Intrinsic value of PRA Health Sciences - PRAH

Previous Close

$101.46

  Intrinsic Value

$232.06

stock screener

  Rating & Target

str. buy

+129%

Previous close

$101.46

 
Intrinsic value

$232.06

 
Up/down potential

+129%

 
Rating

str. buy

We calculate the intrinsic value of PRAH 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 6.5

 

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, %
  35.40
  32.36
  29.62
  27.16
  24.95
  22.95
  21.16
  19.54
  18.09
  16.78
  15.60
  14.54
  13.59
  12.73
  11.95
  11.26
  10.63
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.69
  7.42
  7.18
  6.96
  6.77
  6.59
  6.43
Revenue, $m
  3,059
  4,049
  5,249
  6,674
  8,339
  10,253
  12,422
  14,850
  17,535
  20,477
  23,672
  27,114
  30,797
  34,717
  38,867
  43,244
  47,842
  52,659
  57,695
  62,949
  68,423
  74,120
  80,045
  86,204
  92,605
  99,256
  106,168
  113,353
  120,825
  128,596
Variable operating expenses, $m
  2,703
  3,503
  4,473
  5,625
  6,971
  8,518
  10,271
  12,234
  14,405
  16,783
  19,136
  21,918
  24,896
  28,064
  31,419
  34,957
  38,674
  42,568
  46,639
  50,886
  55,311
  59,916
  64,706
  69,685
  74,859
  80,235
  85,823
  91,631
  97,671
  103,953
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
  2,703
  3,503
  4,473
  5,625
  6,971
  8,518
  10,271
  12,234
  14,405
  16,783
  19,136
  21,918
  24,896
  28,064
  31,419
  34,957
  38,674
  42,568
  46,639
  50,886
  55,311
  59,916
  64,706
  69,685
  74,859
  80,235
  85,823
  91,631
  97,671
  103,953
Operating income, $m
  357
  546
  776
  1,049
  1,368
  1,735
  2,151
  2,616
  3,131
  3,695
  4,536
  5,196
  5,902
  6,653
  7,448
  8,287
  9,168
  10,091
  11,056
  12,063
  13,112
  14,204
  15,339
  16,519
  17,746
  19,021
  20,345
  21,722
  23,154
  24,643
EBITDA, $m
  642
  850
  1,102
  1,401
  1,751
  2,153
  2,608
  3,118
  3,681
  4,299
  4,970
  5,692
  6,466
  7,288
  8,160
  9,079
  10,044
  11,055
  12,112
  13,215
  14,365
  15,561
  16,805
  18,098
  19,441
  20,838
  22,289
  23,797
  25,366
  26,997
Interest expense (income), $m
  48
  73
  119
  176
  246
  329
  425
  536
  662
  803
  959
  1,130
  1,315
  1,515
  1,728
  1,956
  2,196
  2,450
  2,717
  2,996
  3,289
  3,593
  3,911
  4,241
  4,585
  4,942
  5,314
  5,700
  6,101
  6,517
  6,951
Earnings before tax, $m
  284
  427
  600
  803
  1,040
  1,310
  1,614
  1,954
  2,328
  2,736
  3,407
  3,881
  4,387
  4,925
  5,493
  6,090
  6,718
  7,374
  8,060
  8,774
  9,519
  10,293
  11,098
  11,934
  12,804
  13,707
  14,646
  15,622
  16,636
  17,692
Tax expense, $m
  77
  115
  162
  217
  281
  354
  436
  528
  628
  739
  920
  1,048
  1,185
  1,330
  1,483
  1,644
  1,814
  1,991
  2,176
  2,369
  2,570
  2,779
  2,996
  3,222
  3,457
  3,701
  3,954
  4,218
  4,492
  4,777
Net income, $m
  207
  312
  438
  586
  759
  956
  1,179
  1,426
  1,699
  1,997
  2,487
  2,833
  3,203
  3,595
  4,010
  4,446
  4,904
  5,383
  5,884
  6,405
  6,949
  7,514
  8,101
  8,712
  9,347
  10,006
  10,691
  11,404
  12,145
  12,915

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
  4,546
  6,017
  7,799
  9,917
  12,391
  15,235
  18,458
  22,065
  26,056
  30,427
  35,174
  40,288
  45,761
  51,586
  57,752
  64,255
  71,087
  78,246
  85,728
  93,535
  101,669
  110,134
  118,938
  128,089
  137,600
  147,483
  157,754
  168,430
  179,531
  191,079
Adjusted assets (=assets-cash), $m
  4,546
  6,017
  7,799
  9,917
  12,391
  15,235
  18,458
  22,065
  26,056
  30,427
  35,174
  40,288
  45,761
  51,586
  57,752
  64,255
  71,087
  78,246
  85,728
  93,535
  101,669
  110,134
  118,938
  128,089
  137,600
  147,483
  157,754
  168,430
  179,531
  191,079
Revenue / Adjusted assets
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
  0.673
Average production assets, $m
  1,423
  1,883
  2,441
  3,104
  3,878
  4,768
  5,776
  6,905
  8,154
  9,522
  11,007
  12,608
  14,321
  16,143
  18,073
  20,108
  22,246
  24,487
  26,828
  29,271
  31,817
  34,466
  37,221
  40,085
  43,061
  46,154
  49,368
  52,709
  56,183
  59,797
Working capital, $m
  -226
  -300
  -388
  -494
  -617
  -759
  -919
  -1,099
  -1,298
  -1,515
  -1,752
  -2,006
  -2,279
  -2,569
  -2,876
  -3,200
  -3,540
  -3,897
  -4,269
  -4,658
  -5,063
  -5,485
  -5,923
  -6,379
  -6,853
  -7,345
  -7,856
  -8,388
  -8,941
  -9,516
Total debt, $m
  2,205
  3,268
  4,557
  6,089
  7,877
  9,933
  12,264
  14,871
  17,757
  20,917
  24,349
  28,047
  32,004
  36,215
  40,673
  45,375
  50,314
  55,490
  60,900
  66,544
  72,425
  78,545
  84,910
  91,527
  98,403
  105,548
  112,974
  120,693
  128,720
  137,068
Total liabilities, $m
  3,286
  4,350
  5,639
  7,170
  8,959
  11,015
  13,345
  15,953
  18,838
  21,999
  25,431
  29,128
  33,086
  37,296
  41,755
  46,456
  51,396
  56,572
  61,981
  67,626
  73,507
  79,627
  85,992
  92,609
  99,485
  106,630
  114,056
  121,775
  129,801
  138,150
Total equity, $m
  1,259
  1,667
  2,160
  2,747
  3,432
  4,220
  5,113
  6,112
  7,217
  8,428
  9,743
  11,160
  12,676
  14,289
  15,997
  17,799
  19,691
  21,674
  23,747
  25,909
  28,162
  30,507
  32,946
  35,481
  38,115
  40,853
  43,698
  46,655
  49,730
  52,929
Total liabilities and equity, $m
  4,545
  6,017
  7,799
  9,917
  12,391
  15,235
  18,458
  22,065
  26,055
  30,427
  35,174
  40,288
  45,762
  51,585
  57,752
  64,255
  71,087
  78,246
  85,728
  93,535
  101,669
  110,134
  118,938
  128,090
  137,600
  147,483
  157,754
  168,430
  179,531
  191,079
Debt-to-equity ratio
  1.750
  1.960
  2.110
  2.220
  2.290
  2.350
  2.400
  2.430
  2.460
  2.480
  2.500
  2.510
  2.520
  2.530
  2.540
  2.550
  2.560
  2.560
  2.560
  2.570
  2.570
  2.570
  2.580
  2.580
  2.580
  2.580
  2.590
  2.590
  2.590
  2.590
Adjusted equity ratio
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277
  0.277

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  207
  312
  438
  586
  759
  956
  1,179
  1,426
  1,699
  1,997
  2,487
  2,833
  3,203
  3,595
  4,010
  4,446
  4,904
  5,383
  5,884
  6,405
  6,949
  7,514
  8,101
  8,712
  9,347
  10,006
  10,691
  11,404
  12,145
  12,915
Depreciation, amort., depletion, $m
  286
  304
  326
  352
  382
  417
  457
  501
  551
  605
  433
  496
  564
  636
  712
  792
  876
  964
  1,056
  1,152
  1,253
  1,357
  1,465
  1,578
  1,695
  1,817
  1,944
  2,075
  2,212
  2,354
Funds from operations, $m
  493
  616
  763
  938
  1,141
  1,374
  1,636
  1,928
  2,250
  2,602
  2,920
  3,330
  3,767
  4,231
  4,721
  5,238
  5,780
  6,347
  6,940
  7,558
  8,201
  8,871
  9,567
  10,290
  11,042
  11,823
  12,635
  13,479
  14,357
  15,270
Change in working capital, $m
  -59
  -73
  -89
  -105
  -123
  -142
  -161
  -180
  -199
  -218
  -236
  -255
  -273
  -290
  -307
  -324
  -340
  -357
  -373
  -389
  -405
  -422
  -438
  -456
  -474
  -492
  -512
  -532
  -553
  -575
Cash from operations, $m
  552
  689
  852
  1,044
  1,264
  1,515
  1,796
  2,107
  2,449
  2,819
  3,157
  3,584
  4,039
  4,521
  5,028
  5,562
  6,120
  6,704
  7,312
  7,947
  8,606
  9,292
  10,005
  10,746
  11,516
  12,315
  13,146
  14,011
  14,909
  15,845
Maintenance CAPEX, $m
  -41
  -56
  -74
  -96
  -122
  -153
  -188
  -227
  -272
  -321
  -375
  -433
  -496
  -564
  -636
  -712
  -792
  -876
  -964
  -1,056
  -1,152
  -1,253
  -1,357
  -1,465
  -1,578
  -1,695
  -1,817
  -1,944
  -2,075
  -2,212
New CAPEX, $m
  -372
  -460
  -558
  -663
  -774
  -890
  -1,009
  -1,129
  -1,249
  -1,368
  -1,485
  -1,600
  -1,713
  -1,823
  -1,930
  -2,035
  -2,138
  -2,240
  -2,342
  -2,443
  -2,545
  -2,649
  -2,755
  -2,864
  -2,976
  -3,093
  -3,214
  -3,341
  -3,474
  -3,614
Cash from investing activities, $m
  -413
  -516
  -632
  -759
  -896
  -1,043
  -1,197
  -1,356
  -1,521
  -1,689
  -1,860
  -2,033
  -2,209
  -2,387
  -2,566
  -2,747
  -2,930
  -3,116
  -3,306
  -3,499
  -3,697
  -3,902
  -4,112
  -4,329
  -4,554
  -4,788
  -5,031
  -5,285
  -5,549
  -5,826
Free cash flow, $m
  139
  173
  220
  285
  368
  473
  600
  751
  928
  1,130
  1,296
  1,550
  1,830
  2,134
  2,463
  2,815
  3,190
  3,588
  4,007
  4,447
  4,908
  5,390
  5,893
  6,417
  6,961
  7,527
  8,115
  8,726
  9,360
  10,019
Issuance/(repayment) of debt, $m
  859
  1,064
  1,289
  1,532
  1,789
  2,056
  2,330
  2,608
  2,885
  3,161
  3,432
  3,698
  3,957
  4,211
  4,459
  4,701
  4,940
  5,176
  5,410
  5,644
  5,881
  6,120
  6,365
  6,617
  6,876
  7,145
  7,426
  7,719
  8,026
  8,349
Issuance/(repurchase) of shares, $m
  121
  96
  56
  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  
  980
  1,160
  1,345
  1,532
  1,789
  2,056
  2,330
  2,608
  2,885
  3,161
  3,432
  3,698
  3,957
  4,211
  4,459
  4,701
  4,940
  5,176
  5,410
  5,644
  5,881
  6,120
  6,365
  6,617
  6,876
  7,145
  7,426
  7,719
  8,026
  8,349
Total cash flow (excl. dividends), $m
  1,119
  1,332
  1,565
  1,817
  2,157
  2,529
  2,930
  3,359
  3,813
  4,291
  4,728
  5,248
  5,787
  6,345
  6,921
  7,516
  8,130
  8,763
  9,417
  10,092
  10,789
  11,511
  12,258
  13,033
  13,837
  14,673
  15,541
  16,445
  17,386
  18,368
Retained Cash Flow (-), $m
  -328
  -407
  -494
  -587
  -685
  -788
  -893
  -999
  -1,105
  -1,211
  -1,315
  -1,417
  -1,516
  -1,613
  -1,708
  -1,801
  -1,893
  -1,983
  -2,073
  -2,163
  -2,253
  -2,345
  -2,439
  -2,535
  -2,634
  -2,738
  -2,845
  -2,957
  -3,075
  -3,199
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
  791
  924
  1,071
  1,230
  1,471
  1,741
  2,037
  2,360
  2,708
  3,080
  3,413
  3,831
  4,271
  4,732
  5,213
  5,715
  6,237
  6,780
  7,344
  7,929
  8,536
  9,166
  9,820
  10,498
  11,203
  11,935
  12,696
  13,488
  14,311
  15,169
Discount rate, %
  7.80
  8.19
  8.60
  9.03
  9.48
  9.95
  10.45
  10.98
  11.52
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.11
PV of cash for distribution, $m
  734
  790
  836
  870
  936
  985
  1,016
  1,026
  1,015
  983
  916
  853
  777
  693
  605
  516
  431
  351
  280
  217
  164
  121
  87
  61
  41
  27
  17
  11
  6
  4
Current shareholders' claim on cash, %
  98.2
  97.1
  96.7
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6
  96.6

PRA Health Sciences, Inc. is a contract research organization. The Company provides outsourced clinical development services to the biotechnology and pharmaceutical industries. The Company offers therapeutic services in areas of pharmaceutical development, including oncology, central nervous system, inflammation and infectious diseases. Its services include data management, statistical analysis, clinical trial management, and regulatory and drug development consulting. It provides its clients with clinical development service offerings, which includes both traditional, project-based Phase I through Phase IV services, as well as embedded and functional outsourcing services. As of December 31, 2016, its clinical development platform included approximately 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East. The Company's service offerings include product registration, strategic solutions and early development services.

FINANCIAL RATIOS  of  PRA Health Sciences (PRAH)

Valuation Ratios
P/E Ratio 91.9
Price to Sales 3.4
Price to Book 8.6
Price to Tangible Book
Price to Cash Flow 39.1
Price to Free Cash Flow 49.2
Growth Rates
Sales Growth Rate 12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 10.5%
Financial Strength
Quick Ratio 5
Current Ratio 0
LT Debt to Equity 109.3%
Total Debt to Equity 113.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 3.8%
Return On Total Capital 4.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 9.5%
Return On Equity - 3 Yr. Avg. 5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 30.2%
Gross Margin - 3 Yr. Avg. 29.5%
EBITDA Margin 11.7%
EBITDA Margin - 3 Yr. Avg. 12.1%
Operating Margin 6.8%
Oper. Margin - 3 Yr. Avg. 6.4%
Pre-Tax Margin 5.2%
Pre-Tax Margin - 3 Yr. Avg. 3.1%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate 30.9%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 0%

PRAH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PRAH stock intrinsic value calculation we used $2259.389 million for the last fiscal year's total revenue generated by PRA Health Sciences. The default revenue input number comes from 0001 income statement of PRA Health Sciences. 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 PRAH stock valuation model: a) initial revenue growth rate of 35.4% 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 7.8%, whose default value for PRAH is calculated based on our internal credit rating of PRA Health Sciences, 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 PRA Health Sciences.
    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 PRAH stock the variable cost ratio is equal to 91%.

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 PRAH 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 PRA Health Sciences.

Corporate tax rate of 27% is the nominal tax rate for PRA Health Sciences. 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 PRAH 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 PRAH are equal to 46.5%.

Life of production assets of 25.4 years is the average useful life of capital assets used in PRA Health Sciences 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 PRAH is equal to -7.4%. 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 - $930.771 million for PRA Health Sciences - 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 64.076 million for PRA Health Sciences 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 PRA Health Sciences at the current share price and the inputted number of shares is $6.5 billion.

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COMPANY NEWS

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▶ PRA Health Sciences: 3Q Earnings Snapshot   [06:45PM  Associated Press]
▶ PRA Health Sciences to Report Third Quarter 2018 Earnings   [Sep-25-18 04:46PM  GlobeNewswire]
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▶ PRA Health Sciences: 2Q Earnings Snapshot   [Aug-01-18 05:32PM  Associated Press]
▶ FDAs new ruling on biosimilars could spur Triangle manufacturing   [Jul-23-18 07:40AM  American City Business Journals]
▶ PRA Health Sciences to Report Second Quarter 2018 Earnings   [Jul-12-18 02:04PM  GlobeNewswire]
▶ Highlights from TBJ's Life Sciences LIVE panel   [Jun-19-18 03:09PM  American City Business Journals]
▶ Contract research giant plans new Lenexa lab   [Jun-04-18 04:05PM  American City Business Journals]
▶ PRAs longtime CFO to retire   [Apr-26-18 03:07PM  American City Business Journals]
▶ PRA Health Sciences: 1Q Earnings Snapshot   [Apr-25-18 04:39PM  Associated Press]
▶ PRA Health Sciences to Report First Quarter 2018 Earnings   [Apr-12-18 04:01PM  GlobeNewswire]
▶ From BDSI to Red Hat: The Triangle's top inside stock sales of 1Q2018   [Apr-03-18 08:36AM  American City Business Journals]
▶ 117 Top-Rated Mutual Funds Own Shares In This Potential Breakout Stock   [Mar-16-18 11:52AM  Investor's Business Daily]
▶ PRA Health Sciences Receives CRO Leadership Award   [Mar-14-18 09:00AM  GlobeNewswire]
▶ PRA Health Sciences Named Best CRO in Asia   [Mar-06-18 10:01AM  GlobeNewswire]
▶ PRA Health Sciences, Inc. to Host Earnings Call   [Feb-22-18 08:30AM  ACCESSWIRE]
▶ PRA Health Sciences reports 4Q loss   [Feb-21-18 04:22PM  Associated Press]
▶ PRA Health Sciences Partners with IMPACT2030   [Feb-12-18 10:00AM  GlobeNewswire]
▶ PRA Health Sciences to Report Fourth Quarter 2017 Earnings   [Jan-24-18 04:55PM  GlobeNewswire]
▶ PRA Health Sciences Opens New Salt Lake City Clinic   [Jan-16-18 10:00AM  GlobeNewswire]
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▶ Are Netflix Shares Dormant Or Holding Up Well?   [Nov-20-17 01:53PM  Investor's Business Daily]

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