Financials Cigna

Equities

CI

US1255231003

Managed Healthcare

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
354.5 ^USD	-0.01%		+0.59%	+18.37%

Apr. 26	Well, it isn't as bad as feared...
Apr. 26	The Cigna Group Enters Revolving Credit Facility	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	76,362	75,209	76,106	101,304	87,625	100,544	-	-
Enterprise Value (EV) ¹	109,150	97,946	104,695	126,473	110,733	121,213	116,630	114,077
P/E ratio	15.2 x	9.07 x	14.6 x	15.6 x	17.2 x	15.2 x	13.5 x	12 x
Yield	0.02%	0.02%	1.74%	1.35%	1.64%	1.59%	1.7%	1.83%
Capitalization / Revenue	0.54 x	0.47 x	0.44 x	0.56 x	0.45 x	0.43 x	0.41 x	0.39 x
EV / Revenue	0.78 x	0.61 x	0.6 x	0.7 x	0.57 x	0.52 x	0.48 x	0.44 x
EV / EBITDA	10.2 x	8.85 x	9.42 x	11 x	9.24 x	8.93 x	8.09 x	7.31 x
EV / FCF	12.9 x	10.6 x	17.3 x	17.2 x	10.8 x	11 x	9.44 x	9.54 x
FCF Yield	7.73%	9.45%	5.77%	5.82%	9.25%	9.12%	10.6%	10.5%
Price to Book	1.68 x	1.47 x	1.57 x	2.21 x	1.89 x	2.17 x	2.02 x	1.67 x
Nbr of stocks (in thousands)	373,425	361,267	331,428	305,739	292,620	283,647	-	-
Reference price ²	204.5	208.2	229.6	331.3	299.4	354.5	354.5	354.5
Announcement Date	2/6/20	2/4/21	2/3/22	2/3/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	140,175	160,067	174,078	180,642	195,322	235,096	245,413	260,356
EBITDA ¹	10,752	11,072	11,118	11,522	11,980	13,576	14,412	15,606
EBIT ¹	8,887	8,153	7,935	8,414	8,536	9,898	10,764	11,449
Operating Margin	6.34%	5.09%	4.56%	4.66%	4.37%	4.21%	4.39%	4.4%
Earnings before Tax (EBT) ¹	6,570	10,868	6,782	8,353	5,513	8,490	9,469	10,113
Net income ¹	5,104	8,458	5,365	6,668	5,164	6,602	7,188	7,770
Net margin	3.64%	5.28%	3.08%	3.69%	2.64%	2.81%	2.93%	2.98%
EPS ²	13.44	22.96	15.73	21.30	17.39	23.29	26.31	29.47
Free Cash Flow ¹	8,435	9,256	6,037	7,361	10,240	11,050	12,354	11,952
FCF margin	6.02%	5.78%	3.47%	4.07%	5.24%	4.7%	5.03%	4.59%
FCF Conversion (EBITDA)	78.45%	83.6%	54.3%	63.89%	85.48%	81.39%	85.72%	76.59%
FCF Conversion (Net income)	165.26%	109.43%	112.53%	110.39%	198.3%	167.36%	171.87%	153.83%
Dividend per Share ²	0.0400	0.0400	4.000	4.480	4.920	5.638	6.019	6.488
Announcement Date	2/6/20	2/4/21	2/3/22	2/3/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	44,310	45,676	44,005	45,480	45,280	45,743	46,479	48,616	49,048	51,149	56,627	58,503	58,915	61,037	58,855
EBITDA ¹	3,028	2,530	3,022	3,140	2,867	2,445	2,684	2,976	3,220	3,133	3,056	3,286	3,502	3,510	3,146
EBIT ¹	2,362	1,537	2,167	2,381	2,141	1,725	2,015	2,221	2,454	2,060	2,196	2,436	2,629	2,622	2,432
Operating Margin	5.33%	3.37%	4.92%	5.24%	4.73%	3.77%	4.34%	4.57%	5%	4.03%	3.88%	4.16%	4.46%	4.3%	4.13%
Earnings before Tax (EBT) ¹	2,059	1,312	1,549	1,985	3,491	1,328	1,601	1,884	1,840	188	1,834	2,067	2,275	2,266	2,083
Net income ¹	1,621	1,116	1,183	1,559	2,757	1,169	1,267	1,460	1,408	1,029	1,417	1,603	1,779	1,774	1,558
Net margin	3.66%	2.44%	2.69%	3.43%	6.09%	2.56%	2.73%	3%	2.87%	2.01%	2.5%	2.74%	3.02%	2.91%	2.65%
EPS ²	4.800	3.390	3.680	4.900	8.970	3.830	4.240	4.920	4.740	3.490	4.894	5.654	6.349	6.314	5.561
Dividend per Share ²	1.000	1.000	1.120	1.120	1.120	1.120	1.230	1.230	1.230	1.230	1.375	1.375	1.375	1.375	1.440
Announcement Date	11/4/21	2/3/22	5/6/22	8/4/22	11/3/22	2/3/23	5/5/23	8/3/23	11/2/23	2/2/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	32,788	22,737	28,589	25,169	23,108	20,668	16,086	13,532
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.049 x	2.054 x	2.571 x	2.184 x	1.929 x	1.522 x	1.116 x	0.8671 x
Free Cash Flow ¹	8,435	9,256	6,037	7,361	10,240	11,050	12,354	11,952
ROE (net income / shareholders' equity)	15%	14.2%	14.3%	15.8%	16.4%	17.5%	19%	17.8%
ROA (Net income/ Total Assets)	3.33%	5.44%	4.5%	4.88%	5.02%	4.71%	4.96%	4.86%
Assets ¹	153,227	155,612	119,267	136,779	102,838	140,206	145,017	159,920
Book Value Per Share ²	122.0	142.0	146.0	150.0	158.0	164.0	176.0	213.0
Cash Flow per Share ²	25.00	28.10	21.10	27.60	39.80	34.40	41.70	-
Capex ¹	1,050	1,094	1,154	1,295	1,573	1,555	1,629	1,747
Capex / Sales	0.75%	0.68%	0.66%	0.72%	0.81%	0.66%	0.66%	0.67%
Announcement Date	2/6/20	2/4/21	2/3/22	2/3/23	2/2/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Cigna

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

354.5 USD

Average target price

381.4 USD

Spread / Average Target

+7.61%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Managed Healthcare

	1st Jan change	Capi.
CIGNA	+18.37%	101B
ELEVANCE HEALTH, INC.	+13.93%	125B
CENTENE CORPORATION	-0.28%	39.69B
HUMANA INC.	-33.18%	36.86B
MOLINA HEALTHCARE, INC.	-5.28%	20.05B
PROGYNY, INC.	-13.82%	3.08B
ALIGNMENT HEALTHCARE, INC.	-39.49%	993M
CLOVER HEALTH INVESTMENTS, CORP.	-28.58%	337M

Other Managed Healthcare