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Raising Icon’s FVE to $152 on Strong Future Outlook After Solid Bookings Growth in 2020

Anna Baran Equity Analyst

Analyst Note

| Anna Baran |

Icon’s third-quarter results were ahead of our expectations, with the outlook for the rest of the year and 2021 also looking strong. We are increasing our fair value estimate for Icon to $152 per share after adjusting our model for flattish revenue growth in 2020 (instead of low-single-digit declines) and a stronger earnings outlook in 2021. We’re maintaining our narrow moat rating for Icon, which hinges on the intangible assets and high customer switching costs associated with the expertise needed to run large-scale, late-stage clinical trials.

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Company Profile

Business Description

Icon is a global late-stage contract research organization that provides drug development and clinical trial services to pharmaceutical, biotechnology, and medical device firms. While the vast majority of its revenue comes from clinical research, Icon also offers ancillary services such as laboratory and imaging capabilities. The company is headquartered in Ireland.

South County Business Park, Leopardstown
Dublin, 18, Ireland
T +353 12912000
Sector Healthcare
Industry Diagnostics & Research
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 15,250