Intrinsic value of Medpace Holdings - MEDP

Previous Close

$55.42

  Intrinsic Value

$2,251

stock screener

  Rating & Target

str. buy

+999%

Previous close

$55.42

 
Intrinsic value

$2,251

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of MEDP 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 2.0

 

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, %
  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
  698
  1,078
  1,612
  2,340
  3,301
  4,538
  6,091
  7,998
  10,291
  12,999
  16,141
  19,734
  23,787
  28,301
  33,277
  38,709
  44,590
  50,910
  57,658
  64,824
  72,400
  80,377
  88,750
  97,513
  106,667
  116,212
  126,152
  136,495
  147,248
  158,425
Variable operating expenses, $m
  76
  76
  76
  76
  75
  75
  75
  74
  74
  74
  -3
  -4
  -4
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -14
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -28
  -30
Fixed operating expenses, $m
  308
  314
  321
  328
  336
  343
  351
  358
  366
  374
  382
  391
  399
  408
  417
  426
  436
  445
  455
  465
  475
  486
  497
  507
  519
  530
  542
  554
  566
  578
Total operating expenses, $m
  384
  390
  397
  404
  411
  418
  426
  432
  440
  448
  379
  387
  395
  403
  411
  419
  428
  435
  444
  453
  461
  471
  480
  489
  499
  508
  518
  528
  538
  548
Operating income, $m
  314
  688
  1,215
  1,936
  2,890
  4,120
  5,666
  7,565
  9,851
  12,551
  15,762
  19,347
  23,392
  27,898
  32,866
  38,290
  44,163
  50,474
  57,213
  64,371
  71,938
  79,907
  88,270
  97,024
  106,168
  115,704
  125,634
  135,967
  146,710
  157,877
EBITDA, $m
  430
  825
  1,382
  2,144
  3,152
  4,452
  6,085
  8,092
  10,508
  13,361
  16,673
  20,461
  24,734
  29,496
  34,745
  40,475
  46,679
  53,347
  60,468
  68,030
  76,025
  84,443
  93,279
  102,528
  112,189
  122,263
  132,755
  143,671
  155,021
  166,818
Interest expense (income), $m
  17
  12
  26
  47
  77
  117
  170
  239
  325
  430
  557
  707
  880
  1,079
  1,303
  1,553
  1,828
  2,128
  2,453
  2,803
  3,176
  3,572
  3,991
  4,432
  4,895
  5,380
  5,886
  6,414
  6,963
  7,535
  8,130
Earnings before tax, $m
  302
  662
  1,168
  1,859
  2,773
  3,949
  5,427
  7,240
  9,421
  11,994
  15,055
  18,467
  22,313
  26,595
  31,314
  36,463
  42,034
  48,020
  54,411
  61,195
  68,366
  75,915
  83,838
  92,129
  100,789
  109,818
  119,221
  129,003
  139,175
  149,747
Tax expense, $m
  82
  179
  315
  502
  749
  1,066
  1,465
  1,955
  2,544
  3,238
  4,065
  4,986
  6,024
  7,181
  8,455
  9,845
  11,349
  12,966
  14,691
  16,523
  18,459
  20,497
  22,636
  24,875
  27,213
  29,651
  32,190
  34,831
  37,577
  40,432
Net income, $m
  221
  483
  853
  1,357
  2,024
  2,883
  3,962
  5,286
  6,877
  8,756
  10,990
  13,481
  16,288
  19,415
  22,859
  26,618
  30,685
  35,055
  39,720
  44,673
  49,907
  55,418
  61,201
  67,254
  73,576
  80,167
  87,031
  94,172
  101,598
  109,315

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
  1,520
  2,349
  3,513
  5,097
  7,191
  9,886
  13,270
  17,424
  22,421
  28,319
  35,166
  42,994
  51,823
  61,659
  72,500
  84,334
  97,146
  110,914
  125,616
  141,230
  157,735
  175,114
  193,354
  212,447
  232,390
  253,186
  274,842
  297,374
  320,803
  345,153
Adjusted assets (=assets-cash), $m
  1,520
  2,349
  3,513
  5,097
  7,191
  9,886
  13,270
  17,424
  22,421
  28,319
  35,166
  42,994
  51,823
  61,659
  72,500
  84,334
  97,146
  110,914
  125,616
  141,230
  157,735
  175,114
  193,354
  212,447
  232,390
  253,186
  274,842
  297,374
  320,803
  345,153
Revenue / Adjusted assets
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
  0.459
Average production assets, $m
  697
  1,077
  1,611
  2,337
  3,297
  4,533
  6,085
  7,990
  10,281
  12,986
  16,125
  19,715
  23,763
  28,273
  33,244
  38,671
  44,546
  50,859
  57,600
  64,760
  72,328
  80,297
  88,661
  97,416
  106,560
  116,096
  126,026
  136,358
  147,101
  158,267
Working capital, $m
  -117
  -180
  -269
  -391
  -551
  -758
  -1,017
  -1,336
  -1,719
  -2,171
  -2,696
  -3,296
  -3,972
  -4,726
  -5,557
  -6,464
  -7,447
  -8,502
  -9,629
  -10,826
  -12,091
  -13,423
  -14,821
  -16,285
  -17,813
  -19,407
  -21,067
  -22,795
  -24,590
  -26,457
Total debt, $m
  489
  878
  1,425
  2,170
  3,154
  4,421
  6,011
  7,964
  10,312
  13,085
  16,303
  19,982
  24,131
  28,754
  33,849
  39,412
  45,433
  51,904
  58,814
  66,152
  73,910
  82,078
  90,651
  99,625
  108,998
  118,772
  128,950
  139,540
  150,552
  161,996
Total liabilities, $m
  715
  1,104
  1,651
  2,396
  3,380
  4,646
  6,237
  8,189
  10,538
  13,310
  16,528
  20,207
  24,357
  28,980
  34,075
  39,637
  45,659
  52,130
  59,040
  66,378
  74,135
  82,304
  90,877
  99,850
  109,223
  118,997
  129,176
  139,766
  150,777
  162,222
Total equity, $m
  806
  1,245
  1,862
  2,701
  3,811
  5,240
  7,033
  9,235
  11,883
  15,009
  18,638
  22,787
  27,466
  32,679
  38,425
  44,697
  51,487
  58,785
  66,577
  74,852
  83,599
  92,811
  102,478
  112,597
  123,167
  134,188
  145,666
  157,608
  170,025
  182,931
Total liabilities and equity, $m
  1,521
  2,349
  3,513
  5,097
  7,191
  9,886
  13,270
  17,424
  22,421
  28,319
  35,166
  42,994
  51,823
  61,659
  72,500
  84,334
  97,146
  110,915
  125,617
  141,230
  157,734
  175,115
  193,355
  212,447
  232,390
  253,185
  274,842
  297,374
  320,802
  345,153
Debt-to-equity ratio
  0.610
  0.710
  0.770
  0.800
  0.830
  0.840
  0.850
  0.860
  0.870
  0.870
  0.870
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.880
  0.890
  0.890
  0.890
  0.890
  0.890
Adjusted equity ratio
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530
  0.530

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  221
  483
  853
  1,357
  2,024
  2,883
  3,962
  5,286
  6,877
  8,756
  10,990
  13,481
  16,288
  19,415
  22,859
  26,618
  30,685
  35,055
  39,720
  44,673
  49,907
  55,418
  61,201
  67,254
  73,576
  80,167
  87,031
  94,172
  101,598
  109,315
Depreciation, amort., depletion, $m
  115
  137
  167
  208
  262
  332
  420
  527
  657
  810
  911
  1,114
  1,343
  1,597
  1,878
  2,185
  2,517
  2,873
  3,254
  3,659
  4,086
  4,537
  5,009
  5,504
  6,020
  6,559
  7,120
  7,704
  8,311
  8,942
Funds from operations, $m
  336
  620
  1,020
  1,565
  2,286
  3,215
  4,381
  5,813
  7,534
  9,565
  11,901
  14,595
  17,631
  21,012
  24,737
  28,802
  33,202
  37,928
  42,974
  48,331
  53,994
  59,955
  66,211
  72,758
  79,596
  86,726
  94,151
  101,876
  109,909
  118,257
Change in working capital, $m
  -44
  -64
  -89
  -121
  -161
  -207
  -259
  -318
  -383
  -452
  -525
  -600
  -677
  -754
  -831
  -907
  -982
  -1,055
  -1,127
  -1,197
  -1,265
  -1,332
  -1,398
  -1,464
  -1,529
  -1,594
  -1,660
  -1,727
  -1,796
  -1,867
Cash from operations, $m
  380
  683
  1,109
  1,686
  2,447
  3,422
  4,641
  6,131
  7,917
  10,017
  12,426
  15,195
  18,307
  21,766
  25,568
  29,710
  34,184
  38,984
  44,101
  49,528
  55,259
  61,287
  67,609
  74,221
  81,125
  88,320
  95,811
  103,604
  111,704
  120,124
Maintenance CAPEX, $m
  -25
  -39
  -61
  -91
  -132
  -186
  -256
  -344
  -451
  -581
  -734
  -911
  -1,114
  -1,343
  -1,597
  -1,878
  -2,185
  -2,517
  -2,873
  -3,254
  -3,659
  -4,086
  -4,537
  -5,009
  -5,504
  -6,020
  -6,559
  -7,120
  -7,704
  -8,311
New CAPEX, $m
  -262
  -380
  -534
  -726
  -960
  -1,236
  -1,552
  -1,905
  -2,291
  -2,705
  -3,140
  -3,589
  -4,048
  -4,510
  -4,971
  -5,427
  -5,875
  -6,313
  -6,741
  -7,160
  -7,568
  -7,969
  -8,364
  -8,755
  -9,145
  -9,535
  -9,930
  -10,332
  -10,743
  -11,166
Cash from investing activities, $m
  -287
  -419
  -595
  -817
  -1,092
  -1,422
  -1,808
  -2,249
  -2,742
  -3,286
  -3,874
  -4,500
  -5,162
  -5,853
  -6,568
  -7,305
  -8,060
  -8,830
  -9,614
  -10,414
  -11,227
  -12,055
  -12,901
  -13,764
  -14,649
  -15,555
  -16,489
  -17,452
  -18,447
  -19,477
Free cash flow, $m
  94
  264
  514
  869
  1,354
  2,000
  2,833
  3,883
  5,175
  6,732
  8,553
  10,694
  13,145
  15,913
  19,000
  22,405
  26,124
  30,154
  34,486
  39,115
  44,032
  49,232
  54,708
  60,457
  66,477
  72,764
  79,322
  86,151
  93,258
  100,647
Issuance/(repayment) of debt, $m
  267
  389
  547
  745
  984
  1,267
  1,590
  1,953
  2,348
  2,772
  3,218
  3,679
  4,149
  4,623
  5,095
  5,562
  6,022
  6,471
  6,910
  7,338
  7,757
  8,168
  8,573
  8,974
  9,373
  9,774
  10,179
  10,590
  11,011
  11,445
Issuance/(repurchase) of shares, $m
  81
  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  
  348
  389
  547
  745
  984
  1,267
  1,590
  1,953
  2,348
  2,772
  3,218
  3,679
  4,149
  4,623
  5,095
  5,562
  6,022
  6,471
  6,910
  7,338
  7,757
  8,168
  8,573
  8,974
  9,373
  9,774
  10,179
  10,590
  11,011
  11,445
Total cash flow (excl. dividends), $m
  442
  653
  1,061
  1,613
  2,339
  3,266
  4,423
  5,835
  7,523
  9,504
  11,771
  14,373
  17,295
  20,536
  24,095
  27,967
  32,146
  36,625
  41,396
  46,453
  51,789
  57,400
  63,281
  69,431
  75,850
  82,538
  89,500
  96,742
  104,269
  112,092
Retained Cash Flow (-), $m
  -302
  -439
  -617
  -840
  -1,110
  -1,428
  -1,793
  -2,202
  -2,648
  -3,126
  -3,629
  -4,149
  -4,679
  -5,213
  -5,746
  -6,272
  -6,790
  -7,297
  -7,792
  -8,275
  -8,748
  -9,211
  -9,667
  -10,119
  -10,570
  -11,022
  -11,478
  -11,942
  -12,417
  -12,906
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
  140
  214
  444
  774
  1,229
  1,838
  2,630
  3,633
  4,875
  6,378
  8,142
  10,225
  12,616
  15,323
  18,349
  21,695
  25,356
  29,328
  33,604
  38,178
  43,042
  48,189
  53,614
  59,312
  65,280
  71,517
  78,022
  84,800
  91,852
  99,186
Discount rate, %
  4.50
  4.73
  4.96
  5.21
  5.47
  5.74
  6.03
  6.33
  6.65
  6.98
  7.33
  7.70
  8.08
  8.49
  8.91
  9.36
  9.82
  10.31
  10.83
  11.37
  11.94
  12.54
  13.16
  13.82
  14.51
  15.24
  16.00
  16.80
  17.64
  18.52
PV of cash for distribution, $m
  134
  195
  384
  632
  942
  1,315
  1,746
  2,223
  2,731
  3,248
  3,739
  4,200
  4,594
  4,899
  5,101
  5,187
  5,156
  5,011
  4,763
  4,429
  4,029
  3,585
  3,119
  2,653
  2,205
  1,790
  1,418
  1,096
  826
  606
Current shareholders' claim on cash, %
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0
  96.0

Medpace Holdings, Inc. is a clinical contract research organization. The Company provides clinical research-based drug and medical device development services. The Company partners with pharmaceutical, biotechnology, and medical device companies in the development and execution of clinical trials. The Company's drug development services focus on full service Phase I-IV clinical development services and include development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support. The Company also provides bio-analytical laboratory services, clinical human pharmacology, imaging services, and electrocardiography reading support for clinical trials. The Company's operations are principally based in North America, Europe, and Asia.

FINANCIAL RATIOS  of  Medpace Holdings (MEDP)

Valuation Ratios
P/E Ratio 173.3
Price to Sales 5.3
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 24.5
Price to Free Cash Flow 28.9
Growth Rates
Sales Growth Rate 17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 133.3%
Cap. Spend. - 3 Yr. Gr. Rate 22.9%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 29.5%
Total Debt to Equity 31.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. -0.5%
Return On Total Capital 1.6%
Ret/ On T. Cap. - 3 Yr. Avg. -1%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. -2.5%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 40.8%
Gross Margin - 3 Yr. Avg. 41.8%
EBITDA Margin 23%
EBITDA Margin - 3 Yr. Avg. 18.1%
Operating Margin 10%
Oper. Margin - 3 Yr. Avg. 5.6%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. -1.2%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. -1.4%
Effective Tax Rate 40.9%
Eff/ Tax Rate - 3 Yr. Avg. 17.4%
Payout Ratio 0%

MEDP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MEDP stock intrinsic value calculation we used $436.152 million for the last fiscal year's total revenue generated by Medpace Holdings. The default revenue input number comes from 0001 income statement of Medpace Holdings. 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 MEDP 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 4.5%, whose default value for MEDP is calculated based on our internal credit rating of Medpace Holdings, 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 Medpace Holdings.
    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 MEDP stock the variable cost ratio is equal to 17.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $301 million in the base year in the intrinsic value calculation for MEDP 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 Medpace Holdings.

Corporate tax rate of 27% is the nominal tax rate for Medpace Holdings. 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 MEDP 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 MEDP are equal to 99.9%.

Life of production assets of 17.7 years is the average useful life of capital assets used in Medpace Holdings 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 MEDP is equal to -16.7%. 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 - $503.53 million for Medpace Holdings - 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 35.507 million for Medpace Holdings 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 Medpace Holdings at the current share price and the inputted number of shares is $2.0 billion.

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COMPANY NEWS

▶ IBD 50 Stocks To Watch: Unlike The Market, This Top Stock Is On Win Streak   [Nov-13-18 04:35PM  Investor's Business Daily]
▶ Medpace: 3Q Earnings Snapshot   [05:38PM  Associated Press]
▶ These Cincinnati stocks took the biggest hit amid Dows worst loss since February   [Oct-10-18 05:20PM  American City Business Journals]
▶ IBD 50 Stock With 120% Gain Leads These Hot Growth Stocks In, Near Buy Zones   [Sep-09-18 08:00AM  Investor's Business Daily]
▶ Tough Market? Price Target Flexibility Can Help   [Sep-07-18 03:04PM  Investor's Business Daily]
▶ Medpace stock soars on earnings report   [10:18AM  American City Business Journals]
▶ Medpace Holdings, Inc. Reports Second Quarter 2018 Results   [Jul-30-18 04:15PM  Business Wire]
▶ Which Cincinnati public company CEO delivers the best bang for the buck?   [Jun-29-18 06:00AM  American City Business Journals]
▶ Get a look at Medpace's $115M expansion: SLIDESHOW   [Jun-12-18 12:26PM  American City Business Journals]
▶ Medpace reveals price of secondary offering of stock   [11:01AM  American City Business Journals]
▶ Medpace stock dips as it reveals secondary offering   [May-03-18 11:21AM  American City Business Journals]
▶ Medpace: 1Q Earnings Snapshot   [Apr-30-18 04:57PM  Associated Press]
▶ Cincinnati stocks slammed by China trade battle; heres what it means   [Apr-04-18 11:38AM  American City Business Journals]
▶ Medpace meets 4Q profit forecasts   [Feb-26-18 06:29PM  Associated Press]
▶ Medpace beats Street 3Q forecasts   [04:29PM  Associated Press]
▶ Hillman Announces Key Management Change   [Oct-06-17 04:05PM  PR Newswire]
▶ Investor Network: MedPlus Inc. to Host Earnings Call   [Aug-01-17 07:15AM  ACCESSWIRE]
▶ Medpace tops Street 2Q forecasts   [Jul-31-17 09:34PM  Associated Press]

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