
  40,098
  42,671
  45,347
  48,134
  51,037
  54,062
Variable operating expenses, $m
 
  2,507
  3,024
  3,610
  4,265
  4,988
  5,779
  6,638
  7,562
  8,550
  9,601
  10,484
  11,656
  12,888
  14,178
  15,525
  16,931
  18,396
  19,920
  21,505
  23,153
  24,865
  26,644
  28,493
  30,415
  32,414
  34,493
  36,657
  38,910
  41,256
  43,702
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
  2,507
  3,024
  3,610
  4,265
  4,988
  5,779
  6,638
  7,562
  8,550
  9,601
  10,484
  11,656
  12,888
  14,178
  15,525
  16,931
  18,396
  19,920
  21,505
  23,153
  24,865
  26,644
  28,493
  30,415
  32,414
  34,493
  36,657
  38,910
  41,256
  43,702
Operating income, $m
  124
  310
  433
  572
  727
  898
  1,086
  1,290
  1,509
  1,743
  1,992
  2,485
  2,763
  3,055
  3,361
  3,681
  4,014
  4,361
  4,722
  5,098
  5,489
  5,895
  6,317
  6,755
  7,211
  7,684
  8,177
  8,690
  9,224
  9,781
  10,360
EBITDA, $m
  194
  787
  966
  1,169
  1,395
  1,645
  1,919
  2,216
  2,536
  2,877
  3,241
  3,625
  4,031
  4,457
  4,903
  5,369
  5,855
  6,361
  6,889
  7,437
  8,006
  8,598
  9,214
  9,853
  10,518
  11,209
  11,928
  12,676
  13,455
  14,267
  15,112
Interest expense (income), $m
  48
  73
  105
  142
  184
  231
  283
  340
  401
  468
  539
  614
  694
  778
  866
  959
  1,056
  1,157
  1,262
  1,371
  1,485
  1,603
  1,726
  1,854
  1,986
  2,124
  2,268
  2,417
  2,572
  2,734
  2,902
Earnings before tax, $m
  94
  238
  328
  430
  543
  667
  803
  950
  1,107
  1,275
  1,453
  1,871
  2,069
  2,277
  2,495
  2,722
  2,958
  3,204
  3,461
  3,727
  4,004
  4,292
  4,590
  4,901
  5,224
  5,560
  5,909
  6,273
  6,652
  7,047
  7,458
Tax expense, $m
  29
  64
  89
  116
  147
  180
  217
  256
  299
  344
  392
  505
  559
  615
  674
  735
  799
  865
  934
  1,006
  1,081
  1,159
  1,239
  1,323
  1,411
  1,501
  1,596
  1,694
  1,796
  1,903
  2,014
Net income, $m
  68
  173
  239
  314
  396
  487
  586
  693
  808
  931
  1,061
  1,366
  1,511
  1,662
  1,821
  1,987
  2,159
  2,339
  2,526
  2,721
  2,923
  3,133
  3,351
  3,578
  3,814
  4,059
  4,314
  4,579
  4,856
  5,144
  5,444

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
  4,186
  5,137
  6,214
  7,417
  8,746
  10,201
  11,779
  13,478
  15,295
  17,227
  19,271
  21,426
  23,690
  26,060
  28,538
  31,122
  33,814
  36,616
  39,530
  42,558
  45,705
  48,976
  52,375
  55,908
  59,582
  63,403
  67,381
  71,522
  75,835
  80,330
Adjusted assets (=assets-cash), $m
  2,045
  4,186
  5,137
  6,214
  7,417
  8,746
  10,201
  11,779
  13,478
  15,295
  17,227
  19,271
  21,426
  23,690
  26,060
  28,538
  31,122
  33,814
  36,616
  39,530
  42,558
  45,705
  48,976
  52,375
  55,908
  59,582
  63,403
  67,381
  71,522
  75,835
  80,330
Revenue / Adjusted assets
  0.886
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
Average production assets, $m
  589
  2,476
  3,039
  3,676
  4,387
  5,174
  6,035
  6,968
  7,973
  9,048
  10,191
  11,400
  12,675
  14,014
  15,416
  16,882
  18,411
  20,004
  21,661
  23,384
  25,176
  27,038
  28,972
  30,983
  33,073
  35,247
  37,507
  39,860
  42,310
  44,861
  47,521
Working capital, $m
  61
  -82
  -100
  -121
  -145
  -171
  -199
  -230
  -263
  -299
  -336
  -376
  -418
  -462
  -509
  -557
  -607
  -660
  -715
  -771
  -831
  -892
  -956
  -1,022
  -1,091
  -1,163
  -1,237
  -1,315
  -1,396
  -1,480
  -1,568
Total debt, $m
  828
  1,945
  2,633
  3,411
  4,281
  5,242
  6,294
  7,435
  8,663
  9,977
  11,373
  12,852
  14,410
  16,046
  17,760
  19,551
  21,420
  23,366
  25,392
  27,499
  29,688
  31,964
  34,328
  36,785
  39,340
  41,996
  44,759
  47,635
  50,629
  53,747
  56,998
Total liabilities, $m
  1,461
  3,026
  3,714
  4,492
  5,362
  6,324
  7,375
  8,516
  9,744
  11,058
  12,455
  13,933
  15,491
  17,128
  18,842
  20,633
  22,501
  24,448
  26,473
  28,580
  30,769
  33,045
  35,409
  37,867
  40,421
  43,078
  45,841
  48,716
  51,710
  54,829
  58,079
Total equity, $m
  729
  1,159
  1,423
  1,721
  2,054
  2,423
  2,826
  3,263
  3,733
  4,237
  4,772
  5,338
  5,935
  6,562
  7,219
  7,905
  8,621
  9,367
  10,143
  10,950
  11,789
  12,660
  13,566
  14,508
  15,486
  16,504
  17,563
  18,664
  19,811
  21,006
  22,252
Total liabilities and equity, $m
  2,190
  4,185
  5,137
  6,213
  7,416
  8,747
  10,201
  11,779
  13,477
  15,295
  17,227
  19,271
  21,426
  23,690
  26,061
  28,538
  31,122
  33,815
  36,616
  39,530
  42,558
  45,705
  48,975
  52,375
  55,907
  59,582
  63,404
  67,380
  71,521
  75,835
  80,331
Debt-to-equity ratio
  1.136
  1.680
  1.850
  1.980
  2.080
  2.160
  2.230
  2.280
  2.320
  2.350
  2.380
  2.410
  2.430
  2.450
  2.460
  2.470
  2.480
  2.490
  2.500
  2.510
  2.520
  2.520
  2.530
  2.540
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  2.560
Adjusted equity ratio
  0.286
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  68
  173
  239
  314
  396
  487
  586
  693
  808
  931
  1,061
  1,366
  1,511
  1,662
  1,821
  1,987
  2,159
  2,339
  2,526
  2,721
  2,923
  3,133
  3,351
  3,578
  3,814
  4,059
  4,314
  4,579
  4,856
  5,144
  5,444
Depreciation, amort., depletion, $m
  70
  477
  533
  597
  668
  747
  833
  926
  1,027
  1,134
  1,249
  1,140
  1,268
  1,401
  1,542
  1,688
  1,841
  2,000
  2,166
  2,338
  2,518
  2,704
  2,897
  3,098
  3,307
  3,525
  3,751
  3,986
  4,231
  4,486
  4,752
Funds from operations, $m
  125
  651
  773
  911
  1,065
  1,234
  1,419
  1,620
  1,835
  2,065
  2,310
  2,506
  2,778
  3,064
  3,363
  3,675
  4,001
  4,340
  4,692
  5,059
  5,440
  5,837
  6,248
  6,676
  7,121
  7,583
  8,065
  8,565
  9,087
  9,630
  10,196
Change in working capital, $m
  -35
  -16
  -19
  -21
  -23
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
Cash from operations, $m
  160
  667
  791
  932
  1,088
  1,260
  1,448
  1,650
  1,868
  2,101
  2,347
  2,546
  2,820
  3,108
  3,409
  3,723
  4,051
  4,392
  4,747
  5,116
  5,500
  5,898
  6,312
  6,742
  7,190
  7,655
  8,139
  8,643
  9,168
  9,714
  10,284
Maintenance CAPEX, $m
  0
  -199
  -248
  -304
  -368
  -439
  -517
  -603
  -697
  -797
  -905
  -1,019
  -1,140
  -1,268
  -1,401
  -1,542
  -1,688
  -1,841
  -2,000
  -2,166
  -2,338
  -2,518
  -2,704
  -2,897
  -3,098
  -3,307
  -3,525
  -3,751
  -3,986
  -4,231
  -4,486
New CAPEX, $m
  -33
  -490
  -563
  -637
  -712
  -786
  -861
  -934
  -1,005
  -1,075
  -1,143
  -1,210
  -1,275
  -1,339
  -1,402
  -1,466
  -1,529
  -1,593
  -1,657
  -1,724
  -1,792
  -1,862
  -1,935
  -2,011
  -2,090
  -2,173
  -2,261
  -2,353
  -2,450
  -2,552
  -2,659
Cash from investing activities, $m
  -35
  -689
  -811
  -941
  -1,080
  -1,225
  -1,378
  -1,537
  -1,702
  -1,872
  -2,048
  -2,229
  -2,415
  -2,607
  -2,803
  -3,008
  -3,217
  -3,434
  -3,657
  -3,890
  -4,130
  -4,380
  -4,639
  -4,908
  -5,188
  -5,480
  -5,786
  -6,104
  -6,436
  -6,783
  -7,145
Free cash flow, $m
  125
  -22
  -19
  -9
  9
  35
  70
  114
  167
  229
  300
  317
  405
  501
  605
  716
  834
  958
  1,089
  1,226
  1,370
  1,519
  1,674
  1,835
  2,001
  2,174
  2,354
  2,540
  2,732
  2,932
  3,139
Issuance/(repayment) of debt, $m
  -215
  599
  688
  778
  870
  961
  1,052
  1,141
  1,228
  1,314
  1,397
  1,478
  1,558
  1,636
  1,714
  1,791
  1,869
  1,946
  2,026
  2,106
  2,190
  2,275
  2,365
  2,457
  2,554
  2,656
  2,763
  2,876
  2,994
  3,119
  3,250
Issuance/(repurchase) of shares, $m
  1
  55
  24
  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
  654
  712
  778
  870
  961
  1,052
  1,141
  1,228
  1,314
  1,397
  1,478
  1,558
  1,636
  1,714
  1,791
  1,869
  1,946
  2,026
  2,106
  2,190
  2,275
  2,365
  2,457
  2,554
  2,656
  2,763
  2,876
  2,994
  3,119
  3,250
Total cash flow (excl. dividends), $m
  23
  633
  693
  769
  879
  996
  1,121
  1,254
  1,395
  1,542
  1,697
  1,796
  1,963
  2,138
  2,319
  2,507
  2,702
  2,905
  3,115
  3,333
  3,559
  3,794
  4,038
  4,292
  4,556
  4,831
  5,117
  5,415
  5,726
  6,050
  6,389
Retained Cash Flow (-), $m
  -26
  -228
  -264
  -298
  -333
  -368
  -403
  -437
  -471
  -503
  -535
  -566
  -597
  -627
  -657
  -686
  -716
  -746
  -776
  -807
  -839
  -872
  -906
  -941
  -979
  -1,018
  -1,059
  -1,102
  -1,147
  -1,195
  -1,245
Prev. year cash balance distribution, $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 flow adjustment, $m
 
  18
  23
  28
  33
  40
  47
  55
  63
  73
  82
  93
  104
  115
  128
  140
  154
  168
  182
  197
  213
  229
  246
  264
  282
  301
  321
  341
  363
  385
  408
Cash available for distribution, $m
 
  404
  429
  471
  545
  628
  718
  817
  924
  1,039
  1,161
  1,229
  1,367
  1,511
  1,662
  1,821
  1,987
  2,159
  2,339
  2,526
  2,720
  2,922
  3,132
  3,350
  3,577
  3,813
  4,058
  4,313
  4,579
  4,856
  5,144
Discount rate, %
 
  7.70
  8.09
  8.49
  8.91
  9.36
  9.83
  10.32
  10.83
  11.38
  11.95
  12.54
  13.17
  13.83
  14.52
  15.25
  16.01
  16.81
  17.65
  18.53
  19.46
  20.43
  21.45
  22.52
  23.65
  24.83
  26.07
  27.38
  28.75
  30.18
  31.69
PV of cash for distribution, $m
 
  375
  368
  369
  388
  401
  409
  411
  406
  394
  376
  335
  310
  281
  249
  217
  185
  154
  125
  100
  78
  59
  44
  31
  22
  15
  10
  6
  4
  2
  1
Current shareholders' claim on cash, %
  100
  99.1
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8
  98.8

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 90.2
Price to Sales 3.4
Price to Book 8.4
Price to Tangible Book
Price to Cash Flow 38.3
Price to Free Cash Flow 48.3
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 $2259 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 24.7% 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 7.7%, 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 91%.

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 5.4% 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 0.8%.

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 87.9%.

Life of production assets of 10 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 - $931 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 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 $6.2 billion.

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COMPANY NEWS

▶ PRA Health Sciences to Report Second Quarter 2018 Earnings   [Jul-12-18 02:04PM  GlobeNewswire]
▶ Highlights from TBJ's Life Sciences LIVE panel   [Jun-19-18 03:09PM  American City Business Journals]
▶ Contract research giant plans new Lenexa lab   [Jun-04-18 04:05PM  American City Business Journals]
▶ PRAs longtime CFO to retire   [Apr-26-18 03:07PM  American City Business Journals]
▶ PRA Health Sciences: 1Q Earnings Snapshot   [Apr-25-18 04:39PM  Associated Press]
▶ PRA Health Sciences to Report First Quarter 2018 Earnings   [Apr-12-18 04:01PM  GlobeNewswire]
▶ From BDSI to Red Hat: The Triangle's top inside stock sales of 1Q2018   [Apr-03-18 08:36AM  American City Business Journals]
▶ 117 Top-Rated Mutual Funds Own Shares In This Potential Breakout Stock   [Mar-16-18 11:52AM  Investor's Business Daily]
▶ PRA Health Sciences Receives CRO Leadership Award   [Mar-14-18 09:00AM  GlobeNewswire]
▶ PRA Health Sciences Named Best CRO in Asia   [Mar-06-18 10:01AM  GlobeNewswire]
▶ PRA Health Sciences, Inc. to Host Earnings Call   [Feb-22-18 08:30AM  ACCESSWIRE]
▶ PRA Health Sciences reports 4Q loss   [Feb-21-18 04:22PM  Associated Press]
▶ PRA Health Sciences Partners with IMPACT2030   [Feb-12-18 10:00AM  GlobeNewswire]
▶ PRA Health Sciences to Report Fourth Quarter 2017 Earnings   [Jan-24-18 04:55PM  GlobeNewswire]
▶ PRA Health Sciences Opens New Salt Lake City Clinic   [Jan-16-18 10:00AM  GlobeNewswire]
▶ From IQVIA to Red Hat: The top insider stock sales of 2017   [Jan-02-18 01:54PM  American City Business Journals]
▶ 7 A-Rated Healthcare Stocks to Buy   [Dec-15-17 12:09PM  InvestorPlace]
▶ No. 1-Ranked Medical Stock Tests Support In New Base   [Dec-04-17 04:12PM  Investor's Business Daily]
▶ Are Netflix Shares Dormant Or Holding Up Well?   [Nov-20-17 01:53PM  Investor's Business Daily]
▶ PRA continues tech and data push with new virtual partner   [Oct-26-17 08:40AM  American City Business Journals]
▶ PRA Health Sciences tops Street 3Q forecasts   [Oct-25-17 05:19PM  Associated Press]
▶ 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]
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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