Intrinsic value of PAREXEL International - PRXL

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$80.21

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$80.21

 
Intrinsic value

$63.04

 
Up/down potential

-21%

 
Rating

sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of PRXL 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 4.1

 

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, %
  4.12
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,426
  2,475
  2,531
  2,596
  2,670
  2,750
  2,839
  2,936
  3,041
  3,153
  3,274
  3,404
  3,542
  3,689
  3,845
  4,011
  4,187
  4,373
  4,570
  4,778
  4,997
  5,229
  5,473
  5,731
  6,002
  6,288
  6,589
  6,905
  7,239
  7,589
  7,958
Variable operating expenses, $m
 
  1,855
  1,897
  1,945
  1,998
  2,058
  2,123
  2,194
  2,271
  2,353
  2,442
  2,498
  2,600
  2,708
  2,822
  2,944
  3,073
  3,210
  3,354
  3,507
  3,668
  3,838
  4,017
  4,206
  4,405
  4,615
  4,836
  5,068
  5,313
  5,570
  5,841
Fixed operating expenses, $m
 
  403
  413
  423
  434
  445
  456
  467
  479
  491
  503
  516
  529
  542
  555
  569
  583
  598
  613
  628
  644
  660
  677
  693
  711
  729
  747
  765
  785
  804
  824
Total operating expenses, $m
  2,202
  2,258
  2,310
  2,368
  2,432
  2,503
  2,579
  2,661
  2,750
  2,844
  2,945
  3,014
  3,129
  3,250
  3,377
  3,513
  3,656
  3,808
  3,967
  4,135
  4,312
  4,498
  4,694
  4,899
  5,116
  5,344
  5,583
  5,833
  6,098
  6,374
  6,665
Operating income, $m
  224
  217
  222
  229
  237
  248
  261
  275
  291
  309
  329
  390
  414
  440
  468
  498
  531
  565
  603
  643
  686
  731
  780
  831
  886
  944
  1,006
  1,072
  1,141
  1,215
  1,293
EBITDA, $m
  321
  306
  312
  320
  331
  343
  357
  374
  392
  412
  435
  459
  486
  515
  546
  580
  616
  655
  696
  740
  787
  838
  891
  948
  1,008
  1,072
  1,140
  1,212
  1,289
  1,369
  1,455
Interest expense (income), $m
  13
  17
  18
  19
  20
  22
  23
  25
  27
  29
  31
  34
  37
  39
  42
  45
  49
  52
  56
  60
  64
  68
  73
  78
  83
  88
  94
  100
  107
  113
  120
Earnings before tax, $m
  215
  200
  204
  210
  217
  226
  237
  250
  264
  280
  298
  356
  377
  400
  426
  453
  482
  513
  547
  583
  622
  663
  707
  753
  803
  856
  912
  971
  1,035
  1,102
  1,173
Tax expense, $m
  60
  54
  55
  57
  59
  61
  64
  67
  71
  76
  80
  96
  102
  108
  115
  122
  130
  139
  148
  157
  168
  179
  191
  203
  217
  231
  246
  262
  279
  297
  317
Net income, $m
  155
  146
  149
  153
  159
  165
  173
  182
  193
  204
  217
  260
  275
  292
  311
  330
  352
  375
  399
  426
  454
  484
  516
  550
  586
  625
  666
  709
  755
  804
  856

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  249
  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
  2,036
  1,822
  1,864
  1,912
  1,966
  2,025
  2,091
  2,162
  2,239
  2,322
  2,411
  2,507
  2,608
  2,717
  2,832
  2,954
  3,083
  3,220
  3,365
  3,518
  3,680
  3,851
  4,030
  4,220
  4,420
  4,630
  4,852
  5,085
  5,330
  5,589
  5,860
Adjusted assets (=assets-cash), $m
  1,787
  1,822
  1,864
  1,912
  1,966
  2,025
  2,091
  2,162
  2,239
  2,322
  2,411
  2,507
  2,608
  2,717
  2,832
  2,954
  3,083
  3,220
  3,365
  3,518
  3,680
  3,851
  4,030
  4,220
  4,420
  4,630
  4,852
  5,085
  5,330
  5,589
  5,860
Revenue / Adjusted assets
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
  1.358
Average production assets, $m
  387
  393
  402
  413
  424
  437
  451
  467
  483
  501
  521
  541
  563
  587
  611
  638
  666
  695
  727
  760
  795
  831
  870
  911
  954
  1,000
  1,048
  1,098
  1,151
  1,207
  1,265
Working capital, $m
  412
  183
  187
  192
  198
  204
  210
  217
  225
  233
  242
  252
  262
  273
  285
  297
  310
  324
  338
  354
  370
  387
  405
  424
  444
  465
  488
  511
  536
  562
  589
Total debt, $m
  501
  512
  545
  582
  623
  670
  720
  776
  836
  900
  969
  1,043
  1,122
  1,206
  1,295
  1,390
  1,491
  1,597
  1,709
  1,828
  1,954
  2,086
  2,226
  2,373
  2,528
  2,691
  2,863
  3,044
  3,234
  3,435
  3,645
Total liabilities, $m
  1,403
  1,414
  1,447
  1,484
  1,525
  1,572
  1,622
  1,678
  1,738
  1,802
  1,871
  1,945
  2,024
  2,108
  2,197
  2,292
  2,393
  2,499
  2,611
  2,730
  2,856
  2,988
  3,128
  3,275
  3,430
  3,593
  3,765
  3,946
  4,136
  4,337
  4,547
Total equity, $m
  633
  408
  418
  428
  440
  454
  468
  484
  502
  520
  540
  561
  584
  609
  634
  662
  691
  721
  754
  788
  824
  863
  903
  945
  990
  1,037
  1,087
  1,139
  1,194
  1,252
  1,313
Total liabilities and equity, $m
  2,036
  1,822
  1,865
  1,912
  1,965
  2,026
  2,090
  2,162
  2,240
  2,322
  2,411
  2,506
  2,608
  2,717
  2,831
  2,954
  3,084
  3,220
  3,365
  3,518
  3,680
  3,851
  4,031
  4,220
  4,420
  4,630
  4,852
  5,085
  5,330
  5,589
  5,860
Debt-to-equity ratio
  0.791
  1.250
  1.300
  1.360
  1.420
  1.480
  1.540
  1.600
  1.670
  1.730
  1.790
  1.860
  1.920
  1.980
  2.040
  2.100
  2.160
  2.210
  2.270
  2.320
  2.370
  2.420
  2.470
  2.510
  2.550
  2.590
  2.630
  2.670
  2.710
  2.740
  2.780
Adjusted equity ratio
  0.215
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  155
  146
  149
  153
  159
  165
  173
  182
  193
  204
  217
  260
  275
  292
  311
  330
  352
  375
  399
  426
  454
  484
  516
  550
  586
  625
  666
  709
  755
  804
  856
Depreciation, amort., depletion, $m
  97
  89
  91
  92
  93
  95
  97
  99
  101
  103
  106
  69
  72
  75
  78
  82
  85
  89
  93
  97
  102
  107
  112
  117
  122
  128
  134
  141
  148
  155
  162
Funds from operations, $m
  222
  235
  239
  245
  252
  260
  270
  281
  294
  308
  323
  329
  348
  367
  389
  412
  437
  464
  492
  523
  556
  590
  627
  667
  708
  753
  800
  850
  903
  959
  1,018
Change in working capital, $m
  -39
  4
  4
  5
  5
  6
  7
  7
  8
  8
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  23
  25
  26
  27
Cash from operations, $m
  261
  235
  235
  240
  246
  254
  263
  274
  286
  299
  314
  320
  337
  357
  377
  400
  424
  450
  478
  508
  539
  573
  609
  648
  688
  732
  778
  826
  878
  933
  991
Maintenance CAPEX, $m
  0
  -50
  -50
  -52
  -53
  -54
  -56
  -58
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -148
  -155
New CAPEX, $m
  -96
  -7
  -9
  -10
  -12
  -13
  -14
  -15
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
Cash from investing activities, $m
  -163
  -57
  -59
  -62
  -65
  -67
  -70
  -73
  -77
  -80
  -83
  -88
  -91
  -95
  -100
  -104
  -110
  -115
  -120
  -126
  -132
  -139
  -146
  -153
  -160
  -167
  -176
  -184
  -194
  -204
  -214
Free cash flow, $m
  98
  178
  176
  178
  182
  187
  193
  201
  209
  219
  230
  232
  246
  261
  277
  295
  314
  335
  357
  381
  407
  434
  464
  495
  528
  564
  602
  642
  684
  730
  778
Issuance/(repayment) of debt, $m
  147
  28
  33
  37
  42
  46
  51
  55
  60
  64
  69
  74
  79
  84
  89
  95
  100
  106
  112
  119
  125
  132
  140
  147
  155
  163
  172
  181
  190
  200
  211
Issuance/(repurchase) of shares, $m
  -182
  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  
  -46
  28
  33
  37
  42
  46
  51
  55
  60
  64
  69
  74
  79
  84
  89
  95
  100
  106
  112
  119
  125
  132
  140
  147
  155
  163
  172
  181
  190
  200
  211
Total cash flow (excl. dividends), $m
  41
  207
  208
  215
  224
  233
  244
  256
  269
  284
  300
  306
  325
  345
  367
  390
  415
  441
  470
  500
  532
  567
  603
  642
  683
  727
  774
  823
  875
  930
  988
Retained Cash Flow (-), $m
  32
  -7
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
Prev. year cash balance distribution, $m
 
  232
  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
 
  431
  199
  205
  212
  220
  229
  240
  252
  265
  280
  285
  302
  321
  341
  363
  386
  411
  437
  466
  496
  529
  563
  600
  639
  680
  724
  771
  820
  872
  927
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  414
  182
  178
  174
  170
  166
  162
  157
  152
  147
  135
  129
  122
  114
  106
  98
  89
  81
  72
  63
  55
  47
  39
  33
  26
  21
  17
  13
  10
  7
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

PAREXEL International Corporation, a biopharmaceutical services company, provides clinical research, clinical logistics, medical communications, consulting, commercialization, and advanced technology products and services for pharmaceutical, biotechnology, and medical device industries worldwide. The company operates in three segments: Clinical Research Services (CRS), PAREXEL Consulting Services (PC), and PAREXEL Informatics (PI). The CRS segment offers clinical trials management, observational studies, patient/disease registries and post-marketing surveillance, data management and biostatistics, epidemiology and health economics/outcomes research, clinical logistics, pharmacovigilance, commercialization, and clinical pharmacology, as well as related medical affairs, patient recruitment, and investigator site services. The PC segment provides technical expertise and advice in various areas, such as drug development, regulatory affairs, product pricing and reimbursement, commercialization, and strategic compliance; and market development, product development, and targeted communications services in the support of product launch, as well as offers solutions to address client issues associated with product development, registration, and commercialization. The PI segment provides information technology solutions comprising ClinPhone randomization and trial supply management solutions, medical imaging services, IMPACT clinical trial management systems, LIQUENT InSight regulatory information management software and professional services, DataLabs electronic data capture systems, Web-based portals, systems integration services, electronic patient reported outcomes, and patient diary applications, as well as centralized assessment services for patient technology solutions, such as spirometry, electronic clinical outcomes, and wearables. The company was founded in 1983 and is headquartered in Waltham, Massachusetts.

FINANCIAL RATIOS  of  PAREXEL International (PRXL)

Valuation Ratios
P/E Ratio 27.4
Price to Sales 1.7
Price to Book 6.7
Price to Tangible Book
Price to Cash Flow 16.3
Price to Free Cash Flow 25.7
Growth Rates
Sales Growth Rate 4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 20%
Cap. Spend. - 3 Yr. Gr. Rate 3.5%
Financial Strength
Quick Ratio 15
Current Ratio 0.1
LT Debt to Equity 76.5%
Total Debt to Equity 79.1%
Interest Coverage 18
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 14.4%
Ret/ On T. Cap. - 3 Yr. Avg. 14.4%
Return On Equity 23.9%
Return On Equity - 3 Yr. Avg. 23.6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 30.5%
Gross Margin - 3 Yr. Avg. 29.7%
EBITDA Margin 13.4%
EBITDA Margin - 3 Yr. Avg. 12.9%
Operating Margin 9.2%
Oper. Margin - 3 Yr. Avg. 8.9%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 6.4%
Net Profit Margin - 3 Yr. Avg. 6.1%
Effective Tax Rate 27.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.4%
Payout Ratio 0%

PRXL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRXL stock intrinsic value calculation we used $2426 million for the last fiscal year's total revenue generated by PAREXEL International. The default revenue input number comes from 2016 income statement of PAREXEL International. 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 PRXL stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PRXL is calculated based on our internal credit rating of PAREXEL International, 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 PAREXEL International.
    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 PRXL stock the variable cost ratio is equal to 75%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $393 million in the base year in the intrinsic value calculation for PRXL 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 3.5% for PAREXEL International.

Corporate tax rate of 27% is the nominal tax rate for PAREXEL International. 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 PRXL 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 PRXL are equal to 15.9%.

Life of production assets of 7.8 years is the average useful life of capital assets used in PAREXEL International 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 PRXL is equal to 7.4%. 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 - $633 million for PAREXEL International - 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 50.673 million for PAREXEL International 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 PAREXEL International at the current share price and the inputted number of shares is $4.1 billion.


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COMPANY NEWS

▶ Boston contract research firm inVentiv agrees to merger   [06:55AM  American City Business Journals]
▶ [$$] Activist Investor Starboard Takes 5.7% Stake in Parexel International   [May-10-17 09:57PM  The Wall Street Journal]
▶ Waltham-based Parexel discloses major layoffs   [May-09-17 03:07PM  American City Business Journals]
▶ Parexel Stock Jumps, May Explore Sale   [May-08-17 02:22PM  TheStreet.com]
▶ [$$] Parexel International Explores Sale   [01:19PM  The Wall Street Journal]
▶ Parexel beats 3Q profit forecasts   [May-03-17 04:50PM  Associated Press]
▶ Parexel Is Discovering the Drugs of the Future   [Apr-10-17 04:44PM  TheStreet.com]
▶ Triangle CROs among best to work with, says survey   [Apr-03-17 03:10PM  at bizjournals.com]
▶ Triangle CROs among best to work with, says survey   [03:10PM  American City Business Journals]
▶ Najarian: heavy call buying in one health care name   [Feb-15-17 12:41PM  CNBC Videos]
▶ Parexel looks to cut down on human errors in clinical trials   [Feb-13-17 11:53AM  at bizjournals.com]
▶ Parexel looks to cut down on human errors in clinical trials   [11:53AM  American City Business Journals]
▶ PAREXEL Expands Managed Access Programs Service Offering   [Jan-26-17 09:00AM  Business Wire]
▶ Parexel to book restructuring charges of $25 mln to $35 mln   [Jan-09-17 05:02PM  at MarketWatch]
▶ 3 Biotech Stocks to Buy on Sale   [Nov-29-16 08:32AM  at Motley Fool]
Stock chart of PRXL Financial statements of PRXL Annual reports of PRXL
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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