IQVIA Holdings: No Premium Amid Uncertainty [Seeking Alpha]
Syneos Health, Inc. - Class A (SYNH)
Last syneos health, inc. - class a earnings: 4/30 06:33 am
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US:NASDAQ Investor Relations:
investor.incresearch.com/investors
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Source: Seeking Alpha
SummaryThe COVID-19 pandemic severely impacts IQVIA’s contract research function even though the company’s well-diversified top line, unlike that of peers, lessens the overall impact.With the disruption likely to continue until the second quarter, the modest trading multiple doesn’t warrant a rich premium given the near-term uncertainty.Our EBITDA estimates for the year with the existing multiple implies an overvalued stock.Given the company’s long-term prospects and its robust balance sheet, the company is a "Hold" in our view.Investment ThesisIQVIA Holdings Inc. (In combination with the existing NTM (next twelve-month) EV/ EBITDA multiple, our EBITDA estimates for 2020 indicate an overvalued stock. However, the long-term prospects of the company remain intact, backed by a robust financial position. The delayed trials are waiting to start once the pandemic subsides, and the company is already capitalizing on the rising demand for COVID-19 trial needs. Given the overvaluation based on
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