CI Workbook
CI Workbook
CI Workbook
Recommedation Summary
Porfolio Global With a price target of $360.11 per share, I am recommending
Date of Pitch 6/7/2024 Hold
Analyst Pravahlika Chava
Coverage Type Update
Buy/Hold/Sell Hold
Update Frequency
Next Earnings Date (Q2) 8/1/2024
Price Target
6/7/2025 385.42 Price Target
6/7/2026 412.50 $600.00
6/7/2027 441.49
6/7/2028 472.52 $500.00
6/7/2029 505.72
$400.00
$300.00
$200.00
$100.00
mary $0.00
er share, I am recommending a 1/1/25 1/1/26 1/1/27 1/1/28 1/1/29
Valuation
Selling, general and administrative expenses 14,053 14,072 13,012 13,174 14,822 15,710 16,374 18,036 18,507 19,109 % of Revenue 7.50 % 7.30 % 7.50 % 7.20 % 7.00 %
Amortization of acquired intangible assets 2,949 1,982 1,998 1,876 1,819 2,304 2,467 2,645 2,828 3,003 % of Revenue 1.10 % 1.10 % 1.10 % 1.10 % 1.10 %
Operating costs 17,002 16,054 15,010 15,050 16,641 17,805 17,944 20,441 19,279 20,474 % of Revenue 8.50 % 8.00 % 8.50 % 7.50 % 7.50 %
TOTAL BENEFITS AND EXPENSES 145,489 152,248 166,128 172,068 186,729 205,697 219,810 236,151 252,678 268,625
Income from operations 8,077 8,153 7,941 8,450 8,536 3,770 4,486 4,329 4,370 4,368
EBIT 8,252 12,306 7,998 9,625 6,959 3,561 4,262 4,088 4,113 4,095
Interest expense and other (1,682) (1,438) (1,208) (1,228) (1,446) (1,676) (1,794) (1,924) (2,056) (2,184) % of Revenue (0.80)% (0.80)% (0.80)% (0.80)% (0.80)%
Debt extinguishment costs (2) (199) (141) - -
(Loss) gain on sale of businesses - 4,203 - 1,662 (1,499)
Net realized investment (losses) gains 177 149 198 (487) (78) (209) (224) (240) (257) (273) % of Revenue (0.10)% (0.10)% (0.10)% (0.10)% (0.10)%
Income before income taxes 6,570 10,868 6,790 8,397 5,513 1,885 2,467 2,164 2,056 1,911
Effective tax rate 22.1 % 21.9 % 20.2 % 19.2 % 2.6 % 20.7 % 20.9 % 21.0 % 21.0 % 21.0 %
TOTAL INCOME TAXES 1,450 2,379 1,370 1,615 141 390 516 455 432 401
Net income 5,120 8,489 5,420 6,782 5,372 1,495 1,952 1,710 1,625 1,510
Less: Net income attributable to noncontrolling inter 16 31 50 78 208 209 224 240 257 273 % of Revenue 0.10 % 0.10 % 0.10 % 0.10 % 0.10 %
SHAREHOLDERS' NET INCOME 5,104 8,458 5,370 6,704 5,164 1,285 1,727 1,469 1,367 1,237
Shareholders' net income per share
Basic (in dollars per share) 14 23 16 22 18
Diluted (in dollars per share) 13 23 16 21 17 5.05 6.60 5.79 5.52 5.14
Shares Outstanding(diluted) 380 368 341 313 297 296 296 295 295 294 % Growth (0.20)% (0.20)% (0.20)% (0.20)% (0.20)%
Balance Sheet:
Cash and cash equivalents 4,619 10,182 5,081 5,924 7,822 7,352 6,987 7,407 6,817 7,338 % Total Current Assets 18.00 % 17.80 % 17.50 % 17.00 % 16.80 %
Total current assets 29,845 27,799 36,134 30,122 37,351 40,846 39,252 42,324 40,099 43,679 % of Revenue 19.50 % 17.50 % 17.60 % 15.60 % 16.00 %
Short-term debt 5,514 3,374 2,545 2,993 2,775 3,276 3,508 3,761 4,020 4,270 % Total Current Liabilities 6.80 % 6.80 % 6.80 % 6.80 % 6.80 %
Total current liabilities 40,138 36,022 43,572 41,225 48,716 48,177 51,588 55,310 59,121 62,788 % of Revenue 23.00 % 23.00 % 23.00 % 23.00 % 23.00 %
Statement of Cashflows:
Depreciation and amortization 3,651 2,802 5,420 6,782 5,372 6,703 7,177 7,695 8,226 8,736 % of Revenue 3.20 % 3.20 % 3.20 % 3.20 % 3.20 %
Property and equipment purchases, net (1,050) (1,094) (1,154) (1,295) (1,573) (1,466) (1,346) (1,683) (1,799) (1,911) % of Revenue (0.70)% (0.60)% (0.70)% (0.70)% (0.70)%
Acquisitions, net of cash acquired (153) (139) (1,833) - (447) (838) (897) (962) (1,028) (1,092) % of Revenue (0.40)% (0.40)% (0.40)% (0.40)% (0.40)%
DCF
FCFF:
Sales 153,566 160,401 174,069 180,518 195,265 209,467 224,296 240,479 257,047 272,993
EBIT 8,252 12,306 7,998 9,625 6,959 3,561 4,262 4,088 4,113 4,095
EBITDA 11,903 15,108 13,418 16,407 12,331 10,264 11,439 11,783 12,338 12,831
Non-Cash Working Capital (9,398) (15,031) (9,974) (14,034) (16,412) (11,408) (15,815) (16,632) (21,818) (22,178)
Δ Non-Cash Working Capital #REF! (5,633) 5,057 (4,060) (2,378) 5,004 (4,408) (816) (5,187) (360)
Cash From Operations #REF! 18,258 6,823 20,221 13,268 4,522 14,956 11,741 16,661 12,330
Capital Expenditures (1050) (1094) (1154) (1295) (1573) (1466) (1346) (1683) (1799) (1911)
Unlevered Free Cash Flow (FCFF) #REF! 17,164 5,669 18,926 11,695 3,056 13,610 10,058 14,862 10,419
PV of FCFF 2,914 12,180 8,448 11,716 7,709
Growth Rate (73.9)% 345.4 % (26.1)% 47.8 % (29.9)%
Additional Information
HUM CNC CAH 0 0 0 0
0.50 0.41 0.71
83.7 % 66.5 % N/A
12.1 % 10.4 % N/A
4.9 % 3.7 % 2.9 %
43.50 37.19 23.86
MoS Weight
(69.88)% 30.0 %
31.27 %
48.54 %
(153.37)%
21.60 % 70.0 %
52.56 %
(100.00)%
(5.84)% 100.0 %
CI
The Cigna Group
Historical
x Income Statement:
Statement of Cashflows
Balance Sheet:
x
3-Year Calculations
2022A 2023A Mean Median Slope
128,566 137,243
5.9 % 6.7 % 8.4 % 6.7 % 7,915.00
7.6 % 7.4 % 7.9 % 7.6 % (0.01)
39,916 44,237
(3.0)% 10.8 % 1.5 % (3.0)% 1,541.50
0.2 % 2.7 % 1.6 % 1.8 % 0.00
10,881 12,619
9.3 % 16.0 % 13.0 % 13.6 % 1,333.00
5.1 % 7.7 % 5.3 % 5.1 % 0.02
1,155 1,166
(25.4)% 1.0 % 0.0 % 1.0 % (191.50)
(6.0)% (4.3)% (1.6)% (4.3)% (0.05)
180,518 195,265
3.7 % 8.2 % 6.8 % 8.2 % 10,598.00
5.5 % 6.2 % 6.1 % 6.2 % (0.00)
124,834 133,801
69.2 % 68.5 % 68.4 % 68.5 % 0.00
6.2 % 7.2 % 9.0 % 7.2 % (0.03)
8.5 % 8.2 %
32,184 36,287
17.8 % 18.6 % 18.6 % 18.6 % (0.00)
(4.1)% 12.7 % 3.7 % 2.6 % 0.05
1.5 % 4.2 %
8,397 5,513
4.7 % 2.8 % 3.8 % 3.9 % (0.01)
100.0 % 100.0 % 100.0 % 100.0 % -
23.7 % (34.3)% (16.1)% (34.3)% 0.02
8.5 % (4.3)%
23,500 25,177
13.0 % 12.9 % 13.0 % 13.0 % (0.00)
279.9 % 456.7 % 358.2 % 338.0 % 0.59
2.4 % 7.1 % 1.4 % 2.4 % 0.06
(2.1)% 0.1 %
13,174 14,822
7.3 % 7.6 % 7.5 % 7.5 % 0.00
156.9 % 268.9 % 205.8 % 191.6 % 0.39
1.2 % 12.5 % 2.1 % 1.2 % 0.10
(2.1)% 1.3 %
1,876 1,819
1.0 % 0.9 % 1.0 % 1.0 % (0.00)
22.3 % 33.0 % 28.3 % 29.4 % 0.02
(6.1)% (3.0)% (2.8)% (3.0)% (0.02)
(14.0)% (11.4)%
15,050 16,641
8.3 % 8.5 % 8.5 % 8.5 % (0.00)
179.2 % 301.9 % 234.0 % 221.1 % 0.40
0.3 % 10.6 % 1.4 % 0.3 % 0.09
(4.0)% (0.5)%
172,068 186,729
95.3 % 95.6 % 95.5 % 95.4 % 0.00
2049.2 % 3387.1 % 2627.6 % 2446.7 % 4.70
3.6 % 8.5 % 7.1 % 8.5 % (0.00)
5.8 % 6.4 %
8,450 8,536
4.7 % 4.4 % 4.5 % 4.6 % (0.00)
100.6 % 154.8 % 124.1 % 117.0 % 0.19
6.4 % 1.0 % 1.6 % 1.0 % 0.02
1.5 % 1.4 %
(1,228) (1,446)
(0.7)% (0.7)% (0.7)% (0.7)% (0.00)
(14.6)% (26.2)% (19.5)% (17.8)% (0.04)
Negative Negative #DIV/0! #VALUE! #VALUE!
(10.0)% (3.7)%
9,625 6,959
5.3 % 3.6 % 4.5 % 4.6 % (0.01)
114.6 % 126.2 % 119.5 % 117.8 % 0.04
20.3 % (27.7)% (14.1)% (27.7)% 0.04
5.3 % (4.2)%
(487) (78)
(0.3)% (0.0)% (0.1)% (0.0)% (0.00)
(5.8)% (1.4)% (1.4)% (1.4)% (0.02)
Negative Negative 32.9 % 32.9 % #DIV/0!
Negative Negative
1,615 141
0.9 % 0.1 % 0.6 % 0.8 % (0.00)
19.2 % 2.6 % 14.0 % 19.2 % (0.09)
17.9 % (91.3)% (38.6)% (42.4)% (0.24)
3.7 % (44.2)%
6,782 5,372
3.8 % 2.8 % 3.2 % 3.1 % (0.00)
80.8 % 97.4 % 86.0 % 80.8 % 0.09
25.1 % (20.8)% (10.6)% (20.8)% 0.08
9.8 % 1.2 %
78 208
0.0 % 0.1 % 0.1 % 0.0 % 0.00
0.9 % 3.8 % 1.8 % 0.9 % 0.02
56.0 % 166.7 % 94.7 % 61.3 % 0.53
69.6 % 89.9 %
6,704 5,164
3.7 % 2.6 % 3.1 % 3.1 % (0.00)
79.8 % 93.7 % 84.2 % 79.8 % 0.07
24.8 % (23.0)% (11.5)% (23.0)% 0.07
9.5 % 0.3 %
6,782 5,372
3.8 % 2.8 % 3.2 % 3.1 % (0.00)
(523.7)% (341.5)% (445.0)% (469.7)% 0.64
25.1 % (20.8)% 32.6 % 25.1 % (0.57)
22.9 % 10.1 %
(1,295) (1,573)
(0.7)% (0.8)% (0.7)% (0.7)% (0.00)
12.2 % 21.5 % 13.1 % 12.2 % 0.08
7.2 % 10.6 %
- (447)
0.0 % (0.2)% (0.4)% (0.2)% 0.00
(100.0)% #DIV/0! #DIV/0! #DIV/0! #DIV/0!
(100.0)% 30.7 %
30,122 37,351
16.7 % 19.1 % 18.9 % 19.1 % (0.01)
(16.6)% 24.0 % 12.4 % 24.0 % (0.03)
0.3 % 5.8 %
5,924 7,822
3.3 % 4.0 % 3.4 % 3.3 % 0.01
19.7 % 20.9 % 18.2 % 19.7 % 0.03
16.6 % 32.0 % (0.5)% 16.6 % 0.41
8.6 % 14.1 %
41,225 48,716
22.8 % 24.9 % 24.3 % 24.9 % (0.00)
(5.4)% 18.2 % 11.2 % 18.2 % (0.01)
0.9 % 5.0 %
2,993 2,775
1.7 % 1.4 % 1.5 % 1.5 % (0.00)
7.3 % 5.7 % 6.3 % 5.8 % (0.00)
17.6 % (7.3)% (4.8)% (7.3)% 0.09
(18.4)% (15.8)%
CI
The Cigna Group
# of Years Discounted 0.75 1.75
Period Ending: 2019A 2020A 2021A 2022A 2023A 2024E 2025E
Segments Growth Rates
TOTAL REVENUES 153,566 160,401 174,069 180,518 195,265 209,467 224,296
Evernorth Healthcare Services 109,794 116,334 131,912 140,335 153,499 165,011 176,562
Cigna Healthcare 39,133 41,265 44,643 44,911 51,148 54,217 58,012
Other Operations 8,215 8,446 3,989 2,263 596 597 597
2.75 3.75 4.75 Underlying Assumptions
2026E 2027E 2028E Growth Stage 1 Stage 2 Stage 3 Stage 4
8.2 % #VALUE!
3.9 % (0.01)
#VALUE! #VALUE!
(34.3)% 0.02
77.7 % 0.01
1942.7 % 4.21
9.4 % (0.02)
25.6 % 0.00
657.5 % 1.35
8.2 % 0.03
1.3 % (0.01)
27.0 % (0.24)
(52.8)% (0.10)
CI
The Cigna Group
DuPont
DuPont Analysis
Period Ending 2019A 2020A 2021A 2022A 2023A
NOPAT Margin 4.2 % 6.0 % 3.7 % 4.3 % 3.5 %
Asset Turnover 1.0 x 1.1 x 1.2 x 1.3 x
Return on Assets 0.0 % 6.2 % 4.1 % 5.2 % 4.6 %
Debt Burden 0.8 x 0.9 x 0.8 x 0.9 x 0.8 x
NOPAT Margin 4.2 % 6.0 % 3.7 % 4.3 % 3.5 %
Asset Turnover 0.0 x 1.0 x 1.1 x 1.2 x 1.3 x
Leverage Ratio 3.1 x 3.3 x 3.3 x 3.2 x
Return on Equity 0.0 % 16.9 % 11.5 % 15.2 % 11.6 %
NOPAT 6,431 9,612 6,384 7,774 6,781
Average Total Capitalization 38,619 39,937 39,128 36,394 37,200
Return on Capital 16.7 % 24.1 % 16.3 % 21.4 % 18.2 %
Profitability Ratios
Period Ending 2019A 2020A 2021A 2022A 2023A
Gross Margin 16.3 % 15.1 % 13.2 % 13.0 % 12.9 %
Operating Margin 5.3 % 5.1 % 4.6 % 4.7 % 4.4 %
Profit Margin 3.3 % 5.3 % 3.1 % 3.8 % 2.8 %
Operating Costs to Sales 11.1 % 10.0 % 8.6 % 8.3 % 8.5 %
Effective Tax Rate 22.1 % 21.9 % 20.2 % 19.2 % 2.6 %
Leverage Ratios
Period Ending 2019A 2020A 2021A 2022A 2023A
Debt to Total Assets 0.7 x 0.7 x 0.7 x 0.7 x 0.7 x
Total Debt to Equity 0.8 x 0.7 x 0.7 x 0.7 x 0.7 x
LT Debt to Equity 0.7 x 0.6 x 0.7 x 0.6 x 0.6 x
Times Interest Earned (TIE) (4.8)x (5.7)x (6.6)x (6.9)x (5.9)x
Degree of Operating Leverage 14.8 x (4.2)x 6.8 x (2.5)x
Liquidity Ratios
Period Ending 2019A 2020A 2021A 2022A 2023A
Current Ratio 0.7 x 0.8 x 0.8 x 0.7 x 0.7 x
Acid Test/Quick Ratio 0.7 x 0.7 x 0.7 x 0.6 x 0.6 x
Net Working Capital to Sales (0.1)x (0.1)x (0.0)x (0.1)x (0.1)x
Payout Ratio 99.0 % 99.1 % 99.1 % 98.8 % 99.0 %
Plowback/Retention Ratio 1.0 % 0.9 % 0.9 % 1.2 % 1.0 %
Sustainable Growth Rate 0.0 % 0.2 % 0.1 % 0.2 % 0.1 %
EVA 0.0015 0.0010 0.0018 0.0012
Accounts Receivable Turnover 14.0 x 12.8 x 11.2 x 11.2 x
Average Daily Sales 420.7 x 439.5 x 476.9 x 494.6 x 535.0 x
Days' Sales Outstanding (DSO) 26.6 x 29.8 x 33.2 x 33.9 x
Inventory Turnover 55.1 x 50.6 x 42.5 x 37.5 x
Days' Inventory Outstanding (DIO) #DIV/0! 6.6 x 7.2 x 8.6 x 9.7 x
Accounts Payable Turnover 6.2 x 5.5 x 4.5 x 4.4 x
Days' Payable Outstanding (DPO) #DIV/0! 59.0 x 66.0 x 81.8 x 82.1 x
Cash Conversion Cycle #DIV/0! (25.70) (29.00) (40.00) (38.44)
(EBIT*(1-effective tax rate))/Sales
Sales/Average Total Assets
Gross Profit/Sales
Operating Income/Sales
Net Income/ Sales
Operating Costs/Sales
Provision for Income Tax/EBT
$ 7,822
925
17,722
5,645
2,169
3,068
37,351
17,985
4,835
0
3,695
44,259
30,863
3,421
7,430
2,922
152,761
5,514
19,815
8,553
9,955
2,775
2,104
48,716
10,904
7,173
3,441
28,155
7,430
591
106,410
107
4
30,669
(1,864)
41,652
(24,238)
46,223
21
46,244
$ 152,761
CI
The Cigna Group
Statement of Cash Flows
CI Index CI
Date Adj Close Change Adj Close Change Date Adj Close Change
6/1/2019 149 270.3682 5/20/2019 141.23718
7/1/2019 161 7.9 % 275.7909 2.0 % 5/27/2019 139.85773 (1.0)%
8/1/2019 145 (9.4)% 271.1732 (1.7)% 6/3/2019 148.78662 6.4 %
9/1/2019 143 (1.4)% 275.1789 1.5 % 6/10/2019 149.67479 0.6 %
10/1/2019 169 17.6 % 282.5605 2.7 % 6/17/2019 152.26367 1.7 %
11/1/2019 189 12.0 % 292.7888 3.6 % 6/24/2019 148.86223 (2.2)%
12/1/2019 193 2.3 % 299.8218 2.4 % 7/1/2019 154.42738 3.7 %
1/1/2020 182 (5.9)% 301.1742 0.5 % 7/8/2019 169.32781 9.6 %
2/1/2020 173 (4.9)% 277.3315 (7.9)% 7/15/2019 164.11218 (3.1)%
3/1/2020 167 (3.1)% 241.282 (13.0)% 7/22/2019 158.07457 (3.7)%
4/1/2020 185 10.5 % 273.5197 13.4 % 7/29/2019 155.50456 (1.6)%
5/1/2020 186 0.8 % 286.5516 4.8 % 8/5/2019 160.53116 3.2 %
6/1/2020 177 (4.9)% 290.3558 1.3 % 8/12/2019 152.34874 (5.1)%
7/1/2020 163 (8.0)% 308.8084 6.4 % 8/19/2019 144.84657 (4.9)%
8/1/2020 168 2.7 % 330.3623 7.0 % 8/26/2019 145.47963 0.4 %
9/1/2020 160 (4.5)% 316.7244 (4.1)% 9/2/2019 145.319 (0.1)%
10/1/2020 158 (1.4)% 310.0636 (2.1)% 9/9/2019 151.98021 4.6 %
11/1/2020 198 25.3 % 343.7914 10.9 % 9/16/2019 152.48102 0.3 %
12/1/2020 197 (0.5)% 355.015 3.3 % 9/23/2019 141.23718 (7.4)%
1/1/2021 205 4.3 % 352.8951 (0.6)% 9/30/2019 142.42773 0.8 %
2/1/2021 198 (3.3)% 362.7075 2.8 % 10/7/2019 143.99619 1.1 %
3/1/2021 228 15.2 % 377.9363 4.2 % 10/14/2019 157.67773 9.5 %
4/1/2021 236 3.4 % 399.2364 5.6 % 10/21/2019 162.03351 2.8 %
5/1/2021 246 4.0 % 401.8578 0.7 % 10/28/2019 169.61127 4.7 %
6/1/2021 225 (8.4)% 409.5307 1.9 % 11/4/2019 177.82205 4.8 %
7/1/2021 219 (2.8)% 420.9009 2.8 % 11/11/2019 185.20139 4.1 %
8/1/2021 202 (7.8)% 433.4268 3.0 % 11/18/2019 190.71939 3.0 %
9/1/2021 191 (5.4)% 411.9071 (5.0)% 11/25/2019 188.89577 (1.0)%
10/1/2021 204 7.2 % 442.2202 7.4 % 12/2/2019 187.96037 (0.5)%
11/1/2021 184 (10.2)% 438.6671 (0.8)% 12/9/2019 179.39995 (4.6)%
12/1/2021 220 19.7 % 457.3476 4.3 % 12/16/2019 193.30829 7.8 %
1/1/2022 222 0.9 % 434.7486 (4.9)% 12/23/2019 192.75082 (0.3)%
2/1/2022 229 3.2 % 421.9161 (3.0)% 12/30/2019 191.97601 (0.4)%
3/1/2022 231 0.8 % 436.4203 3.4 % 1/6/2020 198.68451 3.5 %
4/1/2022 239 3.5 % 399.3529 (8.5)% 1/13/2020 200.80098 1.1 %
5/1/2022 259 8.7 % 400.2543 0.2 % 1/20/2020 194.64996 (3.1)%
6/1/2022 255 (1.8)% 365.6696 (8.6)% 1/27/2020 181.77156 (6.6)%
7/1/2022 267 4.9 % 401.0683 9.7 % 2/3/2020 197.39951 8.6 %
8/1/2022 275 2.9 % 384.7039 (4.1)% 2/10/2020 208.18977 5.5 %
9/1/2022 269 (2.1)% 347.7112 (9.6)% 2/17/2020 205.21347 (1.4)%
10/1/2022 315 16.9 % 377.5161 8.6 % 2/24/2020 172.85211 (15.8)%
11/1/2022 321 1.8 % 398.5028 5.6 % 3/2/2020 184.73842 6.9 %
12/1/2022 323 0.7 % 373.8212 (6.2)% 3/9/2020 169.95139 (8.0)%
1/1/2023 310 (4.1)% 399.1544 6.8 % 3/16/2020 134.28218 (21.0)%
2/1/2023 286 (7.8)% 389.1185 (2.5)% 3/23/2020 152.42714 13.5 %
3/1/2023 250 (12.5)% 402.0119 3.3 % 3/30/2020 154.83704 1.6 %
4/1/2023 249 (0.5)% 409.9928 2.0 % 4/6/2020 171.83847 11.0 %
5/1/2023 243 (2.3)% 411.8854 0.5 % 4/13/2020 183.4626 6.8 %
6/1/2023 276 13.4 % 436.9524 6.1 % 4/20/2020 177.85844 (3.1)%
7/1/2023 291 5.7 % 452.9315 3.7 % 4/27/2020 176.80943 (0.6)%
8/1/2023 273 (6.4)% 445.5705 (1.6)% 5/4/2020 178.86969 1.2 %
9/1/2023 282 3.6 % 422.9432 (5.1)% 5/11/2020 179.70129 0.5 %
10/1/2023 306 8.6 % 415.2212 (1.8)% 5/18/2020 178.6145 (0.6)%
11/1/2023 261 (15.0)% 453.1491 9.1 % 5/25/2020 186.47731 4.4 %
12/1/2023 297 13.9 % 471.9244 4.1 % 6/1/2020 197.9691 6.2 %
1/1/2024 300 1.0 % 481.3843 2.0 % 6/8/2020 179.57845 (9.3)%
2/1/2024 335 11.7 % 506.5063 5.2 % 6/15/2020 180.88261 0.7 %
3/1/2024 362 8.0 % 521.4498 3.0 % 6/22/2020 174.89098 (3.3)%
4/1/2024 357 (1.3)% 501.98 (3.7)% 6/29/2020 180.02261 2.9 %
5/1/2024 333 (6.6)% 530.06 5.6 % 7/6/2020 165.8941 (7.8)%
5/20/2024 333 0.0 % 530.525 0.1 % 7/13/2020 169.92947 2.4 %
7/20/2020 171.07301 0.7 %
7/27/2020 163.20071 (4.6)%
8/3/2020 168.3985 3.2 %
8/10/2020 173.32219 2.9 %
8/17/2020 168.50243 (2.8)%
8/24/2020 171.19583 1.6 %
8/31/2020 168.79544 (1.4)%
9/7/2020 160.05371 (5.2)%
9/14/2020 158.69278 (0.9)%
9/21/2020 153.52342 (3.3)%
9/28/2020 158.04071 2.9 %
10/5/2020 166.7068 5.5 %
10/12/2020 168.12444 0.9 %
10/19/2020 174.35233 3.7 %
10/26/2020 157.79501 (9.5)%
11/2/2020 190.39926 20.7 %
11/9/2020 207.61807 9.0 %
11/16/2020 193.56522 (6.8)%
11/23/2020 200.82317 3.7 %
11/30/2020 205.69017 2.4 %
12/7/2020 197.84625 (3.8)%
12/14/2020 186.2505 (5.9)%
12/21/2020 187.90431 0.9 %
12/28/2020 196.74056 4.7 %
1/4/2021 208.66708 6.1 %
1/11/2021 206.87148 (0.9)%
1/18/2021 211.1431 2.1 %
1/25/2021 205.12314 (2.9)%
2/1/2021 192.25156 (6.3)%
2/8/2021 195.55924 1.7 %
2/15/2021 193.03598 (1.3)%
2/22/2021 198.36601 2.8 %
3/1/2021 217.94746 9.9 %
3/8/2021 230.08192 5.6 %
3/15/2021 230.87177 0.3 %
3/22/2021 231.36528 0.2 %
3/29/2021 229.51457 (0.8)%
4/5/2021 233.56712 1.8 %
4/12/2021 239.70766 2.6 %
4/19/2021 238.97687 (0.3)%
4/26/2021 236.32892 (1.1)%
5/3/2021 247.87917 4.9 %
5/10/2021 250.09998 0.9 %
5/17/2021 248.88518 (0.5)%
5/24/2021 245.66783 (1.3)%
5/31/2021 240.05879 (2.3)%
6/7/2021 229.53354 (4.4)%
6/14/2021 221.03055 (3.7)%
6/21/2021 225.91864 2.2 %
6/28/2021 226.80478 0.4 %
7/5/2021 223.82236 (1.3)%
7/12/2021 222.80286 (0.5)%
7/19/2021 221.89764 (0.4)%
7/26/2021 218.66753 (1.5)%
8/2/2021 199.42964 (8.8)%
8/9/2021 200.67787 0.6 %
8/16/2021 197.74313 (1.5)%
8/23/2021 200.74455 1.5 %
8/30/2021 206.69031 3.0 %
9/6/2021 195.03706 (5.6)%
9/13/2021 196.8306 0.9 %
9/20/2021 195.17453 (0.8)%
9/27/2021 193.93967 (0.6)%
10/4/2021 196.40938 1.3 %
10/11/2021 197.37621 0.5 %
10/18/2021 207.14978 5.0 %
10/25/2021 204.47905 (1.3)%
11/1/2021 204.96726 0.2 %
11/8/2021 208.42293 1.7 %
11/15/2021 201.51157 (3.3)%
11/22/2021 193.39404 (4.0)%
11/29/2021 191.31682 (1.1)%
12/6/2021 205.7522 7.5 %
12/13/2021 211.28934 2.7 %
12/20/2021 217.32152 2.9 %
12/27/2021 220.91963 1.7 %
1/3/2022 224.33495 1.5 %
1/10/2022 232.98395 3.9 %
1/17/2022 227.2885 (2.4)%
1/24/2022 224.59473 (1.2)%
1/31/2022 212.97296 (5.2)%
2/7/2022 218.87042 2.8 %
2/14/2022 219.97681 0.5 %
2/21/2022 224.00784 1.8 %
2/28/2022 232.46448 3.8 %
3/7/2022 218.2547 (6.1)%
3/14/2022 233.10994 6.8 %
3/21/2022 235.44914 1.0 %
3/28/2022 238.03005 1.1 %
4/4/2022 249.29112 4.7 %
4/11/2022 250.55742 0.5 %
4/18/2022 246.54594 (1.6)%
4/25/2022 238.54234 (3.2)%
5/2/2022 257.99072 8.2 %
5/9/2022 250.53809 (2.9)%
5/16/2022 250.82806 0.1 %
5/23/2022 263.30716 5.0 %
5/30/2022 245.49234 (6.8)%
6/6/2022 244.83502 (0.3)%
6/13/2022 237.38702 (3.0)%
6/20/2022 257.39581 8.4 %
6/27/2022 260.21121 1.1 %
7/4/2022 271.04565 4.2 %
7/11/2022 266.11383 (1.8)%
7/18/2022 261.34711 (1.8)%
7/25/2022 267.32739 2.3 %
8/1/2022 273.55032 2.3 %
8/8/2022 282.4335 3.2 %
8/15/2022 284.43338 0.7 %
8/22/2022 276.55997 (2.8)%
8/29/2022 279.3074 1.0 %
9/5/2022 284.29746 1.8 %
9/12/2022 282.98172 (0.5)%
9/19/2022 270.72095 (4.3)%
9/26/2022 270.42859 (0.1)%
10/3/2022 281.06171 3.9 %
10/10/2022 287.80612 2.4 %
10/17/2022 293.69287 2.0 %
10/24/2022 316.51856 7.8 %
10/31/2022 313.95526 (0.8)%
11/7/2022 296.10996 (5.7)%
11/14/2022 311.10931 5.1 %
11/21/2022 315.68033 1.5 %
11/28/2022 318.89661 1.0 %
12/5/2022 323.69174 1.5 %
12/12/2022 320.07996 (1.1)%
12/19/2022 326.94528 2.1 %
12/26/2022 324.04071 (0.9)%
1/2/2023 296.01205 (8.6)%
1/9/2023 307.28806 3.8 %
1/16/2023 301.56693 (1.9)%
1/23/2023 301.50827 (0.0)%
1/30/2023 286.14435 (5.1)%
2/6/2023 289.978 1.3 %
2/13/2023 294.42777 1.5 %
2/20/2023 287.25928 (2.4)%
2/27/2023 280.64819 (2.3)%
3/6/2023 269.56775 (3.9)%
3/13/2023 264.64252 (1.8)%
3/20/2023 255.56737 (3.4)%
3/27/2023 250.97087 (1.8)%
4/3/2023 260.55673 3.8 %
4/10/2023 254.47719 (2.3)%
4/17/2023 247.62172 (2.7)%
4/24/2023 248.77083 0.5 %
5/1/2023 256.08789 2.9 %
5/8/2023 251.99234 (1.6)%
5/15/2023 250.57802 (0.6)%
5/22/2023 239.74481 (4.3)%
5/29/2023 252.44411 5.3 %
6/5/2023 261.13623 3.4 %
6/12/2023 265.27542 1.6 %
6/19/2023 271.21585 2.2 %
6/26/2023 276.88986 2.1 %
7/3/2023 273.45584 (1.2)%
7/10/2023 279.02127 2.0 %
7/17/2023 289.88568 3.9 %
7/24/2023 288.23776 (0.6)%
7/31/2023 282.79074 (1.9)%
8/7/2023 285.68201 1.0 %
8/14/2023 272.36054 (4.7)%
8/21/2023 275.53793 1.2 %
8/28/2023 273.01181 (0.9)%
9/4/2023 277.75821 1.7 %
9/11/2023 280.72321 1.1 %
9/18/2023 286.88837 2.2 %
9/25/2023 283.5481 (1.2)%
10/2/2023 285.68903 0.8 %
10/9/2023 302.40039 5.8 %
10/16/2023 304.0755 0.6 %
10/23/2023 300.56671 (1.2)%
10/30/2023 307.91138 2.4 %
11/6/2023 290.62512 (5.6)%
11/13/2023 280.06903 (3.6)%
11/20/2023 285.31238 1.9 %
11/27/2023 266.64838 (6.5)%
12/4/2023 256.51846 (3.8)%
12/11/2023 289.29245 12.8 %
12/18/2023 296.85089 2.6 %
12/25/2023 298.20526 0.5 %
1/1/2024 312.28647 4.7 %
1/8/2024 303.74216 (2.7)%
1/15/2024 300.80441 (1.0)%
1/22/2024 296.58203 (1.4)%
1/29/2024 322.49387 8.7 %
2/5/2024 333.53778 3.4 %
2/12/2024 339.67215 1.8 %
2/19/2024 342.80905 0.9 %
2/26/2024 331.57596 (3.3)%
3/4/2024 340.36926 2.7 %
3/11/2024 352.04999 3.4 %
3/18/2024 351.78 (0.1)%
3/25/2024 363.19 3.2 %
4/1/2024 362.45001 (0.2)%
4/8/2024 349.84 (3.5)%
4/15/2024 352.39002 0.7 %
4/22/2024 354.47 0.6 %
4/29/2024 341.5 (3.7)%
5/6/2024 348.39002 2.0 %
5/13/2024 338.70999 (2.8)%
5/20/2024 333.37 (1.6)%
y Data (5 Years) Daily Data (5 Years)
# of Years Discounted
Period Ending: 2019A 2020A 2021A 2022A 2023A
Book Value of Equity $ 45,338.00 $ 50,321.00 $ 47,112.00 $ 44,675.00 $ 46,223.00
Return on Equity 11.3 % 16.9 % 11.5 % 15.2 % 11.6 %
Net Income $ 5,120.00 $ 8,489.00 $ 5,420.00 $ 6,782.00 $ 5,372.00
Dividend Payout Ratio 0.3 % 0.2 % 25.2 % 20.7 % 27.2 %
Dividends Paid 15 15 1,364 1,403 1,461
Retained Earnings 5,105 8,474 4,056 5,379 3,911
Equity Cost 3,186 3,536 3,311 3,139 3,248
Excess Returns 1,934 4,953 2,109 3,643 2,124
PV of Excess Return
Assumptions
Terminal Growth Rate 3.0 %
Cost of Equity 7.0 %
Residual Income
Book Value of Equity 46,223
∑ of PV of Excess Return (8,461)
PV of Terminal Value (41,956)
Equity Value (4,194)
Shares Outstanding 297
Intrinsic Value Per Share (14.13)
0.75 1.75 2.75 3.75 4.75
2024E 2025E 2026E 2027E 2028E
$ 50,134.34 51,279 52,773 54,082 55,325
3.0 % 3.8 % 3.2 % 3.0 % 2.7 %
$ 1,494.97 1,952 1,710 1,625 1,510
23.5 % 23.5 % 23.5 % 23.5 % 23.5 %
351 458 401 381 354
1,144 1,494 1,309 1,244 1,156
3,523 3,603 3,708 3,800 3,888
(2,028) (1,652) (1,999) (2,176) (2,378)
(1,927) (1,467) (1,658) (1,687) (1,722)
CI
The Cigna Group
DDM & GGM
5.05
7.0 %
337.90
5.5 %
CI
The Cigna Group
CI Fama-French Factors
Date Adj Close Change Excess Return Mkt-RF SMB HML RMW CMA RF
0.0 % 0.0 %
Fama-French 3 Factor Fama-French 5 Factor
Risk Free Rate 0.0 % Risk Free Rate 0.0 %
Mrkt-RF Beta - Mrkt-RF Beta -
Mrkt Risk Premium 0.0 % Mrkt Risk Premium 0.0 %
SMB Beta - SMB Beta -
SMB Risk Premium 0.0 % SMB Risk Premium 0.0 %
HML Beta - HML Beta -
HML Risk Premium 0.0 % HML Risk Premium 0.0 %
Cost of Equity 0.0 % RMW Beta -
RMW Risk Premium 0.0 %
CMA Beta -
CMA Risk Premium 0.0 %
Cost of Equity 0.0 %