PRA 1Q Results Track Expectations but Integration Plans Remain Foggy; Shares Fairly Valued
PRA Health’s first-quarter results put the company on track to meet our 2018 expectations. We are increasing our fair value estimate for the company to $81 per share from $80 to reflect the time value of money since our last model update. Given the cyclicality of the data solutions segment (legacy Symphony Health), we expect sales to accelerate toward the back half of the year, when data clients need to use up their annual budgets. Our full-year estimates remain near the mid-point of management’...PRA Health Sciences is a contract research organization engaged in providing outsourced clinical development and data solution services to the biotechnology and pharmaceutical industries. The company has two reportable segments: Clinical Research, which performs a range of services across the spectrum of clinical development programs, from the filing of investigational new drug applications and similar regulatory applications to conducting all phases of clinical trials; and Data Solutions, which provides data, analytics, technology, and consulting solutions to the life sciences market including market intelligence services, consulting and services, and apps and technology.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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