Narrow-Moat IQVIA Reports Strong Q4 Results; Maintaining FVE of $276, Shares Undervalued

IQVIA reported strong fourth-quarter results highlighted by revenue of $3.6 billion and total 2021 revenue of $13.9 billion, growing 22% compared with 2020. IQVIA's technology and analytics and R&D Solutions segments have continued to report robust growth as the company has rebounded well from pandemic-related challenges. We maintain our fair value estimate of $276 per share and view the stock as currently undervalued, trading in 4-star territory. We also maintain our narrow moat and stable moat trend ratings.