Intrinsic value of INC Research Holdings Cl A - INCR

Previous Close

$40.50

  Intrinsic Value

$531.70

stock screener

  Rating & Target

str. buy

+999%

Previous close

$40.50

 
Intrinsic value

$531.70

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of INCR 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, %
  15.15
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,611
  2,578
  3,982
  5,956
  8,641
  12,192
  16,761
  22,498
  29,541
  38,012
  48,013
  59,621
  72,892
  87,860
  104,536
  122,915
  142,980
  164,701
  188,043
  212,969
  239,440
  267,423
  296,887
  327,812
  360,182
  393,993
  429,249
  465,965
  504,166
  543,886
  585,171
Variable operating expenses, $m
 
  2,282
  3,495
  5,199
  7,519
  10,585
  14,531
  19,486
  25,569
  32,886
  41,523
  51,493
  62,955
  75,882
  90,285
  106,159
  123,488
  142,248
  162,408
  183,935
  206,798
  230,966
  256,414
  283,122
  311,080
  340,281
  370,731
  402,442
  435,435
  469,740
  505,396
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
  1,456
  2,282
  3,495
  5,199
  7,519
  10,585
  14,531
  19,486
  25,569
  32,886
  41,523
  51,493
  62,955
  75,882
  90,285
  106,159
  123,488
  142,248
  162,408
  183,935
  206,798
  230,966
  256,414
  283,122
  311,080
  340,281
  370,731
  402,442
  435,435
  469,740
  505,396
Operating income, $m
  155
  296
  488
  757
  1,123
  1,607
  2,230
  3,012
  3,972
  5,127
  6,490
  8,128
  9,937
  11,978
  14,251
  16,757
  19,492
  22,453
  25,635
  29,033
  32,642
  36,457
  40,474
  44,689
  49,102
  53,712
  58,518
  63,523
  68,731
  74,146
  79,774
EBITDA, $m
  214
  375
  580
  867
  1,258
  1,774
  2,439
  3,274
  4,299
  5,532
  6,987
  8,676
  10,608
  12,786
  15,213
  17,887
  20,807
  23,968
  27,365
  30,993
  34,845
  38,917
  43,205
  47,705
  52,416
  57,336
  62,467
  67,810
  73,370
  79,150
  85,158
Interest expense (income), $m
  12
  17
  37
  67
  109
  166
  241
  338
  460
  609
  789
  1,001
  1,247
  1,528
  1,846
  2,199
  2,589
  3,014
  3,475
  3,970
  4,498
  5,059
  5,653
  6,277
  6,933
  7,619
  8,336
  9,083
  9,862
  10,672
  11,514
Earnings before tax, $m
  134
  279
  450
  689
  1,014
  1,441
  1,988
  2,674
  3,512
  4,518
  5,701
  7,127
  8,690
  10,449
  12,405
  14,557
  16,903
  19,439
  22,161
  25,064
  28,144
  31,398
  34,821
  38,412
  42,170
  46,093
  50,182
  54,440
  58,869
  63,474
  68,260
Tax expense, $m
  21
  75
  122
  186
  274
  389
  537
  722
  948
  1,220
  1,539
  1,924
  2,346
  2,821
  3,349
  3,931
  4,564
  5,249
  5,983
  6,767
  7,599
  8,477
  9,402
  10,371
  11,386
  12,445
  13,549
  14,699
  15,895
  17,138
  18,430
Net income, $m
  113
  204
  329
  503
  740
  1,052
  1,451
  1,952
  2,564
  3,298
  4,162
  5,203
  6,344
  7,628
  9,056
  10,627
  12,339
  14,190
  16,177
  18,296
  20,545
  22,920
  25,419
  28,041
  30,784
  33,648
  36,633
  39,741
  42,975
  46,336
  49,830

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  102
  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
  1,289
  1,899
  2,935
  4,389
  6,368
  8,984
  12,351
  16,579
  21,769
  28,012
  35,381
  43,936
  53,716
  64,745
  77,034
  90,579
  105,365
  121,371
  138,573
  156,941
  176,448
  197,069
  218,782
  241,571
  265,425
  290,341
  316,322
  343,379
  371,530
  400,801
  431,224
Adjusted assets (=assets-cash), $m
  1,187
  1,899
  2,935
  4,389
  6,368
  8,984
  12,351
  16,579
  21,769
  28,012
  35,381
  43,936
  53,716
  64,745
  77,034
  90,579
  105,365
  121,371
  138,573
  156,941
  176,448
  197,069
  218,782
  241,571
  265,425
  290,341
  316,322
  343,379
  371,530
  400,801
  431,224
Revenue / Adjusted assets
  1.357
  1.358
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
  1.357
Average production assets, $m
  185
  296
  458
  685
  994
  1,402
  1,927
  2,587
  3,397
  4,371
  5,521
  6,856
  8,383
  10,104
  12,022
  14,135
  16,443
  18,941
  21,625
  24,491
  27,536
  30,754
  34,142
  37,698
  41,421
  45,309
  49,364
  53,586
  57,979
  62,547
  67,295
Working capital, $m
  56
  -54
  -84
  -125
  -181
  -256
  -352
  -472
  -620
  -798
  -1,008
  -1,252
  -1,531
  -1,845
  -2,195
  -2,581
  -3,003
  -3,459
  -3,949
  -4,472
  -5,028
  -5,616
  -6,235
  -6,884
  -7,564
  -8,274
  -9,014
  -9,785
  -10,587
  -11,422
  -12,289
Total debt, $m
  498
  1,071
  1,922
  3,118
  4,744
  6,895
  9,663
  13,138
  17,405
  22,536
  28,594
  35,625
  43,664
  52,731
  62,832
  73,966
  86,120
  99,277
  113,417
  128,515
  144,550
  161,501
  179,349
  198,081
  217,689
  238,170
  259,527
  281,767
  304,908
  328,968
  353,976
Total liabilities, $m
  987
  1,561
  2,412
  3,608
  5,234
  7,385
  10,153
  13,628
  17,895
  23,026
  29,084
  36,115
  44,154
  53,221
  63,322
  74,456
  86,610
  99,767
  113,907
  129,005
  145,040
  161,991
  179,839
  198,571
  218,179
  238,660
  260,017
  282,257
  305,398
  329,458
  354,466
Total equity, $m
  301
  338
  522
  781
  1,134
  1,599
  2,199
  2,951
  3,875
  4,986
  6,298
  7,821
  9,561
  11,525
  13,712
  16,123
  18,755
  21,604
  24,666
  27,935
  31,408
  35,078
  38,943
  43,000
  47,246
  51,681
  56,305
  61,121
  66,132
  71,343
  76,758
Total liabilities and equity, $m
  1,288
  1,899
  2,934
  4,389
  6,368
  8,984
  12,352
  16,579
  21,770
  28,012
  35,382
  43,936
  53,715
  64,746
  77,034
  90,579
  105,365
  121,371
  138,573
  156,940
  176,448
  197,069
  218,782
  241,571
  265,425
  290,341
  316,322
  343,378
  371,530
  400,801
  431,224
Debt-to-equity ratio
  1.654
  3.170
  3.680
  3.990
  4.190
  4.310
  4.400
  4.450
  4.490
  4.520
  4.540
  4.560
  4.570
  4.580
  4.580
  4.590
  4.590
  4.600
  4.600
  4.600
  4.600
  4.600
  4.610
  4.610
  4.610
  4.610
  4.610
  4.610
  4.610
  4.610
  4.610
Adjusted equity ratio
  0.168
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178
  0.178

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  113
  204
  329
  503
  740
  1,052
  1,451
  1,952
  2,564
  3,298
  4,162
  5,203
  6,344
  7,628
  9,056
  10,627
  12,339
  14,190
  16,177
  18,296
  20,545
  22,920
  25,419
  28,041
  30,784
  33,648
  36,633
  39,741
  42,975
  46,336
  49,830
Depreciation, amort., depletion, $m
  59
  79
  92
  110
  135
  167
  209
  262
  327
  405
  497
  549
  671
  808
  962
  1,131
  1,315
  1,515
  1,730
  1,959
  2,203
  2,460
  2,731
  3,016
  3,314
  3,625
  3,949
  4,287
  4,638
  5,004
  5,384
Funds from operations, $m
  30
  283
  421
  613
  875
  1,219
  1,661
  2,214
  2,891
  3,703
  4,659
  5,751
  7,014
  8,436
  10,018
  11,758
  13,655
  15,706
  17,907
  20,256
  22,748
  25,380
  28,151
  31,057
  34,097
  37,272
  40,582
  44,028
  47,613
  51,340
  55,214
Change in working capital, $m
  -79
  -20
  -30
  -41
  -56
  -75
  -96
  -120
  -148
  -178
  -210
  -244
  -279
  -314
  -350
  -386
  -421
  -456
  -490
  -523
  -556
  -588
  -619
  -649
  -680
  -710
  -740
  -771
  -802
  -834
  -867
Cash from operations, $m
  109
  303
  450
  655
  931
  1,294
  1,757
  2,334
  3,039
  3,881
  4,869
  5,995
  7,293
  8,751
  10,368
  12,144
  14,076
  16,162
  18,397
  20,779
  23,304
  25,968
  28,770
  31,706
  34,777
  37,982
  41,322
  44,799
  48,415
  52,174
  56,081
Maintenance CAPEX, $m
  0
  -15
  -24
  -37
  -55
  -80
  -112
  -154
  -207
  -272
  -350
  -442
  -549
  -671
  -808
  -962
  -1,131
  -1,315
  -1,515
  -1,730
  -1,959
  -2,203
  -2,460
  -2,731
  -3,016
  -3,314
  -3,625
  -3,949
  -4,287
  -4,638
  -5,004
New CAPEX, $m
  -31
  -112
  -162
  -227
  -309
  -408
  -525
  -660
  -810
  -974
  -1,150
  -1,335
  -1,526
  -1,721
  -1,918
  -2,114
  -2,307
  -2,498
  -2,684
  -2,866
  -3,044
  -3,218
  -3,388
  -3,556
  -3,723
  -3,888
  -4,054
  -4,222
  -4,393
  -4,568
  -4,748
Cash from investing activities, $m
  -31
  -127
  -186
  -264
  -364
  -488
  -637
  -814
  -1,017
  -1,246
  -1,500
  -1,777
  -2,075
  -2,392
  -2,726
  -3,076
  -3,438
  -3,813
  -4,199
  -4,596
  -5,003
  -5,421
  -5,848
  -6,287
  -6,739
  -7,202
  -7,679
  -8,171
  -8,680
  -9,206
  -9,752
Free cash flow, $m
  78
  176
  265
  391
  568
  806
  1,119
  1,520
  2,022
  2,635
  3,369
  4,218
  5,218
  6,359
  7,642
  9,068
  10,638
  12,348
  14,198
  16,183
  18,300
  20,547
  22,921
  25,419
  28,039
  30,780
  33,643
  36,628
  39,735
  42,968
  46,329
Issuance/(repayment) of debt, $m
  -5
  585
  851
  1,195
  1,627
  2,151
  2,768
  3,475
  4,266
  5,131
  6,058
  7,032
  8,039
  9,066
  10,101
  11,133
  12,154
  13,157
  14,139
  15,099
  16,035
  16,950
  17,848
  18,732
  19,608
  20,481
  21,356
  22,241
  23,140
  24,060
  25,008
Issuance/(repurchase) of shares, $m
  -47
  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  
  -53
  585
  851
  1,195
  1,627
  2,151
  2,768
  3,475
  4,266
  5,131
  6,058
  7,032
  8,039
  9,066
  10,101
  11,133
  12,154
  13,157
  14,139
  15,099
  16,035
  16,950
  17,848
  18,732
  19,608
  20,481
  21,356
  22,241
  23,140
  24,060
  25,008
Total cash flow (excl. dividends), $m
  17
  762
  1,116
  1,586
  2,194
  2,957
  3,887
  4,996
  6,288
  7,766
  9,427
  11,250
  13,258
  15,425
  17,743
  20,202
  22,792
  25,506
  28,337
  31,281
  34,335
  37,498
  40,769
  44,151
  47,647
  51,261
  55,000
  58,868
  62,875
  67,028
  71,337
Retained Cash Flow (-), $m
  -84
  -127
  -184
  -259
  -352
  -466
  -599
  -753
  -924
  -1,111
  -1,312
  -1,523
  -1,741
  -1,963
  -2,187
  -2,411
  -2,632
  -2,849
  -3,062
  -3,270
  -3,472
  -3,671
  -3,865
  -4,056
  -4,246
  -4,435
  -4,625
  -4,816
  -5,011
  -5,210
  -5,415
Prev. year cash balance distribution, $m
 
  90
  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
 
  725
  931
  1,328
  1,842
  2,491
  3,288
  4,243
  5,364
  6,655
  8,115
  9,727
  11,517
  13,462
  15,556
  17,791
  20,160
  22,657
  25,275
  28,012
  30,863
  33,827
  36,904
  40,095
  43,401
  46,826
  50,375
  54,052
  57,864
  61,818
  65,922
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  684
  824
  1,096
  1,408
  1,752
  2,112
  2,469
  2,805
  3,099
  3,333
  3,488
  3,566
  3,559
  3,469
  3,303
  3,074
  2,796
  2,486
  2,160
  1,833
  1,520
  1,231
  972
  749
  562
  411
  292
  202
  135
  88
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

INC Research Holdings, Inc. is a global contract research organization (CRO). The Company focuses on Phase I to Phase IV clinical development services for the biopharmaceutical and medical device industries. The Company operates through two segments: Clinical Development Services and Phase I Services. The Company's Clinical Development Services segment offers a range of clinical development services, including full-service global studies, as well as ancillary services, such as clinical monitoring, investigator recruitment, patient recruitment, data management, study reports to assist customers with their drug development process, quality assurance audits and specialized consulting services. The Phase I Services segment focuses on clinical development services for Phase I trials, which include scientific exploratory medicine, first-in-human studies through proof-of-concept stages and support for Phase I studies in established compounds.

FINANCIAL RATIOS  of  INC Research Holdings Cl A (INCR)

Valuation Ratios
P/E Ratio 19.3
Price to Sales 1.4
Price to Book 7.2
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow 27.9
Growth Rates
Sales Growth Rate 15.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 47.6%
Cap. Spend. - 3 Yr. Gr. Rate 11.5%
Financial Strength
Quick Ratio 9
Current Ratio 0
LT Debt to Equity 161.5%
Total Debt to Equity 165.4%
Interest Coverage 12
Management Effectiveness
Return On Assets 9.8%
Ret/ On Assets - 3 Yr. Avg. 7.7%
Return On Total Capital 14.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 43.6%
Return On Equity - 3 Yr. Avg. 25.1%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 25.1%
Gross Margin - 3 Yr. Avg. 25.6%
EBITDA Margin 12.7%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 8.3%
Pre-Tax Margin - 3 Yr. Avg. 5.1%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 4.5%
Effective Tax Rate 15.7%
Eff/ Tax Rate - 3 Yr. Avg. 14.7%
Payout Ratio 0%

INCR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the INCR stock intrinsic value calculation we used $1611 million for the last fiscal year's total revenue generated by INC Research Holdings Cl A. The default revenue input number comes from 2016 income statement of INC Research Holdings Cl A. 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 INCR stock valuation model: a) initial revenue growth rate of 60% 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%, whose default value for INCR is calculated based on our internal credit rating of INC Research Holdings Cl A, 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 INC Research Holdings Cl A.
    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 INCR 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 INCR 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 INC Research Holdings Cl A.

Corporate tax rate of 27% is the nominal tax rate for INC Research Holdings Cl A. 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 INCR 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 INCR are equal to 11.5%.

Life of production assets of 12.5 years is the average useful life of capital assets used in INC Research Holdings Cl A 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 INCR is equal to -2.1%. 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 - $301 million for INC Research Holdings Cl A - 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 104.587 million for INC Research Holdings Cl A 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 INC Research Holdings Cl A at the current share price and the inputted number of shares is $4.2 billion.

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Financial statements of INCR
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