Financials Cigna

Equities

CI

US1255231003

Managed Healthcare

Real-time Estimate Cboe BZX Other stock markets 02:28:13 2024-05-20 pm EDT			5-day change	1st Jan Change
333.2 ^USD	-1.64%		-4.46%	+11.39%

May. 16	Cigna Insider Sold Shares Worth $2,073,449, According to a Recent SEC Filing	MT
May. 16	Cigna Insider Sold Shares Worth $3,728,629, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	76,362	75,209	76,106	101,304	87,625	96,219	-	-
Enterprise Value (EV) ¹	109,150	97,946	104,695	126,473	110,733	119,026	115,482	111,164
P/E ratio	15.2 x	9.07 x	14.6 x	15.6 x	17.2 x	17.8 x	12.9 x	11.3 x
Yield	0.02%	0.02%	1.74%	1.35%	1.64%	1.65%	1.77%	1.92%
Capitalization / Revenue	0.54 x	0.47 x	0.44 x	0.56 x	0.45 x	0.41 x	0.39 x	0.37 x
EV / Revenue	0.78 x	0.61 x	0.6 x	0.7 x	0.57 x	0.51 x	0.47 x	0.42 x
EV / EBITDA	10.2 x	8.85 x	9.42 x	11 x	9.24 x	9 x	8.03 x	7.18 x
EV / FCF	12.9 x	10.6 x	17.3 x	17.2 x	10.8 x	10.8 x	10.4 x	9.47 x
FCF Yield	7.73%	9.45%	5.77%	5.82%	9.25%	9.26%	9.64%	10.6%
Price to Book	1.68 x	1.47 x	1.57 x	2.21 x	1.89 x	2.27 x	2.05 x	1.64 x
Nbr of stocks (in thousands)	373,425	361,267	331,428	305,739	292,620	284,074	-	-
Reference price ²	204.5	208.2	229.6	331.3	299.4	338.7	338.7	338.7
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	235,597	246,833	261,832
EBITDA ¹	10,752	11,072	11,118	11,522	11,980	13,219	14,388	15,479
EBIT ¹	8,887	8,153	7,935	8,414	8,536	9,947	10,939	11,808
Operating Margin	6.34%	5.09%	4.56%	4.66%	4.37%	4.22%	4.43%	4.51%
Earnings before Tax (EBT) ¹	6,570	10,868	6,782	8,353	5,513	6,587	9,435	10,351
Net income ¹	5,104	8,458	5,365	6,668	5,164	5,319	7,177	7,828
Net margin	3.64%	5.28%	3.08%	3.69%	2.64%	2.26%	2.91%	2.99%
EPS ²	13.44	22.96	15.73	21.30	17.39	19.03	26.28	29.99
Free Cash Flow ¹	8,435	9,256	6,037	7,361	10,240	11,026	11,132	11,734
FCF margin	6.02%	5.78%	3.47%	4.07%	5.24%	4.68%	4.51%	4.48%
FCF Conversion (EBITDA)	78.45%	83.6%	54.3%	63.89%	85.48%	83.41%	77.38%	75.81%
FCF Conversion (Net income)	165.26%	109.43%	112.53%	110.39%	198.3%	207.31%	155.11%	149.89%
Dividend per Share ²	0.0400	0.0400	4.000	4.480	4.920	5.586	5.980	6.500
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 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	2025 Q2
Net sales ¹	45,676	44,005	45,480	45,280	45,743	46,479	48,616	49,048	51,149	57,247	58,276	59,099	60,992	59,824	60,883
EBITDA ¹	2,530	3,022	3,140	2,867	2,445	2,684	2,976	3,220	3,133	2,992	3,012	3,476	3,489	3,094	3,351
EBIT ¹	1,537	2,167	2,381	2,141	1,725	2,015	2,221	2,454	2,060	2,256	2,250	2,691	2,721	2,429	2,595
Operating Margin	3.37%	4.92%	5.24%	4.73%	3.77%	4.34%	4.57%	5%	4.03%	3.94%	3.86%	4.55%	4.46%	4.06%	4.26%
Earnings before Tax (EBT) ¹	1,312	1,549	1,985	3,491	1,328	1,601	1,884	1,840	188	79	1,849	2,270	2,285	2,038	2,250
Net income ¹	1,116	1,183	1,559	2,757	1,169	1,267	1,460	1,408	1,029	-277	1,448	1,826	1,832	1,545	1,737
Net margin	2.44%	2.69%	3.43%	6.09%	2.56%	2.73%	3%	2.87%	2.01%	-0.48%	2.48%	3.09%	3%	2.58%	2.85%
EPS ²	3.390	3.680	4.900	8.970	3.830	4.240	4.920	4.740	3.490	-0.9700	5.256	6.552	6.679	5.508	6.308
Dividend per Share ²	1.000	1.120	1.120	1.120	1.120	1.230	1.230	1.230	1.230	1.400	1.375	1.375	1.375	1.440	1.440
Announcement Date	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	5/2/24	-	-	-	-	-

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	22,808	19,263	14,946
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.049 x	2.054 x	2.571 x	2.184 x	1.929 x	1.725 x	1.339 x	0.9655 x
Free Cash Flow ¹	8,435	9,256	6,037	7,361	10,240	11,026	11,132	11,734
ROE (net income / shareholders' equity)	15%	14.2%	14.3%	15.8%	16.4%	18.6%	20.3%	19%
ROA (Net income/ Total Assets)	3.33%	5.44%	4.5%	4.88%	5.02%	4.46%	4.89%	4.91%
Assets ¹	153,227	155,612	119,267	136,779	102,838	119,126	146,708	159,488
Book Value Per Share ²	122.0	142.0	146.0	150.0	158.0	149.0	165.0	206.0
Cash Flow per Share ²	25.00	28.10	21.10	27.60	39.80	35.30	42.30	-
Capex ¹	1,050	1,094	1,154	1,295	1,573	1,475	1,607	1,725
Capex / Sales	0.75%	0.68%	0.66%	0.72%	0.81%	0.63%	0.65%	0.66%
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

338.7 USD

Average target price

392.8 USD

Spread / Average Target

+15.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Managed Healthcare

	1st Jan change	Capi.
CIGNA	+13.11%	96.22B
UNITEDHEALTH GROUP INC.	-0.35%	483B
ELEVANCE HEALTH, INC.	+16.15%	127B
HUMANA INC.	-22.19%	42.92B
CENTENE CORPORATION	+5.19%	41.66B
MOLINA HEALTHCARE, INC.	-3.79%	20.37B
ALIGNMENT HEALTHCARE, INC.	-15.68%	1.39B
CLOVER HEALTH INVESTMENTS, CORP.	-6.52%	441M

Other Managed Healthcare