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CEO quote on page 12 is used to reinforce (not contradict) the thesis. No stake disclosed in this conference presentation. Filename contains '2023-02-2023' which appears to be a file-naming artifact; deck cover and internal references date the document to October 2023 (Active-Passive Investor Summit).", "kpisCited": [ { "detail": "Fortrea 9% vs peer median 18-19% at comparable scale", "metric": "Adjusted EBITDA margin (FY23 guide)" }, { "detail": "Fortrea 13% vs peer median 19% (MEDP 23%, IQV 20%, ICLR 19%)", "metric": "Adjusted EBITDA margin (FY22)" }, { "detail": "$4bn as of October 13, 2023", "metric": "Enterprise Value" }, { "detail": "~$3bn (91% Clinical Services, 9% Enabling Services)", "metric": "FY23 Revenue" }, { "detail": "Fortrea 12x status quo vs peer median 13x; MEDP 18x, ICLR 13x, IQV 12x, CRL 11x", "metric": "EV / FY24 EBITDA multiple" }, { "detail": "Fortrea 7% (6th largest); top 7 CROs control over 80%", "metric": "CRO market share" }, { "detail": "~7% CAGR 2022-2027; biopharma R&D 5% annual growth, outsource penetration +60bps/yr", "metric": "CRO market growth" }, { "detail": "+425bps from 11% (FY12) to 15% (LTM Sept 2016)", "metric": "Tom Pike IQVIA margin expansion" }, { "detail": "+90% vs S&P 500 +43% (48% outperformance, May 2013-Oct 2016)", "metric": "Tom Pike IQVIA TSR" }, { "detail": "Median 14x; range 10x-25x across 10 CRO deals 2015-2023", "metric": "Precedent transaction EBITDA multiples" }, { "detail": "~$47 at 13% FY24 exit margins; ~$72 at 18% peer margins vs $29.46 reference", "metric": "Implied share price" } ], "closingAsk": "Own Fortrea for significant share-price upside driven by margin normalization and EV/EBITDA multiple rerating toward CRO peers.", "extraction": { "at": "2026-04-22 15:34:23+00", "model": "unknown-legacy", "runId": null, "seconds": 126.10489, "promptVersion": null }, "scqaReward": "At peer-median 13x EV/EBITDA, normalized margins imply ~$47 per share at FY24 exit margins (60% upside) or ~$72 at peer margins (144% upside) from $29.46.", "thesisTypes": [ "operational_turnaround", "multiple_rerating", "undervaluation" ], "top3Reasons": [ "Fortrea's 9% FY23 EBITDA margin lags CRO peer median of 18-19%", "CEO Tom Pike grew IQVIA margins 425bps and delivered 48% S&P outperformance", "Peer multiples imply ~60-144% upside ($47-$72) at normalized margins" ], "scqaSituation": "Fortrea is a global contract research organization spun out from LabCorp in 2023 with $3bn revenue and 7% share of a concentrated CRO market poised for durable 7% annual growth.", "thesisSummary": "Fortrea Holdings is a $4bn enterprise-value global contract research organization spun out from LabCorp in 2023, with ~$3bn FY23 revenue, 90+ country footprint, and roughly 7% share of a concentrated CRO market set to grow ~7% annually through 2027. Despite scale comparable to peers like ICON, PPD, and Syneos, Fortrea's FY23 adjusted EBITDA margin guide of 9% sits well below the peer median of 18-19% at comparable scale, reflecting stranded spin-related costs and operational slack that management has pledged to close as TSAs roll off by end-FY24. CEO Tom Pike previously ran Quintiles/IQVIA, where he expanded adjusted EBITDA margins ~425bps and delivered 48% S&P 500 outperformance. Starboard argues that at peer-median 13x EV/EBITDA and normalized margins, Fortrea is worth ~$47 per share at FY24 exit margins (60% upside) or ~$72 at peer margins (144% upside) versus the $29.46 reference price.", "primaryDemands": [ "Execute on management's stated plan to return to FY22 peer-comparable profitability by end of FY24", "Drive EBITDA margins from 9% FY23 guide toward the 18% peer median at comparable scale", "Leverage CEO Tom Pike's proven CRO margin-improvement playbook to unlock multiple rerating" ], "scqaResolution": "Support management's margin-improvement roadmap under CEO Tom Pike, who repeated a similar margin playbook at Quintiles/IQVIA, and let operational execution drive rerating toward peer benchmarks.", "thesisOneLiner": "Fortrea, LabCorp's spun-out CRO, earns 9% EBITDA margins versus 18% peers; CEO Tom Pike's IQVIA playbook implies $47-$72 per share, 60-144% upside at normalized margins.", "precedentsCited": [ "Tom Pike's Quintiles/IQVIA margin expansion (FY12-LTM Sept 2016, +425bps)", "CRO M&A precedents (LabCorp/Covance, Thermo/PPD, ICON/PRA, EQT/Parexel, PE/Syneos)" ], "scqaComplication": "Fortrea's 9% FY23 EBITDA margin guide lags the 18-19% peer median, driven by post-spin stranded costs and operational slack that roll-off of TSAs and basic execution can close.", "narrativeInterest": 4, "notableSlidePages": [ 10, 12, 13, 15, 17 ], "peerCompaniesCited": [ "IQVIA", "ICON", "PPD", "Syneos Health", "Parexel", "Medpace", "Charles River Laboratories", "PRA Health", "inVentiv", "Chiltern", "Covance", "Clinigen" ], "valuationFrameworks": [ "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 3 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/qdAc-BWXvW87IKOVs_LYlOa2VelqHiaVqSjuE5Jg92E/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80ZjY5NDMzMjQyNjkvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 5, "textChars": 295, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:12:15.509+00", "seconds": 5.341, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-26ba587fbcb8/1", "deck": "/decks/019dd923-622b-71dc-a6da-26ba587fbcb8", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-26ba587fbcb8#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-26ba587fbcb8.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.915 }, "kind": "disclaimer", "text": "This presentation is for discussion and general informational purposes only. 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