No conviction changes recorded
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Sign in to unlockFair Value Distribution — percentile bands
37.8% of simulations place fair value above current price
WHAT IS PRICED IN
Revenue-Based Reverse DCF
5.7%/yr
±5.0% · revenue growth to justify current price
FCF-Based Reverse DCF
4.1%/yr
±2.5% · FCF growth to justify current price
THE GAP
Market pricing margin expansion or capex normalization
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Sign in to unlockIQVIA CRO clinical research; biopharma outsourcing structural; real-world data analytics moat.
Biopharma funding tightness reducing trials; FSP vs full-service mix shift; competition from Covance.
Updated Apr 7
IQV 2025 10-K confirms strong data moat (68 petabytes, 1.2B patient records) with deepening platform integration. No single customer concentration risk (largest = 5%). Market tailwinds accelerating (N...
FY2025 revenue .31B (+5.9% YoY), operating income .18B (13.4% margin), net income .36B (8.3% margin). Debt .98B with 3.33x net leverage. Data moat confirmed: 1.2B patient records, 68PB proprietary dat...
IQVIA: Global leader in clinical research and healthcare intelligence with 1.2B patient records and 100+ country presence. Serves 335B addressable market across three segments. Competitive moat from p...