Abbey plc, Better Capital, Big Pharma, CPL Resources, Gallaghers, Glanbia, ICON, Irish shares, Irish value investing, Jon Moulton, milk quotas, STV Group, TGISVP, The Great Irish Share Valuation Project, TVC Holdings, UTV Media
Continued from here. Let’s take the next batch:
Prior Post: Here
Price: USD 28.43
ICON’s starting to fire on all cylinders again, as I correctly anticipated. Well, except for the share price…but I’m sure investors aren’t complaining! Last year, the company was squeezed between (virtually) zero growth in its existing contract revenues & the challenges/expenses of ramping up to meet some v large contract wins. Operating margins, even on a pre-exceptional basis, had fallen to near-zero - but valuing ICLR on that basis would clearly have been incorrect. It seemed reasonable to presume margins would return to 10%+ as new contract revenues/margins matured.