Intrinsic value of Icon - ICLR

Previous Close

$136.85

  Intrinsic Value

$92.59

stock screener

  Rating & Target

sell

-32%

Previous close

$136.85

 
Intrinsic value

$92.59

 
Up/down potential

-32%

 
Rating

sell

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 2017), $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 7.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  1,855
  1,956
  2,061
  2,172
  2,288
  2,409
  2,536
  2,669
  2,808
  2,954
  3,106
  3,267
  3,435
  3,611
  3,795
  3,989
  4,192
  4,405
  4,629
  4,863
  5,110
  5,368
  5,639
  5,923
  6,222
  6,535
  6,864
  7,209
  7,572
  7,952
Variable operating expenses, $m
  1,312
  1,379
  1,449
  1,522
  1,599
  1,679
  1,763
  1,851
  1,943
  2,040
  2,057
  2,163
  2,274
  2,391
  2,513
  2,641
  2,776
  2,917
  3,065
  3,220
  3,383
  3,554
  3,734
  3,922
  4,120
  4,327
  4,545
  4,774
  5,014
  5,266
Fixed operating expenses, $m
  180
  184
  188
  192
  196
  201
  205
  209
  214
  219
  224
  229
  234
  239
  244
  249
  255
  260
  266
  272
  278
  284
  290
  297
  303
  310
  317
  324
  331
  338
Total operating expenses, $m
  1,492
  1,563
  1,637
  1,714
  1,795
  1,880
  1,968
  2,060
  2,157
  2,259
  2,281
  2,392
  2,508
  2,630
  2,757
  2,890
  3,031
  3,177
  3,331
  3,492
  3,661
  3,838
  4,024
  4,219
  4,423
  4,637
  4,862
  5,098
  5,345
  5,604
Operating income, $m
  363
  393
  424
  458
  493
  529
  568
  608
  650
  695
  826
  875
  927
  981
  1,038
  1,098
  1,162
  1,228
  1,298
  1,371
  1,448
  1,529
  1,615
  1,704
  1,799
  1,898
  2,002
  2,112
  2,227
  2,348
EBITDA, $m
  543
  578
  616
  655
  695
  738
  783
  831
  880
  932
  987
  1,045
  1,105
  1,169
  1,235
  1,305
  1,379
  1,457
  1,538
  1,624
  1,713
  1,808
  1,907
  2,012
  2,122
  2,237
  2,358
  2,486
  2,620
  2,761
Interest expense (income), $m
  14
  19
  22
  25
  28
  31
  34
  38
  42
  46
  50
  54
  58
  63
  68
  73
  79
  84
  90
  96
  103
  110
  117
  125
  133
  141
  150
  159
  169
  179
  189
Earnings before tax, $m
  344
  371
  400
  430
  462
  495
  530
  566
  605
  645
  772
  817
  864
  913
  965
  1,020
  1,077
  1,138
  1,201
  1,268
  1,338
  1,412
  1,490
  1,572
  1,658
  1,748
  1,843
  1,943
  2,048
  2,159
Tax expense, $m
  93
  100
  108
  116
  125
  134
  143
  153
  163
  174
  208
  221
  233
  247
  261
  275
  291
  307
  324
  342
  361
  381
  402
  424
  448
  472
  498
  525
  553
  583
Net income, $m
  251
  271
  292
  314
  337
  361
  387
  413
  442
  471
  564
  596
  631
  667
  705
  744
  786
  830
  877
  926
  977
  1,031
  1,088
  1,147
  1,210
  1,276
  1,346
  1,419
  1,495
  1,576

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
  2,265
  2,388
  2,517
  2,652
  2,793
  2,941
  3,096
  3,258
  3,428
  3,606
  3,793
  3,989
  4,194
  4,409
  4,634
  4,871
  5,119
  5,379
  5,652
  5,938
  6,239
  6,554
  6,885
  7,232
  7,597
  7,979
  8,381
  8,803
  9,245
  9,709
Adjusted assets (=assets-cash), $m
  2,265
  2,388
  2,517
  2,652
  2,793
  2,941
  3,096
  3,258
  3,428
  3,606
  3,793
  3,989
  4,194
  4,409
  4,634
  4,871
  5,119
  5,379
  5,652
  5,938
  6,239
  6,554
  6,885
  7,232
  7,597
  7,979
  8,381
  8,803
  9,245
  9,709
Revenue / Adjusted assets
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
  0.819
Average production assets, $m
  963
  1,015
  1,070
  1,127
  1,187
  1,250
  1,316
  1,385
  1,457
  1,533
  1,612
  1,695
  1,783
  1,874
  1,970
  2,070
  2,176
  2,286
  2,402
  2,524
  2,652
  2,786
  2,927
  3,074
  3,229
  3,392
  3,562
  3,742
  3,930
  4,127
Working capital, $m
  -336
  -354
  -373
  -393
  -414
  -436
  -459
  -483
  -508
  -535
  -562
  -591
  -622
  -654
  -687
  -722
  -759
  -797
  -838
  -880
  -925
  -972
  -1,021
  -1,072
  -1,126
  -1,183
  -1,242
  -1,305
  -1,370
  -1,439
Total debt, $m
  401
  456
  513
  573
  636
  702
  771
  843
  919
  998
  1,081
  1,168
  1,259
  1,355
  1,455
  1,561
  1,671
  1,787
  1,908
  2,036
  2,170
  2,310
  2,457
  2,612
  2,774
  2,944
  3,123
  3,310
  3,507
  3,714
Total liabilities, $m
  1,008
  1,063
  1,120
  1,180
  1,243
  1,309
  1,378
  1,450
  1,526
  1,605
  1,688
  1,775
  1,866
  1,962
  2,062
  2,167
  2,278
  2,394
  2,515
  2,643
  2,776
  2,917
  3,064
  3,218
  3,381
  3,551
  3,730
  3,917
  4,114
  4,321
Total equity, $m
  1,257
  1,325
  1,397
  1,472
  1,550
  1,632
  1,718
  1,808
  1,903
  2,002
  2,105
  2,214
  2,327
  2,447
  2,572
  2,703
  2,841
  2,985
  3,137
  3,296
  3,463
  3,638
  3,821
  4,014
  4,216
  4,429
  4,651
  4,885
  5,131
  5,389
Total liabilities and equity, $m
  2,265
  2,388
  2,517
  2,652
  2,793
  2,941
  3,096
  3,258
  3,429
  3,607
  3,793
  3,989
  4,193
  4,409
  4,634
  4,870
  5,119
  5,379
  5,652
  5,939
  6,239
  6,555
  6,885
  7,232
  7,597
  7,980
  8,381
  8,802
  9,245
  9,710
Debt-to-equity ratio
  0.320
  0.340
  0.370
  0.390
  0.410
  0.430
  0.450
  0.470
  0.480
  0.500
  0.510
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.680
  0.690
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
  251
  271
  292
  314
  337
  361
  387
  413
  442
  471
  564
  596
  631
  667
  705
  744
  786
  830
  877
  926
  977
  1,031
  1,088
  1,147
  1,210
  1,276
  1,346
  1,419
  1,495
  1,576
Depreciation, amort., depletion, $m
  180
  186
  191
  197
  203
  209
  216
  223
  230
  237
  161
  170
  178
  187
  197
  207
  218
  229
  240
  252
  265
  279
  293
  307
  323
  339
  356
  374
  393
  413
Funds from operations, $m
  431
  457
  483
  511
  540
  570
  602
  636
  671
  708
  725
  766
  809
  854
  902
  951
  1,004
  1,059
  1,117
  1,178
  1,242
  1,310
  1,380
  1,455
  1,533
  1,615
  1,702
  1,793
  1,888
  1,989
Change in working capital, $m
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -40
  -42
  -45
  -47
  -49
  -51
  -54
  -57
  -60
  -62
  -66
  -69
Cash from operations, $m
  449
  475
  502
  531
  561
  592
  625
  660
  697
  735
  752
  795
  839
  886
  935
  987
  1,041
  1,098
  1,158
  1,221
  1,287
  1,356
  1,429
  1,506
  1,587
  1,672
  1,761
  1,855
  1,954
  2,058
Maintenance CAPEX, $m
  -91
  -96
  -102
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
  -170
  -178
  -187
  -197
  -207
  -218
  -229
  -240
  -252
  -265
  -279
  -293
  -307
  -323
  -339
  -356
  -374
  -393
New CAPEX, $m
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -105
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -163
  -171
  -179
  -188
  -197
Cash from investing activities, $m
  -141
  -148
  -157
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -232
  -244
  -257
  -269
  -283
  -298
  -312
  -329
  -345
  -362
  -380
  -399
  -420
  -441
  -462
  -486
  -510
  -535
  -562
  -590
Free cash flow, $m
  308
  326
  346
  366
  388
  411
  434
  460
  486
  513
  520
  550
  582
  616
  652
  689
  728
  770
  813
  859
  907
  957
  1,010
  1,066
  1,125
  1,187
  1,251
  1,320
  1,392
  1,467
Issuance/(repayment) of debt, $m
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
  116
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
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  
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
  105
  110
  116
  121
  127
  134
  140
  147
  155
  162
  170
  179
  188
  197
  207
Total cash flow (excl. dividends), $m
  360
  381
  403
  426
  451
  476
  503
  532
  561
  593
  603
  637
  674
  712
  752
  794
  839
  885
  934
  986
  1,040
  1,097
  1,157
  1,221
  1,287
  1,357
  1,430
  1,507
  1,589
  1,674
Retained Cash Flow (-), $m
  -66
  -68
  -72
  -75
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
  -114
  -119
  -125
  -131
  -138
  -144
  -152
  -159
  -167
  -175
  -184
  -193
  -202
  -212
  -223
  -234
  -246
  -258
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
  30
  32
  33
  35
  37
  39
  41
  43
  45
  48
  50
  53
  56
  58
  61
  65
  68
  71
  75
  79
  83
  87
  91
  96
  101
  106
  111
  117
  123
  129
Cash available for distribution, $m
  294
  313
  332
  351
  372
  394
  417
  442
  467
  494
  499
  529
  560
  593
  627
  663
  701
  741
  783
  827
  874
  922
  974
  1,028
  1,085
  1,144
  1,207
  1,273
  1,343
  1,416
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
  282
  286
  289
  289
  289
  286
  282
  276
  268
  259
  237
  226
  213
  199
  184
  168
  153
  136
  121
  105
  90
  77
  64
  52
  42
  33
  26
  20
  15
  11
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
  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 28.5
Price to Sales 4.5
Price to Book 7.9
Price to Tangible Book
Price to Cash Flow 28.8
Price to Free Cash Flow 34.5
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 $1758 million for the last fiscal year's total revenue generated by Icon. The default revenue input number comes from 2017 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 5.5% 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 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 71%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $176 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 5.4% 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 1.7%.

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 51.9%.

Life of production assets of 10 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 -18.1%. 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 - $1191 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 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 $7.4 billion.

RELATED COMPANIES Price Int.Val. Rating
PRAH PRA Health Sci 99.52 97.38  hold
MEDP Medpace Holdin 44.58 39.43  hold
LH Laboratory of 186.44 160.87  hold
MDSO Medidata Solut 83.84 25.88  str.sell
IBM International 145.46 149.81  hold

COMPANY NEWS

▶ Icon PLC: 1Q Earnings Snapshot   [May-02-18 06:57PM  Associated Press]
▶ ICON Reports First Quarter 2018 Results   [04:15PM  Business Wire]
▶ Edited Transcript of ICLR presentation 8-Mar-17 3:25pm GMT   [Apr-10-18 11:20AM  Thomson Reuters StreetEvents]
▶ Is It Time To Buy ICON Public Limited Company (NASDAQ:ICLR)?   [Feb-20-18 09:25AM  Simply Wall St.]
▶ Icon PLC beats 4Q profit forecasts   [06:20AM  Associated Press]
▶ ICON plc Value Analysis (NASDAQ:ICLR) : December 1, 2017   [Dec-01-17 10:56AM  Capital Cube]
▶ ETFs with exposure to ICON plc : November 13, 2017   [Nov-13-17 12:33PM  Capital Cube]
▶ ETFs with exposure to ICON plc : November 2, 2017   [Nov-02-17 12:15PM  Capital Cube]
▶ Icon PLC beats Street 3Q forecasts   [Oct-26-17 06:35AM  Associated Press]
▶ ICON Reports Third Quarter 2017 Results   [06:00AM  Business Wire]
▶ 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]
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