Intrinsic value of Icon - ICLR

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$114.49

  Intrinsic Value

$92.18

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  Rating & Target

hold

-19%

  Value-price divergence*

-10%

Previous close

$114.49

 
Intrinsic value

$92.18

 
Up/down potential

-19%

 
Rating

hold

 
Value-price divergence*

-10%

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

We calculate the intrinsic value of ICLR 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 6.2

 

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, %
  5.78
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  1,666
  1,748
  1,833
  1,924
  2,018
  2,118
  2,223
  2,333
  2,448
  2,569
  2,697
  2,831
  2,972
  3,119
  3,274
  3,437
  3,609
  3,788
  3,977
  4,175
  4,384
  4,602
  4,832
  5,073
  5,326
  5,592
  5,871
  6,164
  6,472
  6,796
  7,135
Variable operating expenses, $m
 
  1,187
  1,242
  1,300
  1,362
  1,426
  1,493
  1,564
  1,638
  1,716
  1,799
  1,823
  1,914
  2,009
  2,109
  2,214
  2,324
  2,440
  2,561
  2,689
  2,823
  2,964
  3,112
  3,267
  3,430
  3,601
  3,781
  3,970
  4,168
  4,376
  4,595
Fixed operating expenses, $m
 
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  335
  344
  352
  361
  370
  380
  389
  399
  409
  419
  429
  440
  451
  462
  474
Total operating expenses, $m
  1,355
  1,419
  1,479
  1,543
  1,611
  1,682
  1,755
  1,833
  1,913
  1,998
  2,088
  2,120
  2,218
  2,321
  2,428
  2,541
  2,659
  2,784
  2,913
  3,050
  3,193
  3,344
  3,501
  3,666
  3,839
  4,020
  4,210
  4,410
  4,619
  4,838
  5,069
Operating income, $m
  312
  329
  354
  380
  407
  437
  468
  500
  535
  571
  609
  711
  754
  799
  846
  896
  949
  1,005
  1,063
  1,125
  1,190
  1,259
  1,331
  1,407
  1,487
  1,572
  1,661
  1,754
  1,853
  1,957
  2,066
EBITDA, $m
  371
  406
  432
  459
  487
  518
  549
  583
  618
  656
  695
  737
  781
  827
  876
  928
  982
  1,039
  1,100
  1,163
  1,230
  1,301
  1,375
  1,453
  1,536
  1,623
  1,714
  1,810
  1,912
  2,019
  2,131
Interest expense (income), $m
  14
  14
  16
  17
  19
  21
  24
  26
  28
  30
  33
  36
  39
  42
  45
  48
  51
  55
  59
  63
  67
  71
  76
  81
  86
  91
  97
  103
  109
  116
  122
Earnings before tax, $m
  300
  315
  338
  362
  388
  415
  444
  474
  506
  540
  576
  675
  715
  757
  802
  848
  898
  950
  1,004
  1,062
  1,123
  1,187
  1,255
  1,326
  1,401
  1,480
  1,564
  1,651
  1,744
  1,841
  1,943
Tax expense, $m
  38
  85
  91
  98
  105
  112
  120
  128
  137
  146
  156
  182
  193
  204
  216
  229
  242
  256
  271
  287
  303
  321
  339
  358
  378
  400
  422
  446
  471
  497
  525
Net income, $m
  262
  230
  247
  264
  283
  303
  324
  346
  370
  394
  421
  493
  522
  553
  585
  619
  655
  693
  733
  775
  820
  867
  916
  968
  1,023
  1,081
  1,141
  1,205
  1,273
  1,344
  1,419

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  261
  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
  1,826
  1,641
  1,722
  1,806
  1,895
  1,989
  2,087
  2,190
  2,299
  2,413
  2,532
  2,658
  2,790
  2,929
  3,075
  3,228
  3,388
  3,557
  3,734
  3,921
  4,116
  4,321
  4,537
  4,763
  5,001
  5,251
  5,513
  5,788
  6,077
  6,381
  6,700
Adjusted assets (=assets-cash), $m
  1,565
  1,641
  1,722
  1,806
  1,895
  1,989
  2,087
  2,190
  2,299
  2,413
  2,532
  2,658
  2,790
  2,929
  3,075
  3,228
  3,388
  3,557
  3,734
  3,921
  4,116
  4,321
  4,537
  4,763
  5,001
  5,251
  5,513
  5,788
  6,077
  6,381
  6,700
Revenue / Adjusted assets
  1.065
  1.065
  1.064
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
  1.065
Average production assets, $m
  209
  218
  229
  240
  252
  265
  278
  292
  306
  321
  337
  354
  371
  390
  409
  430
  451
  474
  497
  522
  548
  575
  604
  634
  666
  699
  734
  771
  809
  849
  892
Working capital, $m
  464
  213
  224
  235
  246
  258
  271
  285
  299
  313
  329
  345
  363
  381
  399
  419
  440
  462
  485
  509
  535
  561
  589
  619
  650
  682
  716
  752
  790
  829
  870
Total debt, $m
  349
  392
  437
  485
  535
  588
  643
  701
  762
  826
  894
  965
  1,039
  1,117
  1,199
  1,285
  1,376
  1,471
  1,570
  1,675
  1,785
  1,901
  2,022
  2,150
  2,284
  2,424
  2,572
  2,727
  2,889
  3,060
  3,240
Total liabilities, $m
  881
  924
  969
  1,017
  1,067
  1,120
  1,175
  1,233
  1,294
  1,358
  1,426
  1,497
  1,571
  1,649
  1,731
  1,817
  1,908
  2,003
  2,102
  2,207
  2,317
  2,433
  2,554
  2,682
  2,816
  2,956
  3,104
  3,259
  3,421
  3,592
  3,772
Total equity, $m
  945
  717
  752
  789
  828
  869
  912
  957
  1,005
  1,054
  1,107
  1,162
  1,219
  1,280
  1,344
  1,410
  1,481
  1,554
  1,632
  1,713
  1,799
  1,888
  1,983
  2,082
  2,185
  2,295
  2,409
  2,529
  2,656
  2,788
  2,928
Total liabilities and equity, $m
  1,826
  1,641
  1,721
  1,806
  1,895
  1,989
  2,087
  2,190
  2,299
  2,412
  2,533
  2,659
  2,790
  2,929
  3,075
  3,227
  3,389
  3,557
  3,734
  3,920
  4,116
  4,321
  4,537
  4,764
  5,001
  5,251
  5,513
  5,788
  6,077
  6,380
  6,700
Debt-to-equity ratio
  0.369
  0.550
  0.580
  0.610
  0.650
  0.680
  0.710
  0.730
  0.760
  0.780
  0.810
  0.830
  0.850
  0.870
  0.890
  0.910
  0.930
  0.950
  0.960
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.060
  1.070
  1.080
  1.090
  1.100
  1.110
Adjusted equity ratio
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437
  0.437

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  262
  230
  247
  264
  283
  303
  324
  346
  370
  394
  421
  493
  522
  553
  585
  619
  655
  693
  733
  775
  820
  867
  916
  968
  1,023
  1,081
  1,141
  1,205
  1,273
  1,344
  1,419
Depreciation, amort., depletion, $m
  59
  78
  78
  79
  80
  81
  82
  83
  84
  85
  86
  26
  27
  28
  30
  31
  33
  35
  36
  38
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
Funds from operations, $m
  156
  307
  325
  344
  363
  384
  406
  429
  454
  479
  507
  519
  549
  581
  615
  651
  688
  728
  770
  814
  860
  909
  960
  1,014
  1,071
  1,132
  1,195
  1,262
  1,332
  1,406
  1,484
Change in working capital, $m
  -103
  10
  10
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  38
  39
  41
Cash from operations, $m
  259
  297
  315
  333
  352
  372
  393
  416
  440
  465
  491
  503
  532
  563
  596
  631
  667
  706
  746
  789
  834
  882
  932
  985
  1,041
  1,099
  1,161
  1,226
  1,294
  1,366
  1,442
Maintenance CAPEX, $m
  0
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -56
  -59
  -62
New CAPEX, $m
  -43
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -38
  -40
  -42
Cash from investing activities, $m
  -75
  -25
  -27
  -28
  -30
  -30
  -32
  -34
  -35
  -37
  -39
  -42
  -44
  -45
  -47
  -50
  -52
  -55
  -59
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -91
  -94
  -99
  -104
Free cash flow, $m
  184
  272
  288
  305
  322
  341
  361
  382
  404
  427
  452
  461
  489
  518
  548
  581
  615
  650
  688
  728
  770
  815
  861
  911
  963
  1,017
  1,075
  1,136
  1,200
  1,267
  1,338
Issuance/(repayment) of debt, $m
  0
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  95
  100
  105
  110
  116
  121
  127
  134
  141
  148
  155
  163
  171
  179
Issuance/(repurchase) of shares, $m
  -100
  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  
  -94
  43
  45
  48
  50
  53
  55
  58
  61
  64
  67
  71
  74
  78
  82
  86
  90
  95
  100
  105
  110
  116
  121
  127
  134
  141
  148
  155
  163
  171
  179
Total cash flow (excl. dividends), $m
  89
  315
  333
  352
  372
  394
  416
  440
  465
  491
  519
  532
  563
  596
  630
  667
  705
  745
  788
  833
  880
  930
  983
  1,038
  1,096
  1,158
  1,223
  1,291
  1,362
  1,438
  1,517
Retained Cash Flow (-), $m
  -182
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -90
  -94
  -99
  -104
  -109
  -115
  -120
  -126
  -133
  -139
Prev. year cash balance distribution, $m
 
  261
  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
 
  543
  298
  315
  334
  353
  373
  395
  418
  442
  467
  477
  505
  535
  567
  600
  635
  672
  711
  752
  795
  841
  889
  939
  993
  1,049
  1,108
  1,170
  1,236
  1,305
  1,378
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
 
  521
  273
  274
  275
  273
  271
  267
  261
  254
  245
  227
  216
  203
  190
  176
  161
  146
  131
  116
  101
  87
  74
  62
  51
  41
  32
  25
  19
  14
  10
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

ICON public limited company is a contract research organization (CRO), which is engaged in providing outsourced development services to the pharmaceutical, biotechnology and medical device industries. The Company is engaged in the strategic development, management and analysis of programs that support the various stages of the clinical development process, from compound selection to Phase I-IV clinical studies. Its services include clinical trials management, biometric activities, consulting, imaging, contract staffing, informatics and laboratory services. The Company's information systems offerings include ICONIK, Firecrest, ADDPLAN, AptivAdvantage and Aptiv Insite. It conducts various laboratory tests on the patient's blood, urine and other bodily fluids at appropriate intervals during the trial. The Company offers clinical development services, including investigator recruitment, patient registries, outcomes research, clinical data management, immunoassay development and others.

FINANCIAL RATIOS  of  Icon (ICLR)

Valuation Ratios
P/E Ratio 23.8
Price to Sales 3.7
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow 28.9
Growth Rates
Sales Growth Rate 5.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -14%
Cap. Spend. - 3 Yr. Gr. Rate 8.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 36.9%
Total Debt to Equity 36.9%
Interest Coverage 22
Management Effectiveness
Return On Assets 15.5%
Ret/ On Assets - 3 Yr. Avg. 14%
Return On Total Capital 21.8%
Ret/ On T. Cap. - 3 Yr. Avg. 21.2%
Return On Equity 30.7%
Return On Equity - 3 Yr. Avg. 25.7%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 42.3%
Gross Margin - 3 Yr. Avg. 41.5%
EBITDA Margin 22.4%
EBITDA Margin - 3 Yr. Avg. 20.3%
Operating Margin 18.7%
Oper. Margin - 3 Yr. Avg. 16.7%
Pre-Tax Margin 18%
Pre-Tax Margin - 3 Yr. Avg. 16.4%
Net Profit Margin 15.7%
Net Profit Margin - 3 Yr. Avg. 14.1%
Effective Tax Rate 12.7%
Eff/ Tax Rate - 3 Yr. Avg. 14%
Payout Ratio 0%

ICLR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ICLR stock intrinsic value calculation we used $1666 million for the last fiscal year's total revenue generated by Icon. The default revenue input number comes from 2016 income statement of Icon. 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 ICLR stock valuation model: a) initial revenue growth rate of 4.9% 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 ICLR is calculated based on our internal credit rating of Icon, 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 Icon.
    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 ICLR stock the variable cost ratio is equal to 68.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $226 million in the base year in the intrinsic value calculation for ICLR 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 4% for Icon.

Corporate tax rate of 27% is the nominal tax rate for Icon. 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 ICLR 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 ICLR are equal to 12.5%.

Life of production assets of 13.7 years is the average useful life of capital assets used in Icon 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 ICLR is equal to 12.2%. 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 - $945 million for Icon - 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 54.421 million for Icon 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 Icon at the current share price and the inputted number of shares is $6.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PRXL PAREXEL Intern 88.08 62.89  sell
INCR INC Research H 54.70 37.17  sell
Q Quintiles IMS 100.93 463.11  str.buy
PRAH PRA Health Sci 82.40 67.55  hold
MEDP Medpace Holdin 33.43 26.41  hold
LH Laboratory of 147.99 144.92  hold
MDSO Medidata Solut 80.72 67.29  hold
IBM International 159.53 172.25  hold

COMPANY NEWS

▶ Stocks To Watch Ahead Of Earnings: PRA Health Sciences   [Oct-11-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to ICON plc : August 23, 2017   [Aug-23-17 04:27PM  Capital Cube]
▶ Icon PLC tops Street 2Q forecasts   [Jul-27-17 10:33PM  Associated Press]
▶ ICON Acquires Mapi Group   [06:05AM  Business Wire]
▶ ICON Reports Second Quarter 2017 Results   [06:00AM  Business Wire]
▶ Historically Strong Stocks in June   [May-31-17 01:00PM  Investopedia]
▶ Which Stocks Are Showing Rising Relative Strength?   [May-30-17 03:30PM  Investor's Business Daily]
▶ ETFs with exposure to ICON Plc : May 22, 2017   [May-22-17 01:46PM  Capital Cube]
▶ ETFs with exposure to ICON Plc : May 4, 2017   [May-04-17 04:03PM  Capital Cube]
▶ ICON Plc Value Analysis (NASDAQ:ICLR) : May 1, 2017   [May-01-17 05:02PM  Capital Cube]
▶ Icon PLC beats 1Q profit forecasts   [Apr-27-17 06:16AM  Associated Press]
▶ ICON Reports First Quarter 2017 Results   [06:00AM  Business Wire]
▶ ICON Awarded Best CRO at World Vaccine Congress 2017   [Apr-12-17 05:00AM  Business Wire]
▶ Parexel Is Discovering the Drugs of the Future   [Apr-10-17 04:44PM  TheStreet.com]
▶ ETFs with exposure to ICON Plc : April 7, 2017   [Apr-07-17 04:50PM  Capital Cube]
▶ Icon PLC meets 4Q profit forecasts   [06:34AM  Associated Press]
▶ ICON Plc Value Analysis (NASDAQ:ICLR) : January 10, 2017   [Jan-10-17 10:54AM  Capital Cube]
▶ ICON Issues Financial Guidance for Full Year 2017   [Jan-09-17 04:15PM  Business Wire]
▶ Is ICON PLC (ICLR) A Good Stock To Buy?   [Dec-14-16 02:13AM  Insider Monkey]
▶ Is ICON PLC (ICLR) A Good Stock To Buy?   [02:13AM  at Insider Monkey]
▶ ICON Reports Third Quarter 2016 Results   [04:00AM  Business Wire]
▶ ICON Reports Second Quarter 2016 Results   [06:00AM  Business Wire]
Financial statements of ICLR
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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