reports
- Kelsey Tsai
QuintilesIMS’ Robust 3Q Sets It Up for a Solid First Year; Raising F...
QuintilesIMS’ third-quarter results fall in line with our expectations and sets the firm up for a solid full year as a combined entity. We are raising our fair value estimate for the wide-moat firm to $100 per share from $91, which largely reflects the time value of money and our updated working capital assumptions. We believe QuintilesIMS’ scale and intangible assets places the firm at the front of its contract research organization competitors and is expected to maintain its advantage posi...
- Kelsey Tsai
QuintilesIMS' 2Q Tracks Expectations; Shares Fairly Valued
Steady second-quarter results for QuintilesIMS tracked our full-year expectations. We are slightly raising our fair value estimate for the wide-moat firm to $91 per share from $88 to reflect continued share repurchases and our updated outlook for capital expenditures and depreciation levels over our 10-year forecast period. Management reaffirmed its sales guidance of $8 billion-$8.1 billion and updated its adjusted earnings per share expectations to $4.50-$4.65 per share from $4.45-$4.60 thanks ...
- Kelsey Tsai
QuintilesIMS Reports First Combined Quarter; Positive Outlook and $88 ...
QuintilesIMS’ fourth-quarter sales largely tracked our expectations, with one-time tax and restructuring charges hitting the bottom line. The company anticipates reported revenue of $8-$8.1 billion for the upcoming year, which incorporates a negative foreign exchange impact and falls moderately below our original 2017 sales estimate. However, management’s expectations for adjusted earnings per share ($4.33-4.43 per share) implies greater operational efficiency than we initially gave the comp...
- Kelsey Tsai
The leading position of QuintilesIMS is expected to provide strong, st...
Given that QuintilesIMS’ third-quarter results largely fell in line with our expectations, we do not anticipate changing our $90 per share fair value estimate. With the merger of Quintiles and IMS Health formally closed in the beginning of October, combined results will be reported in new segments starting in the fourth quarter. In our view, shares continue to look undervalued. We suspect the market is skeptical on whether the cost and revenue synergies from the behemoth merger will fully mat...
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