Intrinsic value of Humana - HUM

Previous Close

$253.64

  Intrinsic Value

$159.37

stock screener

  Rating & Target

sell

-37%

Previous close

$253.64

 
Intrinsic value

$159.37

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of HUM stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 36.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  0.17
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  55,467
  56,742
  58,201
  59,838
  61,652
  63,642
  65,810
  68,156
  70,684
  73,396
  76,298
  79,395
  82,692
  86,196
  89,914
  93,855
  98,026
  102,436
  107,097
  112,018
  117,210
  122,686
  128,458
  134,539
  140,944
  147,688
  154,786
  162,255
  170,113
  178,378
Variable operating expenses, $m
 
  52,798
  54,004
  55,384
  56,933
  58,649
  60,532
  62,582
  64,802
  67,193
  69,759
  72,177
  75,106
  78,225
  81,540
  85,057
  88,785
  92,730
  96,903
  101,312
  105,967
  110,879
  116,059
  121,519
  127,272
  133,331
  139,710
  146,425
  153,491
  160,924
  168,743
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  52,638
  52,798
  54,004
  55,384
  56,933
  58,649
  60,532
  62,582
  64,802
  67,193
  69,759
  72,177
  75,106
  78,225
  81,540
  85,057
  88,785
  92,730
  96,903
  101,312
  105,967
  110,879
  116,059
  121,519
  127,272
  133,331
  139,710
  146,425
  153,491
  160,924
  168,743
Operating income, $m
  1,741
  2,669
  2,738
  2,817
  2,905
  3,003
  3,111
  3,228
  3,354
  3,491
  3,637
  4,121
  4,289
  4,467
  4,656
  4,857
  5,070
  5,295
  5,533
  5,785
  6,051
  6,331
  6,627
  6,939
  7,267
  7,613
  7,978
  8,361
  8,765
  9,189
  9,635
EBITDA, $m
  2,206
  3,115
  3,187
  3,269
  3,361
  3,463
  3,575
  3,696
  3,828
  3,970
  4,122
  4,285
  4,459
  4,645
  4,841
  5,050
  5,272
  5,506
  5,754
  6,015
  6,292
  6,583
  6,891
  7,215
  7,557
  7,916
  8,295
  8,694
  9,113
  9,555
  10,019
Interest expense (income), $m
  185
  185
  198
  212
  229
  248
  269
  293
  318
  345
  374
  406
  440
  476
  514
  555
  598
  644
  692
  744
  798
  855
  915
  979
  1,046
  1,117
  1,191
  1,270
  1,352
  1,439
  1,531
Earnings before tax, $m
  1,552
  2,484
  2,540
  2,604
  2,676
  2,755
  2,841
  2,935
  3,037
  3,146
  3,263
  3,715
  3,849
  3,991
  4,142
  4,302
  4,472
  4,651
  4,841
  5,041
  5,253
  5,476
  5,712
  5,960
  6,221
  6,496
  6,786
  7,091
  7,412
  7,750
  8,105
Tax expense, $m
  938
  671
  686
  703
  722
  744
  767
  792
  820
  849
  881
  1,003
  1,039
  1,078
  1,118
  1,162
  1,207
  1,256
  1,307
  1,361
  1,418
  1,479
  1,542
  1,609
  1,680
  1,754
  1,832
  1,915
  2,001
  2,092
  2,188
Net income, $m
  614
  1,813
  1,854
  1,901
  1,953
  2,011
  2,074
  2,143
  2,217
  2,296
  2,382
  2,712
  2,810
  2,913
  3,024
  3,141
  3,264
  3,395
  3,534
  3,680
  3,835
  3,998
  4,169
  4,351
  4,541
  4,742
  4,954
  5,177
  5,411
  5,657
  5,916

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  25,396
  25,907
  26,503
  27,184
  27,949
  28,796
  29,726
  30,738
  31,834
  33,014
  34,281
  35,637
  37,083
  38,623
  40,260
  41,996
  43,837
  45,785
  47,845
  50,022
  52,320
  54,745
  57,303
  59,999
  62,839
  65,831
  68,981
  72,296
  75,785
  79,455
  83,315
Adjusted assets (=assets-cash), $m
  25,396
  25,907
  26,503
  27,184
  27,949
  28,796
  29,726
  30,738
  31,834
  33,014
  34,281
  35,637
  37,083
  38,623
  40,260
  41,996
  43,837
  45,785
  47,845
  50,022
  52,320
  54,745
  57,303
  59,999
  62,839
  65,831
  68,981
  72,296
  75,785
  79,455
  83,315
Revenue / Adjusted assets
  0.000
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
  2.141
Average production assets, $m
  1,071
  1,109
  1,135
  1,164
  1,197
  1,233
  1,273
  1,316
  1,363
  1,414
  1,468
  1,526
  1,588
  1,654
  1,724
  1,798
  1,877
  1,961
  2,049
  2,142
  2,240
  2,344
  2,454
  2,569
  2,691
  2,819
  2,954
  3,096
  3,245
  3,402
  3,568
Working capital, $m
  0
  499
  511
  524
  539
  555
  573
  592
  613
  636
  661
  687
  715
  744
  776
  809
  845
  882
  922
  964
  1,008
  1,055
  1,104
  1,156
  1,211
  1,268
  1,329
  1,393
  1,460
  1,531
  1,605
Total debt, $m
  4,304
  4,593
  4,938
  5,332
  5,775
  6,266
  6,804
  7,390
  8,025
  8,708
  9,442
  10,227
  11,064
  11,956
  12,903
  13,909
  14,974
  16,102
  17,295
  18,556
  19,886
  21,291
  22,771
  24,332
  25,977
  27,709
  29,533
  31,452
  33,472
  35,597
  37,833
Total liabilities, $m
  14,711
  15,000
  15,345
  15,739
  16,182
  16,673
  17,211
  17,797
  18,432
  19,115
  19,849
  20,634
  21,471
  22,363
  23,310
  24,316
  25,381
  26,509
  27,702
  28,963
  30,293
  31,698
  33,178
  34,739
  36,384
  38,116
  39,940
  41,859
  43,879
  46,004
  48,240
Total equity, $m
  10,685
  10,907
  11,158
  11,444
  11,766
  12,123
  12,514
  12,941
  13,402
  13,899
  14,432
  15,003
  15,612
  16,260
  16,949
  17,680
  18,455
  19,275
  20,143
  21,059
  22,027
  23,048
  24,125
  25,260
  26,455
  27,715
  29,041
  30,437
  31,905
  33,451
  35,076
Total liabilities and equity, $m
  25,396
  25,907
  26,503
  27,183
  27,948
  28,796
  29,725
  30,738
  31,834
  33,014
  34,281
  35,637
  37,083
  38,623
  40,259
  41,996
  43,836
  45,784
  47,845
  50,022
  52,320
  54,746
  57,303
  59,999
  62,839
  65,831
  68,981
  72,296
  75,784
  79,455
  83,316
Debt-to-equity ratio
  0.403
  0.420
  0.440
  0.470
  0.490
  0.520
  0.540
  0.570
  0.600
  0.630
  0.650
  0.680
  0.710
  0.740
  0.760
  0.790
  0.810
  0.840
  0.860
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  1.000
  1.020
  1.030
  1.050
  1.060
  1.080
Adjusted equity ratio
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  614
  1,813
  1,854
  1,901
  1,953
  2,011
  2,074
  2,143
  2,217
  2,296
  2,382
  2,712
  2,810
  2,913
  3,024
  3,141
  3,264
  3,395
  3,534
  3,680
  3,835
  3,998
  4,169
  4,351
  4,541
  4,742
  4,954
  5,177
  5,411
  5,657
  5,916
Depreciation, amort., depletion, $m
  465
  446
  449
  452
  456
  460
  464
  469
  474
  479
  485
  164
  171
  178
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  318
  333
  349
  366
  384
Funds from operations, $m
  2,710
  2,260
  2,304
  2,353
  2,409
  2,471
  2,538
  2,611
  2,690
  2,776
  2,867
  2,876
  2,980
  3,091
  3,209
  3,334
  3,466
  3,606
  3,754
  3,911
  4,076
  4,250
  4,433
  4,627
  4,831
  5,045
  5,272
  5,509
  5,760
  6,023
  6,300
Change in working capital, $m
  774
  10
  11
  13
  15
  16
  18
  20
  21
  23
  24
  26
  28
  30
  32
  33
  35
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
  74
Cash from operations, $m
  1,936
  2,250
  2,292
  2,340
  2,394
  2,454
  2,520
  2,592
  2,669
  2,753
  2,843
  2,850
  2,953
  3,062
  3,177
  3,300
  3,431
  3,569
  3,714
  3,869
  4,031
  4,203
  4,384
  4,575
  4,776
  4,988
  5,211
  5,446
  5,693
  5,952
  6,226
Maintenance CAPEX, $m
  0
  -115
  -119
  -122
  -125
  -129
  -133
  -137
  -142
  -147
  -152
  -158
  -164
  -171
  -178
  -185
  -193
  -202
  -211
  -220
  -230
  -241
  -252
  -264
  -276
  -289
  -303
  -318
  -333
  -349
  -366
New CAPEX, $m
  -527
  -38
  -26
  -29
  -33
  -36
  -40
  -43
  -47
  -51
  -54
  -58
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -104
  -110
  -115
  -122
  -128
  -135
  -142
  -149
  -157
  -165
Cash from investing activities, $m
  -1,362
  -153
  -145
  -151
  -158
  -165
  -173
  -180
  -189
  -198
  -206
  -216
  -226
  -237
  -248
  -259
  -272
  -285
  -299
  -313
  -328
  -345
  -362
  -379
  -398
  -417
  -438
  -460
  -482
  -506
  -531
Free cash flow, $m
  574
  2,096
  2,147
  2,189
  2,237
  2,289
  2,348
  2,412
  2,481
  2,556
  2,636
  2,634
  2,727
  2,825
  2,930
  3,041
  3,159
  3,283
  3,415
  3,555
  3,703
  3,858
  4,022
  4,196
  4,378
  4,570
  4,773
  4,986
  5,210
  5,446
  5,695
Issuance/(repayment) of debt, $m
  -91
  289
  345
  394
  443
  491
  538
  586
  634
  684
  734
  785
  837
  892
  948
  1,006
  1,066
  1,128
  1,193
  1,260
  1,331
  1,404
  1,481
  1,561
  1,645
  1,732
  1,824
  1,920
  2,020
  2,125
  2,235
Issuance/(repurchase) of shares, $m
  -93
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  909
  289
  345
  394
  443
  491
  538
  586
  634
  684
  734
  785
  837
  892
  948
  1,006
  1,066
  1,128
  1,193
  1,260
  1,331
  1,404
  1,481
  1,561
  1,645
  1,732
  1,824
  1,920
  2,020
  2,125
  2,235
Total cash flow (excl. dividends), $m
  1,483
  2,385
  2,492
  2,584
  2,679
  2,780
  2,886
  2,998
  3,115
  3,239
  3,370
  3,419
  3,564
  3,717
  3,877
  4,046
  4,224
  4,411
  4,608
  4,815
  5,033
  5,262
  5,503
  5,757
  6,023
  6,303
  6,597
  6,906
  7,230
  7,571
  7,930
Retained Cash Flow (-), $m
  -339
  -222
  -251
  -287
  -322
  -357
  -391
  -426
  -461
  -497
  -533
  -571
  -609
  -648
  -689
  -731
  -775
  -820
  -867
  -916
  -968
  -1,021
  -1,077
  -1,135
  -1,196
  -1,259
  -1,326
  -1,396
  -1,469
  -1,545
  -1,625
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  2,164
  2,242
  2,297
  2,357
  2,423
  2,495
  2,572
  2,654
  2,742
  2,837
  2,848
  2,955
  3,068
  3,188
  3,315
  3,449
  3,591
  3,741
  3,899
  4,066
  4,241
  4,427
  4,622
  4,827
  5,043
  5,270
  5,510
  5,761
  6,026
  6,305
Discount rate, %
 
  6.00
  6.30
  6.62
  6.95
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.78
  11.31
  11.88
  12.47
  13.10
  13.75
  14.44
  15.16
  15.92
  16.72
  17.55
  18.43
  19.35
  20.32
  21.33
  22.40
  23.52
  24.70
PV of cash for distribution, $m
 
  2,041
  1,984
  1,895
  1,802
  1,704
  1,602
  1,497
  1,388
  1,277
  1,165
  1,021
  915
  811
  711
  616
  526
  443
  368
  301
  242
  191
  148
  112
  83
  61
  43
  30
  20
  13
  8
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Humana Inc. is a health and well-being company. The Company's segments include Retail, Group and Specialty, Healthcare Services and Individual Commercial. The Retail segment consists of Medicare benefits, as well as individual commercial fully insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and financial protection products. The Group and Specialty segment consists of employer group commercial fully insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health. The Healthcare Services segment includes services offered to its health plan members, as well as to third parties, including pharmacy solutions, provider services, home-based services and clinical programs, as well as services and capabilities to manage population health. The Individual Commercial segment includes Individual Commercial products marketed under the HumanaOne brand.

FINANCIAL RATIOS  of  Humana (HUM)

Valuation Ratios
P/E Ratio 61.7
Price to Sales 0.7
Price to Book 3.5
Price to Tangible Book
Price to Cash Flow 19.6
Price to Free Cash Flow 26.9
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0.8%
Cap. Spend. - 3 Yr. Gr. Rate 3.6%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 35.5%
Total Debt to Equity 40.3%
Interest Coverage 9
Management Effectiveness
Return On Assets 2.7%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 4.1%
Ret/ On T. Cap. - 3 Yr. Avg. 7.3%
Return On Equity 5.8%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 4%
EBITDA Margin - 3 Yr. Avg. 5.1%
Operating Margin 3.2%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 3.9%
Net Profit Margin 1.1%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 60.4%
Eff/ Tax Rate - 3 Yr. Avg. 51.7%
Payout Ratio 28.8%

HUM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HUM stock intrinsic value calculation we used $54379 million for the last fiscal year's total revenue generated by Humana. The default revenue input number comes from 2016 income statement of Humana. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HUM stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6%, whose default value for HUM is calculated based on our internal credit rating of Humana, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Humana.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HUM stock the variable cost ratio is equal to 95.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HUM stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.3% for Humana.

Corporate tax rate of 27% is the nominal tax rate for Humana. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HUM stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HUM are equal to 2%.

Life of production assets of 9.3 years is the average useful life of capital assets used in Humana operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HUM is equal to 0.9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $10685 million for Humana - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 144.502 million for Humana is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Humana at the current share price and the inputted number of shares is $36.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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CI Cigna 204.14 216.92  hold
AET Aetna 179.70 116.71  sell
CNC Centene 94.86 116.87  buy
MOH Molina Healthc 76.27 196.62  str.buy
WCG WellCare Healt 201.65 187.43  hold
CVS CVS Health 73.08 305.66  str.buy

COMPANY NEWS

▶ Here are the health care stories that got the most attention in 2017   [Dec-15-17 01:55PM  American City Business Journals]
▶ Humana Prices $800 Million Debt Offering   [Dec-14-17 07:00PM  Business Wire]
▶ Humana to buy $3 billion of company stock   [01:32PM  American City Business Journals]
▶ ETFs with exposure to Humana, Inc. : December 13, 2017   [Dec-13-17 01:30PM  Capital Cube]
▶ Jim Simons: Pioneer Quant Manager   [Dec-12-17 02:54PM  GuruFocus.com]
▶ Another health care buyout in final trades?   [Dec-04-17 02:22PM  CNBC Videos]
▶ Bulls make a big bet on Humana   [Nov-27-17 01:40PM  CNBC Videos]
▶ Glenview Capital Sells Lowe, Visa, Walgreens, Exits Humana   [Nov-24-17 11:39AM  GuruFocus.com]
▶ Trump may eliminate health provision in tax bill   [Nov-20-17 11:40AM  Yahoo Finance Video]
▶ Obamacare enrollment soars in first 11 days   [11:52AM  Yahoo Finance Video]
▶ GOP tax plan takes aim at Obamacare   [Nov-15-17 11:10AM  Yahoo Finance Video]
▶ [$$] Business Watch   [Nov-08-17 10:52PM  The Wall Street Journal]
▶ Humana sues U.S. for $611 million   [01:40PM  American City Business Journals]
▶ [$$] Humana Gives Downbeat Outlook   [01:23PM  The Wall Street Journal]
▶ Humana stock surges 3% on Q3 profit beat   [07:06AM  MarketWatch]
▶ Humana Inc. to Host Earnings Call   [06:50AM  ACCESSWIRE]
▶ Humana cuts jobs, adds jobs elsewhere   [10:59AM  Associated Press]
▶ Humana to sell long-term care insurance business   [09:42AM  American City Business Journals]
▶ Humana Is a Healthy Stock but Lags Rivals   [09:25AM  Investopedia]
▶ Is Humana Incs (HUM) ROE Of 16.62% Sustainable?   [Nov-02-17 09:02PM  Simply Wall St.]
▶ Aetna Stays Mum on Possible Blockbuster CVS Marriage   [Oct-31-17 02:22PM  TheStreet.com]
▶ Louisville startup lends its technology to help Humana's Bold Goal   [10:55AM  American City Business Journals]
▶ CVS-Aetna Tie-Up May Require Divestitures to Survive   [Oct-28-17 07:35AM  TheStreet.com]
▶ Nasdaq Leaps 2.2% To Record High As Technology Darlings Rally   [Oct-27-17 04:18PM  Investor's Business Daily]
Financial statements of HUM
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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