Intrinsic value of ICF International - ICFI

Previous Close

$71.89

  Intrinsic Value

$76.40

stock screener

  Rating & Target

hold

+6%

Previous close

$71.89

 
Intrinsic value

$76.40

 
Up/down potential

+6%

 
Rating

hold

We calculate the intrinsic value of ICFI 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 0001), $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 1.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  1,300
  1,375
  1,452
  1,534
  1,618
  1,707
  1,799
  1,896
  1,998
  2,104
  2,215
  2,331
  2,453
  2,581
  2,714
  2,855
  3,001
  3,156
  3,317
  3,487
  3,664
  3,851
  4,046
  4,251
  4,467
  4,693
  4,930
  5,178
  5,440
  5,714
Variable operating expenses, $m
  1,205
  1,270
  1,338
  1,408
  1,482
  1,559
  1,640
  1,724
  1,813
  1,905
  1,930
  2,031
  2,137
  2,248
  2,365
  2,487
  2,615
  2,749
  2,890
  3,038
  3,193
  3,355
  3,526
  3,704
  3,892
  4,089
  4,295
  4,512
  4,740
  4,978
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
  1,205
  1,270
  1,338
  1,408
  1,482
  1,559
  1,640
  1,724
  1,813
  1,905
  1,930
  2,031
  2,137
  2,248
  2,365
  2,487
  2,615
  2,749
  2,890
  3,038
  3,193
  3,355
  3,526
  3,704
  3,892
  4,089
  4,295
  4,512
  4,740
  4,978
Operating income, $m
  95
  105
  115
  125
  136
  148
  159
  172
  185
  199
  285
  300
  316
  332
  349
  367
  386
  406
  427
  449
  472
  496
  521
  547
  575
  604
  634
  666
  700
  735
EBITDA, $m
  183
  194
  205
  216
  228
  240
  254
  267
  281
  296
  312
  328
  346
  364
  382
  402
  423
  445
  467
  491
  516
  543
  570
  599
  629
  661
  695
  730
  766
  805
Interest expense (income), $m
  9
  11
  13
  14
  16
  18
  20
  22
  24
  26
  28
  30
  33
  35
  38
  40
  43
  46
  50
  53
  56
  60
  64
  68
  72
  77
  81
  86
  91
  97
  103
Earnings before tax, $m
  84
  92
  100
  109
  118
  128
  138
  148
  159
  171
  255
  267
  281
  294
  309
  324
  340
  356
  374
  392
  411
  432
  453
  475
  498
  522
  548
  575
  603
  633
Tax expense, $m
  23
  25
  27
  29
  32
  35
  37
  40
  43
  46
  69
  72
  76
  79
  83
  87
  92
  96
  101
  106
  111
  117
  122
  128
  134
  141
  148
  155
  163
  171
Net income, $m
  61
  67
  73
  80
  86
  93
  101
  108
  116
  125
  186
  195
  205
  215
  225
  237
  248
  260
  273
  286
  300
  315
  330
  347
  364
  381
  400
  420
  440
  462

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,175
  1,242
  1,312
  1,385
  1,462
  1,542
  1,626
  1,713
  1,805
  1,900
  2,001
  2,106
  2,216
  2,331
  2,452
  2,579
  2,711
  2,851
  2,996
  3,150
  3,310
  3,478
  3,655
  3,841
  4,035
  4,239
  4,453
  4,678
  4,914
  5,161
Adjusted assets (=assets-cash), $m
  1,175
  1,242
  1,312
  1,385
  1,462
  1,542
  1,626
  1,713
  1,805
  1,900
  2,001
  2,106
  2,216
  2,331
  2,452
  2,579
  2,711
  2,851
  2,996
  3,150
  3,310
  3,478
  3,655
  3,841
  4,035
  4,239
  4,453
  4,678
  4,914
  5,161
Revenue / Adjusted assets
  1.106
  1.107
  1.107
  1.108
  1.107
  1.107
  1.106
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
  1.107
Average production assets, $m
  425
  450
  475
  501
  529
  558
  588
  620
  653
  688
  724
  762
  802
  844
  888
  933
  981
  1,032
  1,085
  1,140
  1,198
  1,259
  1,323
  1,390
  1,461
  1,534
  1,612
  1,693
  1,779
  1,868
Working capital, $m
  88
  93
  99
  104
  110
  116
  122
  129
  136
  143
  151
  159
  167
  175
  185
  194
  204
  215
  226
  237
  249
  262
  275
  289
  304
  319
  335
  352
  370
  389
Total debt, $m
  235
  265
  296
  329
  363
  398
  435
  474
  515
  558
  602
  649
  698
  749
  803
  860
  919
  981
  1,045
  1,114
  1,185
  1,260
  1,339
  1,421
  1,508
  1,598
  1,694
  1,794
  1,899
  2,009
Total liabilities, $m
  523
  553
  584
  616
  651
  686
  723
  762
  803
  846
  890
  937
  986
  1,037
  1,091
  1,147
  1,207
  1,268
  1,333
  1,402
  1,473
  1,548
  1,627
  1,709
  1,796
  1,886
  1,982
  2,082
  2,187
  2,297
Total equity, $m
  652
  689
  728
  769
  811
  856
  902
  951
  1,002
  1,055
  1,110
  1,169
  1,230
  1,294
  1,361
  1,431
  1,505
  1,582
  1,663
  1,748
  1,837
  1,931
  2,029
  2,131
  2,239
  2,353
  2,472
  2,596
  2,727
  2,865
Total liabilities and equity, $m
  1,175
  1,242
  1,312
  1,385
  1,462
  1,542
  1,625
  1,713
  1,805
  1,901
  2,000
  2,106
  2,216
  2,331
  2,452
  2,578
  2,712
  2,850
  2,996
  3,150
  3,310
  3,479
  3,656
  3,840
  4,035
  4,239
  4,454
  4,678
  4,914
  5,162
Debt-to-equity ratio
  0.360
  0.380
  0.410
  0.430
  0.450
  0.470
  0.480
  0.500
  0.510
  0.530
  0.540
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.700
Adjusted equity ratio
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555
  0.555

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  61
  67
  73
  80
  86
  93
  101
  108
  116
  125
  186
  195
  205
  215
  225
  237
  248
  260
  273
  286
  300
  315
  330
  347
  364
  381
  400
  420
  440
  462
Depreciation, amort., depletion, $m
  88
  89
  90
  91
  92
  93
  94
  95
  97
  98
  27
  28
  30
  31
  33
  35
  37
  39
  40
  43
  45
  47
  49
  52
  55
  57
  60
  63
  66
  70
Funds from operations, $m
  149
  156
  163
  171
  178
  186
  195
  204
  213
  222
  213
  224
  235
  246
  259
  271
  285
  299
  313
  329
  345
  362
  380
  399
  418
  439
  460
  483
  507
  532
Change in working capital, $m
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
  10
  10
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
Cash from operations, $m
  145
  151
  158
  165
  173
  180
  188
  197
  206
  215
  206
  216
  226
  238
  249
  262
  275
  288
  302
  317
  333
  349
  367
  385
  403
  423
  444
  466
  489
  513
Maintenance CAPEX, $m
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -40
  -43
  -45
  -47
  -49
  -52
  -55
  -57
  -60
  -63
  -66
New CAPEX, $m
  -23
  -24
  -25
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -78
  -81
  -85
  -90
Cash from investing activities, $m
  -38
  -40
  -42
  -45
  -47
  -49
  -51
  -54
  -56
  -59
  -62
  -65
  -68
  -72
  -75
  -79
  -83
  -87
  -92
  -95
  -101
  -106
  -111
  -116
  -122
  -129
  -135
  -141
  -148
  -156
Free cash flow, $m
  106
  111
  116
  121
  126
  132
  137
  143
  150
  156
  144
  151
  158
  166
  174
  183
  192
  201
  211
  221
  232
  244
  256
  268
  281
  295
  309
  324
  340
  357
Issuance/(repayment) of debt, $m
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  79
  82
  87
  91
  95
  100
  105
  110
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  79
  82
  87
  91
  95
  100
  105
  110
Total cash flow (excl. dividends), $m
  135
  141
  147
  153
  160
  167
  175
  182
  190
  199
  188
  197
  207
  217
  228
  239
  251
  263
  276
  290
  304
  319
  334
  351
  368
  386
  405
  424
  445
  467
Retained Cash Flow (-), $m
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
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
  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
  99
  104
  108
  113
  118
  123
  128
  134
  140
  146
  133
  139
  146
  153
  161
  169
  177
  186
  195
  205
  215
  225
  236
  248
  260
  272
  286
  300
  314
  330
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
  95
  95
  94
  93
  91
  89
  87
  84
  80
  76
  63
  59
  56
  51
  47
  43
  39
  34
  30
  26
  22
  19
  15
  13
  10
  8
  6
  5
  3
  2
Current shareholders' claim on cash, %
  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
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  100.0
  100.0

ICF International, Inc. provides professional services and technology-based solutions to government and commercial clients, including management, technology, and policy consulting and implementation services. The Company's services address four markets: energy, environment and infrastructure; health, education and social programs; safety and security, and consumer and financial. Its services include research and analytic services, assessment and advisory services, design and management services, solution identification and implementation services, and engagement services. The Company researches policy, industry and stakeholder issues, trends and behavior. The Company collects and analyzes various data to understand issues and options for its clients. The Company measures and evaluates results and their impact and, based on those assessments, the Company provides advice to its clients on how to navigate societal, market, business, communication and technology challenges.

FINANCIAL RATIOS  of  ICF International (ICFI)

Valuation Ratios
P/E Ratio 29.1
Price to Sales 1.2
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 17.1
Price to Free Cash Flow 20.7
Growth Rates
Sales Growth Rate 4.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.7%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 45.8%
Total Debt to Equity 45.8%
Interest Coverage 9
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 5.7%
Ret/ On T. Cap. - 3 Yr. Avg. 5.4%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 37.1%
Gross Margin - 3 Yr. Avg. 37.8%
EBITDA Margin 9.5%
EBITDA Margin - 3 Yr. Avg. 9.2%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 6.7%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 6%
Net Profit Margin 4%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 0%

ICFI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ICFI stock intrinsic value calculation we used $1229.162 million for the last fiscal year's total revenue generated by ICF International. The default revenue input number comes from 0001 income statement of ICF 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 ICFI stock valuation model: a) initial revenue growth rate of 5.8% 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 ICFI is calculated based on our internal credit rating of ICF 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 ICF 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 ICFI stock the variable cost ratio is equal to 93%.

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 ICFI 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 ICF International.

Corporate tax rate of 27% is the nominal tax rate for ICF 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 ICFI 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 ICFI are equal to 32.7%.

Life of production assets of 26.8 years is the average useful life of capital assets used in ICF 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 ICFI is equal to 6.8%. 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 - $616.03 million for ICF 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 18.86 million for ICF 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 ICF International at the current share price and the inputted number of shares is $1.4 billion.

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COMPANY NEWS

▶ 5 things to watch from the latest round of government contractor earnings reports   [Nov-06-18 03:06PM  American City Business Journals]
▶ ICF: 3Q Earnings Snapshot   [06:04PM  Associated Press]
▶ ICF Reports Third Quarter 2018 Results   [04:05PM  PR Newswire]
▶ ICF acquires UK firm   [10:50AM  American City Business Journals]
▶ ICF Acquires We are Vista   [09:05AM  PR Newswire]
▶ ICF to Present at Sidoti & Company Fall 2018 Conference   [Sep-25-18 09:00AM  PR Newswire]
▶ ICF Launches Next-Generation Aircraft Appraisal Platform   [Sep-21-18 08:57AM  PR Newswire]
▶ ICF Appoints Head of ICF Olson   [Sep-06-18 09:03AM  PR Newswire]
▶ ICF Completes Acquisition of DMS Disaster Consultants   [Aug-08-18 04:05PM  PR Newswire]
▶ ICF: 2Q Earnings Snapshot   [07:11PM  Associated Press]
▶ ICF to Acquire DMS Disaster Consultants   [04:05PM  PR Newswire]
▶ ICF Reports Second Quarter 2018 Results   [04:05PM  PR Newswire]
▶ New Jersey Extends ICF's Disaster Recovery Contract   [Jul-26-18 04:05PM  PR Newswire]
▶ ICF Olson Names Bryan Specht to Lead Brand Business   [Jun-28-18 04:05PM  PR Newswire]
▶ ICF: 1Q Earnings Snapshot   [May-02-18 06:45PM  Associated Press]
▶ ICF Reports First Quarter 2018 Results   [04:05PM  PR Newswire]
▶ Top Stock Picks for the Week of April 30th   [Apr-30-18 01:42PM  Zacks]
▶ ICF Olson Names Chip Knicker Head of Digital Business   [Apr-24-18 04:05PM  PR Newswire]
▶ New Strong Buy Stocks for April 20th   [Apr-20-18 10:31AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for April 16th   [Apr-16-18 08:57AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for April 10th   [Apr-10-18 08:01AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for April 6th   [Apr-06-18 11:16AM  Zacks]
▶ GSA Selects ICF for IT Modernization Contracts   [Apr-05-18 04:05PM  PR Newswire]
▶ Top Ranked Growth Stocks to Buy for April 2nd   [Apr-02-18 06:20AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for March 16th   [Mar-16-18 08:06AM  Zacks]
▶ White House push to modernize fed tech picks up speed with GSA contract awards   [Mar-15-18 02:33PM  American City Business Journals]
▶ Top NYSE Cheap Stocks To Buy   [Mar-14-18 10:02AM  Simply Wall St.]
▶ ICF Advances Groundbreaking Airport Redevelopment Deal   [Mar-06-18 04:05PM  PR Newswire]
▶ Top Ranked Growth Stocks to Buy for March 5th   [Mar-05-18 09:06AM  Zacks]
▶ New Strong Buy Stocks for March 2nd   [Mar-02-18 09:46AM  Zacks]
▶ ICF Olson Wins Best in Show at Innovation SABRE Awards   [Feb-28-18 04:05PM  PR Newswire]
▶ ICF meets 4Q profit forecasts   [05:04AM  Associated Press]
▶ ICF Reports Fourth Quarter and Full Year 2017 Results   [Feb-27-18 04:05PM  PR Newswire]
▶ ICF Completes Acquisition of The Future Customer   [Jan-02-18 04:30PM  PR Newswire]

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