Fortrea Holdings Inc

FTRE: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Fortrea Earnings: Stock Soars on Strong Execution; Positive Long-Term Outlook

Rachel Elfman

Nov 11, 2024

Narrow-moat Fortrea delivered strong execution in its third quarter, highlighted by a backlog of $7.5 billion, increasing nearly 3% sequentially from the second quarter. Its book/bill ratio for the quarter was a healthy 1.23, significantly higher than the second-quarter’s book/bill ratio of 0.96. Fortrea’s performance is tracking our expectations and we maintain our fair value estimate of $27.20 per share. Investors reacted very positively to its results and sent shares soaring by 30%. Given the share price movement, the stock is currently trading about 14% below our fair value estimate.

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Fortrea Holdings Inc

Fortrea Earnings: Stock Soars on Strong Execution; Positive Long-Term Outlook

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