Intrinsic value of PRA Health Sciences - PRAH

Previous Close

$75.24

  Intrinsic Value

$59.17

stock screener

  Rating & Target

sell

-21%

  Value-price divergence*

+132%

Previous close

$75.24

 
Intrinsic value

$59.17

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence*

+132%

*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 4.5

 

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
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.94
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
Revenue, $m
  1,812
  2,057
  2,317
  2,592
  2,882
  3,187
  3,507
  3,840
  4,188
  4,551
  4,929
  5,321
  5,729
  6,153
  6,594
  7,051
  7,527
  8,022
  8,537
  9,073
  9,631
  10,212
  10,817
  11,449
  12,108
  12,795
  13,513
  14,263
  15,046
  15,866
  16,722
Variable operating expenses, $m
 
  1,834
  2,053
  2,286
  2,531
  2,788
  3,058
  3,340
  3,634
  3,940
  4,259
  4,493
  4,837
  5,195
  5,567
  5,954
  6,356
  6,774
  7,208
  7,661
  8,132
  8,623
  9,134
  9,667
  10,223
  10,804
  11,410
  12,043
  12,705
  13,396
  14,120
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
  1,834
  2,053
  2,286
  2,531
  2,788
  3,058
  3,340
  3,634
  3,940
  4,259
  4,493
  4,837
  5,195
  5,567
  5,954
  6,356
  6,774
  7,208
  7,661
  8,132
  8,623
  9,134
  9,667
  10,223
  10,804
  11,410
  12,043
  12,705
  13,396
  14,120
Operating income, $m
  124
  223
  263
  306
  351
  399
  449
  501
  555
  611
  670
  828
  892
  958
  1,026
  1,098
  1,172
  1,249
  1,329
  1,412
  1,499
  1,589
  1,684
  1,782
  1,884
  1,991
  2,103
  2,220
  2,342
  2,469
  2,603
EBITDA, $m
  194
  350
  394
  441
  490
  542
  596
  653
  712
  774
  838
  905
  974
  1,046
  1,121
  1,199
  1,280
  1,364
  1,452
  1,543
  1,637
  1,736
  1,839
  1,947
  2,059
  2,175
  2,298
  2,425
  2,558
  2,698
  2,843
Interest expense (income), $m
  48
  45
  55
  67
  79
  92
  105
  119
  134
  150
  166
  182
  200
  218
  236
  256
  276
  297
  319
  342
  365
  390
  416
  442
  470
  499
  530
  562
  595
  629
  666
Earnings before tax, $m
  94
  178
  208
  239
  272
  307
  343
  381
  420
  462
  504
  646
  692
  740
  790
  842
  896
  952
  1,010
  1,070
  1,134
  1,199
  1,268
  1,339
  1,414
  1,492
  1,573
  1,658
  1,747
  1,840
  1,937
Tax expense, $m
  29
  48
  56
  65
  74
  83
  93
  103
  114
  125
  136
  174
  187
  200
  213
  227
  242
  257
  273
  289
  306
  324
  342
  362
  382
  403
  425
  448
  472
  497
  523
Net income, $m
  68
  130
  152
  175
  199
  224
  251
  278
  307
  337
  368
  471
  505
  540
  577
  614
  654
  695
  737
  781
  828
  876
  926
  978
  1,032
  1,089
  1,149
  1,211
  1,275
  1,343
  1,414

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
  2,321
  2,615
  2,926
  3,253
  3,597
  3,958
  4,334
  4,727
  5,137
  5,563
  6,006
  6,466
  6,945
  7,442
  7,959
  8,496
  9,055
  9,636
  10,240
  10,870
  11,526
  12,209
  12,922
  13,665
  14,441
  15,252
  16,098
  16,982
  17,907
  18,874
Adjusted assets (=assets-cash), $m
  2,045
  2,321
  2,615
  2,926
  3,253
  3,597
  3,958
  4,334
  4,727
  5,137
  5,563
  6,006
  6,466
  6,945
  7,442
  7,959
  8,496
  9,055
  9,636
  10,240
  10,870
  11,526
  12,209
  12,922
  13,665
  14,441
  15,252
  16,098
  16,982
  17,907
  18,874
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
  668
  753
  842
  937
  1,036
  1,140
  1,248
  1,361
  1,479
  1,602
  1,729
  1,862
  2,000
  2,143
  2,292
  2,446
  2,607
  2,775
  2,949
  3,130
  3,319
  3,516
  3,721
  3,935
  4,158
  4,392
  4,635
  4,890
  5,156
  5,435
Working capital, $m
  61
  -60
  -67
  -75
  -84
  -92
  -102
  -111
  -121
  -132
  -143
  -154
  -166
  -178
  -191
  -204
  -218
  -233
  -248
  -263
  -279
  -296
  -314
  -332
  -351
  -371
  -392
  -414
  -436
  -460
  -485
Total debt, $m
  828
  990
  1,195
  1,412
  1,641
  1,882
  2,133
  2,397
  2,671
  2,958
  3,255
  3,565
  3,887
  4,221
  4,569
  4,930
  5,306
  5,696
  6,102
  6,525
  6,965
  7,424
  7,901
  8,399
  8,919
  9,462
  10,028
  10,619
  11,238
  11,884
  12,560
Total liabilities, $m
  1,461
  1,623
  1,828
  2,045
  2,274
  2,515
  2,766
  3,030
  3,304
  3,591
  3,888
  4,198
  4,520
  4,854
  5,202
  5,563
  5,939
  6,329
  6,735
  7,158
  7,598
  8,057
  8,534
  9,032
  9,552
  10,095
  10,661
  11,252
  11,871
  12,517
  13,193
Total equity, $m
  729
  699
  787
  881
  979
  1,083
  1,191
  1,305
  1,423
  1,546
  1,674
  1,808
  1,946
  2,090
  2,240
  2,396
  2,557
  2,725
  2,900
  3,082
  3,272
  3,469
  3,675
  3,890
  4,113
  4,347
  4,591
  4,845
  5,112
  5,390
  5,681
Total liabilities and equity, $m
  2,190
  2,322
  2,615
  2,926
  3,253
  3,598
  3,957
  4,335
  4,727
  5,137
  5,562
  6,006
  6,466
  6,944
  7,442
  7,959
  8,496
  9,054
  9,635
  10,240
  10,870
  11,526
  12,209
  12,922
  13,665
  14,442
  15,252
  16,097
  16,983
  17,907
  18,874
Debt-to-equity ratio
  1.136
  1.420
  1.520
  1.600
  1.680
  1.740
  1.790
  1.840
  1.880
  1.910
  1.940
  1.970
  2.000
  2.020
  2.040
  2.060
  2.070
  2.090
  2.100
  2.120
  2.130
  2.140
  2.150
  2.160
  2.170
  2.180
  2.180
  2.190
  2.200
  2.200
  2.210
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
  130
  152
  175
  199
  224
  251
  278
  307
  337
  368
  471
  505
  540
  577
  614
  654
  695
  737
  781
  828
  876
  926
  978
  1,032
  1,089
  1,149
  1,211
  1,275
  1,343
  1,414
Depreciation, amort., depletion, $m
  70
  127
  131
  134
  139
  143
  148
  152
  157
  163
  168
  77
  82
  88
  95
  101
  108
  115
  123
  130
  138
  147
  156
  165
  174
  184
  194
  205
  216
  228
  240
Funds from operations, $m
  125
  257
  282
  309
  337
  367
  398
  431
  464
  500
  536
  548
  588
  629
  671
  716
  762
  810
  860
  912
  966
  1,022
  1,081
  1,142
  1,206
  1,273
  1,343
  1,416
  1,492
  1,571
  1,655
Change in working capital, $m
  -35
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
Cash from operations, $m
  160
  264
  290
  317
  346
  376
  407
  440
  474
  510
  547
  559
  599
  641
  684
  729
  776
  824
  875
  927
  982
  1,039
  1,099
  1,161
  1,225
  1,293
  1,364
  1,437
  1,515
  1,595
  1,679
Maintenance CAPEX, $m
  0
  -26
  -30
  -33
  -37
  -41
  -46
  -50
  -55
  -60
  -65
  -71
  -77
  -82
  -88
  -95
  -101
  -108
  -115
  -123
  -130
  -138
  -147
  -156
  -165
  -174
  -184
  -194
  -205
  -216
  -228
New CAPEX, $m
  -33
  -80
  -85
  -89
  -94
  -99
  -104
  -108
  -113
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -189
  -197
  -205
  -214
  -223
  -233
  -244
  -255
  -266
  -278
Cash from investing activities, $m
  -35
  -106
  -115
  -122
  -131
  -140
  -150
  -158
  -168
  -178
  -188
  -199
  -210
  -220
  -231
  -244
  -256
  -269
  -282
  -297
  -311
  -327
  -344
  -361
  -379
  -397
  -417
  -438
  -460
  -482
  -506
Free cash flow, $m
  125
  158
  176
  194
  214
  235
  258
  281
  306
  332
  359
  361
  390
  421
  453
  485
  520
  555
  592
  631
  670
  712
  755
  800
  847
  896
  946
  999
  1,055
  1,113
  1,173
Issuance/(repayment) of debt, $m
  -215
  193
  205
  217
  229
  241
  252
  263
  275
  286
  298
  310
  322
  334
  348
  361
  376
  390
  406
  423
  440
  458
  478
  498
  520
  542
  566
  592
  618
  646
  676
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
  193
  205
  217
  229
  241
  252
  263
  275
  286
  298
  310
  322
  334
  348
  361
  376
  390
  406
  423
  440
  458
  478
  498
  520
  542
  566
  592
  618
  646
  676
Total cash flow (excl. dividends), $m
  23
  351
  381
  412
  443
  476
  510
  545
  581
  618
  657
  671
  712
  755
  800
  847
  895
  946
  998
  1,053
  1,110
  1,170
  1,233
  1,298
  1,366
  1,438
  1,513
  1,591
  1,673
  1,759
  1,849
Retained Cash Flow (-), $m
  -26
  -84
  -88
  -94
  -99
  -104
  -108
  -113
  -118
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -162
  -168
  -175
  -182
  -190
  -197
  -206
  -215
  -224
  -234
  -244
  -255
  -266
  -278
  -291
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
 
  381
  293
  318
  345
  372
  401
  431
  462
  495
  529
  537
  574
  611
  650
  691
  733
  778
  823
  871
  921
  973
  1,027
  1,084
  1,143
  1,204
  1,269
  1,336
  1,407
  1,481
  1,558
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
 
  356
  254
  255
  253
  249
  242
  232
  220
  207
  191
  166
  150
  134
  117
  101
  86
  72
  59
  47
  37
  28
  21
  16
  11
  8
  5
  4
  2
  1
  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., a contract research organization, provides outsourced clinical development services to the biotechnology and pharmaceutical industries worldwide. The company offers integrated services, such as data management, statistical analysis, clinical trial management, and regulatory and drug development consulting. It also provides product registration services, including clinical trial management, project management, regulatory affairs, therapeutic expertise, clinical operations, data and programming, safety and risk management, biostatistics and medical writing, quality assurance, and late phase services. The company’s services also comprise strategic solutions comprising embedded, functional services provider, staff augmentation, and custom-built development solutions, as well as commercialization services; and early development services consisting of Phase I through Phase IIa studies and bioanalytical laboratory services. It conducts clinical trials in the areas of pharmaceutical development, including oncology, central nervous system, inflammation, and infectious diseases. The company was formerly known as PRA Global Holdings, Inc. and changed its name to PRA Health Sciences, Inc. in July 2014. The company was founded in 1976 and is headquartered in Raleigh, North Carolina.

FINANCIAL RATIOS  of  PRA Health Sciences (PRAH)

Valuation Ratios
P/E Ratio 68.2
Price to Sales 2.6
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 29
Price to Free Cash Flow 36.5
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 13.5% 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 59.656 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 $4.5 billion.

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COMPANY NEWS

▶ 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]
Stock chart of PRAH 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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