2025-06-05-Jefferies-Fortrea公司（FTRE）_杰富瑞纽约医疗保健会议_Fortrea公司炉边谈话_8页_105kb

报告摘要

Company: Fortrea Inc (FTRE), spun off from Labcorp Drug Development, focusing on clinical research services.
Current Rating: Hold from Jefferies, with a price target of $5.00 (down 4% from previous).
Market Position: $477M market cap; trades between $3.97 and $28.41 over the past 52 weeks.
Management Outlook: Interim CEO Peter Neupert discussed strategies for growth and profitability, noting revenues haven't met expectations, pressuring margins below peers.
Strategic Adjustments: Management plans further workforce reduction and IT cost rationalization. CEO search is nearing completion (expected by summer). FTRE intends to narrow its focus from being all-inclusive to targeting specific markets due to a lack of growth.
Workforce and IT: Past rounds of layoffs have left FTRE overstaffed. The transition from predecessor's systems is nearly done but requires additional years for optimization.
Market Demand: Biotech RFP flow is solid, but award timelines have extended. Large pharma demand remains steady; FTRE is increasing focus on FSP services, which offer steadier revenue streams compared to FSO during uncertain times.
Valuation: Equities Research values FTRE at 7.7x 2026E EBITDA, lower than peers, reflecting risks.
Risks: Slower exit from transitional service agreements (TSAs), changes in biotech funding, large pharma cost cuts, client hesitations given the recent spinoff, and booking volatility.

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