Fortrea Holdings


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Fortrea Holdings: Initiation of Coverage – Refocusing As A Pure-Play CRO But Will It Pay Off?


This is our first report on Fortrea Corporation, a renowned contract research organization (CRO). The company reported its fourth quarter 2023 earnings, recording revenue growth of 1.8% year-over-year to $775.4 million. CEO Tom Pike praised the company’s transformation over 2023, managing to transition from a division within a larger parent company to a stand-alone entity. Despite the challenges involved in the spin-off, Pike noted positive progress, including retaining all customers and maintaining workflow during the process.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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