Intrinsic value of PRA Health Sciences - PRAH

Previous Close

$82.99

  Intrinsic Value

$117.96

stock screener

  Rating & Target

buy

+42%

Previous close

$82.99

 
Intrinsic value

$117.96

 
Up/down potential

+42%

 
Rating

buy

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
  28.50
  26.15
  24.04
  22.13
  20.42
  18.88
  17.49
  16.24
  15.12
  14.10
  13.19
  12.37
  11.64
  10.97
  10.38
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
  6.37
  6.23
  6.11
Revenue, $m
  1,812
  2,328
  2,937
  3,643
  4,450
  5,358
  6,370
  7,484
  8,699
  10,014
  11,426
  12,934
  14,534
  16,226
  18,006
  19,874
  21,830
  23,872
  26,001
  28,218
  30,525
  32,923
  35,416
  38,006
  40,698
  43,496
  46,404
  49,429
  52,576
  55,852
  59,262
Variable operating expenses, $m
 
  2,063
  2,577
  3,173
  3,854
  4,621
  5,475
  6,416
  7,442
  8,552
  9,745
  10,921
  12,272
  13,700
  15,204
  16,781
  18,432
  20,156
  21,954
  23,826
  25,774
  27,799
  29,904
  32,091
  34,364
  36,726
  39,182
  41,736
  44,393
  47,159
  50,039
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
  2,063
  2,577
  3,173
  3,854
  4,621
  5,475
  6,416
  7,442
  8,552
  9,745
  10,921
  12,272
  13,700
  15,204
  16,781
  18,432
  20,156
  21,954
  23,826
  25,774
  27,799
  29,904
  32,091
  34,364
  36,726
  39,182
  41,736
  44,393
  47,159
  50,039
Operating income, $m
  124
  265
  360
  470
  595
  737
  894
  1,068
  1,257
  1,461
  1,681
  2,013
  2,262
  2,525
  2,803
  3,093
  3,398
  3,715
  4,047
  4,392
  4,751
  5,124
  5,512
  5,915
  6,334
  6,770
  7,223
  7,693
  8,183
  8,693
  9,224
EBITDA, $m
  194
  396
  499
  619
  757
  911
  1,083
  1,272
  1,479
  1,703
  1,943
  2,199
  2,471
  2,759
  3,061
  3,379
  3,712
  4,059
  4,421
  4,798
  5,190
  5,598
  6,021
  6,462
  6,920
  7,395
  7,890
  8,404
  8,939
  9,496
  10,076
Interest expense (income), $m
  48
  45
  67
  94
  126
  161
  201
  246
  295
  349
  407
  469
  536
  607
  681
  760
  843
  929
  1,019
  1,113
  1,211
  1,313
  1,419
  1,529
  1,644
  1,763
  1,886
  2,015
  2,148
  2,287
  2,432
Earnings before tax, $m
  94
  221
  293
  376
  470
  576
  693
  822
  962
  1,112
  1,274
  1,544
  1,726
  1,919
  2,121
  2,333
  2,555
  2,786
  3,028
  3,279
  3,540
  3,811
  4,093
  4,386
  4,691
  5,007
  5,336
  5,679
  6,035
  6,405
  6,792
Tax expense, $m
  29
  60
  79
  101
  127
  155
  187
  222
  260
  300
  344
  417
  466
  518
  573
  630
  690
  752
  817
  885
  956
  1,029
  1,105
  1,184
  1,266
  1,352
  1,441
  1,533
  1,629
  1,729
  1,834
Net income, $m
  68
  161
  214
  274
  343
  420
  506
  600
  702
  812
  930
  1,127
  1,260
  1,401
  1,548
  1,703
  1,865
  2,034
  2,210
  2,393
  2,584
  2,782
  2,988
  3,202
  3,424
  3,655
  3,895
  4,145
  4,405
  4,676
  4,958

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
  2,628
  3,315
  4,112
  5,022
  6,048
  7,189
  8,446
  9,818
  11,302
  12,896
  14,598
  16,404
  18,313
  20,323
  22,432
  24,638
  26,943
  29,346
  31,849
  34,452
  37,159
  39,973
  42,896
  45,935
  49,092
  52,375
  55,789
  59,341
  63,038
  66,888
Adjusted assets (=assets-cash), $m
  2,045
  2,628
  3,315
  4,112
  5,022
  6,048
  7,189
  8,446
  9,818
  11,302
  12,896
  14,598
  16,404
  18,313
  20,323
  22,432
  24,638
  26,943
  29,346
  31,849
  34,452
  37,159
  39,973
  42,896
  45,935
  49,092
  52,375
  55,789
  59,341
  63,038
  66,888
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
  757
  955
  1,184
  1,446
  1,741
  2,070
  2,432
  2,827
  3,254
  3,713
  4,203
  4,724
  5,273
  5,852
  6,459
  7,095
  7,758
  8,450
  9,171
  9,921
  10,700
  11,510
  12,352
  13,227
  14,136
  15,081
  16,065
  17,087
  18,152
  19,260
Working capital, $m
  61
  -68
  -85
  -106
  -129
  -155
  -185
  -217
  -252
  -290
  -331
  -375
  -421
  -471
  -522
  -576
  -633
  -692
  -754
  -818
  -885
  -955
  -1,027
  -1,102
  -1,180
  -1,261
  -1,346
  -1,433
  -1,525
  -1,620
  -1,719
Total debt, $m
  828
  1,204
  1,684
  2,241
  2,877
  3,594
  4,392
  5,271
  6,230
  7,267
  8,382
  9,571
  10,834
  12,168
  13,573
  15,047
  16,589
  18,200
  19,880
  21,629
  23,449
  25,341
  27,308
  29,352
  31,475
  33,683
  35,977
  38,364
  40,846
  43,431
  46,121
Total liabilities, $m
  1,461
  1,837
  2,317
  2,874
  3,510
  4,227
  5,025
  5,904
  6,863
  7,900
  9,015
  10,204
  11,467
  12,801
  14,206
  15,680
  17,222
  18,833
  20,513
  22,262
  24,082
  25,974
  27,941
  29,985
  32,108
  34,316
  36,610
  38,997
  41,479
  44,064
  46,754
Total equity, $m
  729
  791
  998
  1,238
  1,512
  1,820
  2,164
  2,542
  2,955
  3,402
  3,882
  4,394
  4,938
  5,512
  6,117
  6,752
  7,416
  8,110
  8,833
  9,586
  10,370
  11,185
  12,032
  12,912
  13,826
  14,777
  15,765
  16,793
  17,862
  18,974
  20,133
Total liabilities and equity, $m
  2,190
  2,628
  3,315
  4,112
  5,022
  6,047
  7,189
  8,446
  9,818
  11,302
  12,897
  14,598
  16,405
  18,313
  20,323
  22,432
  24,638
  26,943
  29,346
  31,848
  34,452
  37,159
  39,973
  42,897
  45,934
  49,093
  52,375
  55,790
  59,341
  63,038
  66,887
Debt-to-equity ratio
  1.136
  1.520
  1.690
  1.810
  1.900
  1.970
  2.030
  2.070
  2.110
  2.140
  2.160
  2.180
  2.190
  2.210
  2.220
  2.230
  2.240
  2.240
  2.250
  2.260
  2.260
  2.270
  2.270
  2.270
  2.280
  2.280
  2.280
  2.280
  2.290
  2.290
  2.290
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
  161
  214
  274
  343
  420
  506
  600
  702
  812
  930
  1,127
  1,260
  1,401
  1,548
  1,703
  1,865
  2,034
  2,210
  2,393
  2,584
  2,782
  2,988
  3,202
  3,424
  3,655
  3,895
  4,145
  4,405
  4,676
  4,958
Depreciation, amort., depletion, $m
  70
  131
  139
  150
  161
  174
  189
  205
  222
  241
  262
  186
  209
  233
  259
  286
  314
  343
  374
  406
  439
  473
  509
  547
  585
  625
  667
  711
  756
  803
  852
Funds from operations, $m
  125
  292
  353
  424
  504
  594
  695
  805
  924
  1,053
  1,192
  1,313
  1,469
  1,634
  1,807
  1,989
  2,179
  2,377
  2,584
  2,799
  3,023
  3,256
  3,497
  3,748
  4,009
  4,281
  4,563
  4,856
  5,161
  5,479
  5,810
Change in working capital, $m
  -35
  -15
  -18
  -20
  -23
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -46
  -49
  -52
  -54
  -57
  -59
  -62
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -99
Cash from operations, $m
  160
  307
  371
  444
  528
  621
  724
  837
  959
  1,091
  1,233
  1,357
  1,516
  1,683
  1,859
  2,043
  2,236
  2,437
  2,646
  2,863
  3,090
  3,325
  3,570
  3,824
  4,088
  4,362
  4,647
  4,944
  5,253
  5,574
  5,909
Maintenance CAPEX, $m
  0
  -26
  -33
  -42
  -52
  -64
  -77
  -92
  -108
  -125
  -144
  -164
  -186
  -209
  -233
  -259
  -286
  -314
  -343
  -374
  -406
  -439
  -473
  -509
  -547
  -585
  -625
  -667
  -711
  -756
  -803
New CAPEX, $m
  -33
  -168
  -198
  -229
  -262
  -295
  -329
  -362
  -395
  -427
  -459
  -490
  -520
  -550
  -579
  -607
  -635
  -664
  -692
  -721
  -750
  -779
  -810
  -842
  -875
  -909
  -945
  -983
  -1,023
  -1,065
  -1,109
Cash from investing activities, $m
  -35
  -194
  -231
  -271
  -314
  -359
  -406
  -454
  -503
  -552
  -603
  -654
  -706
  -759
  -812
  -866
  -921
  -978
  -1,035
  -1,095
  -1,156
  -1,218
  -1,283
  -1,351
  -1,422
  -1,494
  -1,570
  -1,650
  -1,734
  -1,821
  -1,912
Free cash flow, $m
  125
  112
  139
  173
  213
  262
  318
  383
  457
  539
  630
  702
  809
  924
  1,047
  1,177
  1,314
  1,459
  1,611
  1,769
  1,934
  2,107
  2,286
  2,472
  2,666
  2,867
  3,076
  3,294
  3,519
  3,754
  3,997
Issuance/(repayment) of debt, $m
  -215
  407
  480
  557
  636
  717
  798
  879
  959
  1,037
  1,114
  1,189
  1,263
  1,334
  1,405
  1,474
  1,543
  1,611
  1,680
  1,749
  1,820
  1,892
  1,967
  2,044
  2,124
  2,207
  2,295
  2,386
  2,483
  2,584
  2,691
Issuance/(repurchase) of shares, $m
  1
  15
  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
  422
  480
  557
  636
  717
  798
  879
  959
  1,037
  1,114
  1,189
  1,263
  1,334
  1,405
  1,474
  1,543
  1,611
  1,680
  1,749
  1,820
  1,892
  1,967
  2,044
  2,124
  2,207
  2,295
  2,386
  2,483
  2,584
  2,691
Total cash flow (excl. dividends), $m
  23
  534
  620
  729
  849
  978
  1,116
  1,262
  1,416
  1,576
  1,744
  1,892
  2,072
  2,259
  2,452
  2,651
  2,857
  3,070
  3,290
  3,518
  3,754
  3,999
  4,253
  4,516
  4,790
  5,075
  5,371
  5,680
  6,002
  6,338
  6,688
Retained Cash Flow (-), $m
  -26
  -176
  -207
  -240
  -274
  -309
  -344
  -378
  -413
  -447
  -480
  -512
  -544
  -575
  -605
  -635
  -664
  -694
  -723
  -753
  -784
  -815
  -847
  -880
  -915
  -950
  -988
  -1,028
  -1,069
  -1,113
  -1,159
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
 
  472
  413
  490
  575
  670
  773
  884
  1,003
  1,130
  1,264
  1,380
  1,528
  1,684
  1,847
  2,016
  2,193
  2,376
  2,567
  2,765
  2,971
  3,184
  3,406
  3,636
  3,875
  4,124
  4,383
  4,652
  4,933
  5,225
  5,530
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
 
  442
  359
  393
  423
  448
  466
  476
  478
  472
  457
  427
  401
  369
  333
  295
  257
  219
  183
  149
  119
  93
  71
  53
  38
  27
  19
  12
  8
  5
  3
Current shareholders' claim on cash, %
  100
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7
  99.7

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 75.2
Price to Sales 2.8
Price to Book 7
Price to Tangible Book
Price to Cash Flow 32
Price to Free Cash Flow 40.3
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 $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 28.5% 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 63.358 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 $5.3 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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