Intrinsic value of Aetna - AET

Previous Close

$200.19

  Intrinsic Value

$144.11

stock screener

  Rating & Target

sell

-28%

Previous close

$200.19

 
Intrinsic value

$144.11

 
Up/down potential

-28%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as AET.

We calculate the intrinsic value of AET 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 0001), $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 65.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  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
  61,746
  63,166
  64,789
  66,612
  68,631
  70,847
  73,260
  75,872
  78,685
  81,705
  84,936
  88,383
  92,053
  95,954
  100,093
  104,479
  109,123
  114,033
  119,221
  124,699
  130,479
  136,575
  143,000
  149,770
  156,900
  164,407
  172,308
  180,623
  189,371
  198,572
Variable operating expenses, $m
  40,605
  41,512
  42,549
  43,713
  45,002
  46,417
  47,958
  49,626
  51,423
  53,351
  54,239
  56,440
  58,784
  61,275
  63,918
  66,719
  69,684
  72,820
  76,133
  79,631
  83,322
  87,215
  91,318
  95,641
  100,194
  104,988
  110,034
  115,344
  120,930
  126,806
Fixed operating expenses, $m
  17,893
  18,287
  18,689
  19,100
  19,521
  19,950
  20,389
  20,837
  21,296
  21,764
  22,243
  22,733
  23,233
  23,744
  24,266
  24,800
  25,346
  25,903
  26,473
  27,055
  27,651
  28,259
  28,881
  29,516
  30,165
  30,829
  31,507
  32,200
  32,909
  33,633
Total operating expenses, $m
  58,498
  59,799
  61,238
  62,813
  64,523
  66,367
  68,347
  70,463
  72,719
  75,115
  76,482
  79,173
  82,017
  85,019
  88,184
  91,519
  95,030
  98,723
  102,606
  106,686
  110,973
  115,474
  120,199
  125,157
  130,359
  135,817
  141,541
  147,544
  153,839
  160,439
Operating income, $m
  3,247
  3,367
  3,551
  3,799
  4,109
  4,480
  4,913
  5,408
  5,967
  6,590
  8,454
  9,210
  10,036
  10,935
  11,909
  12,960
  14,093
  15,310
  16,615
  18,012
  19,506
  21,101
  22,801
  24,612
  26,540
  28,590
  30,767
  33,079
  35,532
  38,133
EBITDA, $m
  4,799
  4,927
  5,122
  5,380
  5,702
  6,087
  6,535
  7,046
  7,622
  8,263
  8,972
  9,749
  10,598
  11,521
  12,519
  13,598
  14,758
  16,005
  17,342
  18,773
  20,302
  21,934
  23,674
  25,526
  27,497
  29,593
  31,818
  34,181
  36,688
  39,345
Interest expense (income), $m
  541
  495
  538
  588
  646
  710
  781
  859
  945
  1,037
  1,136
  1,243
  1,357
  1,479
  1,608
  1,746
  1,892
  2,047
  2,211
  2,384
  2,568
  2,761
  2,965
  3,180
  3,407
  3,646
  3,898
  4,163
  4,442
  4,736
  5,045
Earnings before tax, $m
  2,753
  2,829
  2,963
  3,153
  3,399
  3,699
  4,054
  4,464
  4,930
  5,454
  7,211
  7,853
  8,558
  9,327
  10,163
  11,068
  12,046
  13,099
  14,230
  15,445
  16,745
  18,136
  19,621
  21,205
  22,894
  24,691
  26,604
  28,637
  30,796
  33,089
Tax expense, $m
  743
  764
  800
  851
  918
  999
  1,094
  1,205
  1,331
  1,472
  1,947
  2,120
  2,311
  2,518
  2,744
  2,988
  3,252
  3,537
  3,842
  4,170
  4,521
  4,897
  5,298
  5,725
  6,181
  6,667
  7,183
  7,732
  8,315
  8,934
Net income, $m
  2,010
  2,065
  2,163
  2,302
  2,481
  2,700
  2,959
  3,259
  3,599
  3,981
  5,264
  5,733
  6,247
  6,809
  7,419
  8,080
  8,793
  9,562
  10,388
  11,275
  12,224
  13,239
  14,323
  15,480
  16,712
  18,025
  19,421
  20,905
  22,481
  24,155

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
Total assets, $m
  56,235
  57,528
  59,007
  60,666
  62,506
  64,524
  66,721
  69,100
  71,662
  74,413
  77,355
  80,494
  83,837
  87,390
  91,159
  95,154
  99,383
  103,855
  108,580
  113,569
  118,833
  124,385
  130,237
  136,402
  142,896
  149,733
  156,929
  164,502
  172,469
  180,849
Adjusted assets (=assets-cash), $m
  56,235
  57,528
  59,007
  60,666
  62,506
  64,524
  66,721
  69,100
  71,662
  74,413
  77,355
  80,494
  83,837
  87,390
  91,159
  95,154
  99,383
  103,855
  108,580
  113,569
  118,833
  124,385
  130,237
  136,402
  142,896
  149,733
  156,929
  164,502
  172,469
  180,849
Revenue / Adjusted assets
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
  1.098
Average production assets, $m
  6,669
  6,822
  6,997
  7,194
  7,412
  7,651
  7,912
  8,194
  8,498
  8,824
  9,173
  9,545
  9,942
  10,363
  10,810
  11,284
  11,785
  12,316
  12,876
  13,467
  14,092
  14,750
  15,444
  16,175
  16,945
  17,756
  18,609
  19,507
  20,452
  21,446
Working capital, $m
  -6,792
  -6,948
  -7,127
  -7,327
  -7,549
  -7,793
  -8,059
  -8,346
  -8,655
  -8,988
  -9,343
  -9,722
  -10,126
  -10,555
  -11,010
  -11,493
  -12,003
  -12,544
  -13,114
  -13,717
  -14,353
  -15,023
  -15,730
  -16,475
  -17,259
  -18,085
  -18,954
  -19,869
  -20,831
  -21,843
Total debt, $m
  9,965
  10,893
  11,955
  13,146
  14,467
  15,916
  17,494
  19,202
  21,042
  23,016
  25,129
  27,383
  29,783
  32,334
  35,040
  37,909
  40,945
  44,156
  47,548
  51,131
  54,910
  58,896
  63,098
  67,525
  72,187
  77,096
  82,263
  87,700
  93,421
  99,437
Total liabilities, $m
  40,377
  41,305
  42,367
  43,558
  44,879
  46,328
  47,906
  49,614
  51,454
  53,428
  55,541
  57,795
  60,195
  62,746
  65,452
  68,321
  71,357
  74,568
  77,960
  81,543
  85,322
  89,308
  93,510
  97,937
  102,599
  107,508
  112,675
  118,112
  123,833
  129,849
Total equity, $m
  15,858
  16,223
  16,640
  17,108
  17,627
  18,196
  18,815
  19,486
  20,209
  20,984
  21,814
  22,699
  23,642
  24,644
  25,707
  26,834
  28,026
  29,287
  30,620
  32,026
  33,511
  35,077
  36,727
  38,465
  40,297
  42,225
  44,254
  46,390
  48,636
  50,999
Total liabilities and equity, $m
  56,235
  57,528
  59,007
  60,666
  62,506
  64,524
  66,721
  69,100
  71,663
  74,412
  77,355
  80,494
  83,837
  87,390
  91,159
  95,155
  99,383
  103,855
  108,580
  113,569
  118,833
  124,385
  130,237
  136,402
  142,896
  149,733
  156,929
  164,502
  172,469
  180,848
Debt-to-equity ratio
  0.630
  0.670
  0.720
  0.770
  0.820
  0.870
  0.930
  0.990
  1.040
  1.100
  1.150
  1.210
  1.260
  1.310
  1.360
  1.410
  1.460
  1.510
  1.550
  1.600
  1.640
  1.680
  1.720
  1.760
  1.790
  1.830
  1.860
  1.890
  1.920
  1.950
Adjusted equity ratio
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282
  0.282

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,010
  2,065
  2,163
  2,302
  2,481
  2,700
  2,959
  3,259
  3,599
  3,981
  5,264
  5,733
  6,247
  6,809
  7,419
  8,080
  8,793
  9,562
  10,388
  11,275
  12,224
  13,239
  14,323
  15,480
  16,712
  18,025
  19,421
  20,905
  22,481
  24,155
Depreciation, amort., depletion, $m
  1,552
  1,561
  1,570
  1,582
  1,594
  1,607
  1,622
  1,638
  1,655
  1,674
  518
  539
  562
  585
  611
  638
  666
  696
  727
  761
  796
  833
  873
  914
  957
  1,003
  1,051
  1,102
  1,155
  1,212
Funds from operations, $m
  3,561
  3,626
  3,734
  3,883
  4,075
  4,307
  4,581
  4,897
  5,254
  5,655
  5,782
  6,272
  6,809
  7,394
  8,029
  8,717
  9,459
  10,258
  11,116
  12,035
  13,020
  14,072
  15,196
  16,394
  17,670
  19,028
  20,472
  22,007
  23,637
  25,366
Change in working capital, $m
  -133
  -156
  -179
  -200
  -222
  -244
  -265
  -287
  -310
  -332
  -355
  -379
  -404
  -429
  -455
  -483
  -511
  -540
  -571
  -603
  -636
  -671
  -707
  -745
  -784
  -826
  -869
  -915
  -962
  -1,012
Cash from operations, $m
  3,695
  3,782
  3,912
  4,084
  4,297
  4,551
  4,847
  5,184
  5,564
  5,987
  6,137
  6,651
  7,213
  7,823
  8,485
  9,200
  9,970
  10,798
  11,686
  12,638
  13,656
  14,743
  15,902
  17,138
  18,454
  19,854
  21,341
  22,922
  24,599
  26,378
Maintenance CAPEX, $m
  -370
  -377
  -385
  -395
  -406
  -419
  -432
  -447
  -463
  -480
  -499
  -518
  -539
  -562
  -585
  -611
  -638
  -666
  -696
  -727
  -761
  -796
  -833
  -873
  -914
  -957
  -1,003
  -1,051
  -1,102
  -1,155
New CAPEX, $m
  -125
  -153
  -175
  -197
  -218
  -239
  -261
  -282
  -304
  -326
  -349
  -372
  -396
  -421
  -447
  -474
  -501
  -530
  -560
  -592
  -624
  -658
  -694
  -731
  -770
  -811
  -853
  -898
  -945
  -994
Cash from investing activities, $m
  -495
  -530
  -560
  -592
  -624
  -658
  -693
  -729
  -767
  -806
  -848
  -890
  -935
  -983
  -1,032
  -1,085
  -1,139
  -1,196
  -1,256
  -1,319
  -1,385
  -1,454
  -1,527
  -1,604
  -1,684
  -1,768
  -1,856
  -1,949
  -2,047
  -2,149
Free cash flow, $m
  3,200
  3,252
  3,351
  3,492
  3,672
  3,893
  4,154
  4,455
  4,797
  5,181
  5,290
  5,761
  6,277
  6,840
  7,452
  8,115
  8,831
  9,602
  10,430
  11,319
  12,271
  13,288
  14,375
  15,535
  16,770
  18,086
  19,485
  20,972
  22,552
  24,229
Issuance/(repayment) of debt, $m
  806
  929
  1,062
  1,192
  1,321
  1,449
  1,578
  1,708
  1,840
  1,975
  2,113
  2,254
  2,400
  2,551
  2,707
  2,868
  3,036
  3,211
  3,393
  3,582
  3,780
  3,986
  4,202
  4,427
  4,662
  4,909
  5,167
  5,437
  5,720
  6,017
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  806
  929
  1,062
  1,192
  1,321
  1,449
  1,578
  1,708
  1,840
  1,975
  2,113
  2,254
  2,400
  2,551
  2,707
  2,868
  3,036
  3,211
  3,393
  3,582
  3,780
  3,986
  4,202
  4,427
  4,662
  4,909
  5,167
  5,437
  5,720
  6,017
Total cash flow (excl. dividends), $m
  4,006
  4,180
  4,413
  4,684
  4,993
  5,342
  5,732
  6,163
  6,637
  7,155
  7,403
  8,015
  8,677
  9,391
  10,159
  10,983
  11,867
  12,813
  13,823
  14,901
  16,050
  17,274
  18,577
  19,961
  21,433
  22,995
  24,652
  26,409
  28,272
  30,246
Retained Cash Flow (-), $m
  -278
  -365
  -417
  -468
  -519
  -569
  -620
  -671
  -723
  -776
  -830
  -885
  -943
  -1,002
  -1,063
  -1,127
  -1,193
  -1,261
  -1,332
  -1,407
  -1,485
  -1,566
  -1,650
  -1,739
  -1,831
  -1,928
  -2,029
  -2,136
  -2,247
  -2,363
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
  3,728
  3,816
  3,996
  4,215
  4,474
  4,773
  5,112
  5,492
  5,914
  6,380
  6,573
  7,130
  7,734
  8,389
  9,096
  9,857
  10,675
  11,552
  12,490
  13,494
  14,566
  15,709
  16,927
  18,223
  19,601
  21,067
  22,622
  24,274
  26,026
  27,883
Discount rate, %
  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
  25.93
PV of cash for distribution, $m
  3,507
  3,357
  3,267
  3,181
  3,094
  3,001
  2,899
  2,784
  2,655
  2,511
  2,244
  2,088
  1,920
  1,743
  1,560
  1,376
  1,194
  1,019
  855
  703
  567
  448
  346
  261
  192
  138
  96
  66
  43
  28
Current shareholders' claim on cash, %
  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

Aetna Inc. is a diversified healthcare benefits company. The Company operates through three segments: Health Care, Group Insurance and Large Case Pensions. It offers a range of traditional, voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life and disability plans, medical management capabilities, Medicaid healthcare management services, Medicare Advantage and Medicare Supplement plans, workers' compensation administrative services and health information technology (HIT) products and services. The Health Care segment consists of medical, pharmacy benefit management services, dental, behavioral health and vision plans offered on both an Insured basis and an employer-funded basis, and emerging businesses products and services. The Group Insurance segment includes group life insurance and group disability products. Its products are offered on an Insured basis.

FINANCIAL RATIOS  of  Aetna (AET)

Valuation Ratios
P/E Ratio 31
Price to Sales 1.1
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 18.9
Price to Free Cash Flow 20.4
Growth Rates
Sales Growth Rate 4.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25.6%
Cap. Spend. - 3 Yr. Gr. Rate -10.8%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 106.4%
Total Debt to Equity 115.5%
Interest Coverage 8
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 7.3%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 14.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 8.3%
EBITDA Margin - 3 Yr. Avg. 8.2%
Operating Margin 7.3%
Oper. Margin - 3 Yr. Avg. 7.2%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 6.5%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 43.5%
Eff/ Tax Rate - 3 Yr. Avg. 42.8%
Payout Ratio 15.5%

AET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AET stock intrinsic value calculation we used $60535 million for the last fiscal year's total revenue generated by Aetna. The default revenue input number comes from 0001 income statement of Aetna. 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 AET 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 6.3%, whose default value for AET is calculated based on our internal credit rating of Aetna, 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 Aetna.
    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 AET stock the variable cost ratio is equal to 65.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $17508 million in the base year in the intrinsic value calculation for AET 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 5.4% for Aetna.

Corporate tax rate of 27% is the nominal tax rate for Aetna. 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 AET 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 AET are equal to 10.8%.

Life of production assets of 17.7 years is the average useful life of capital assets used in Aetna 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 AET is equal to -11%. 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 - $15580 million for Aetna - 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 327.4 million for Aetna 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 Aetna at the current share price and the inputted number of shares is $65.5 billion.

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COMPANY NEWS

▶ NY regulators consider blocking parts of CVS, Aetna deal   [Oct-19-18 02:50PM  American City Business Journals]
▶ Is student loan assistance the next 401k?   [Oct-17-18 09:58AM  American City Business Journals]
▶ Aetna to Announce Third-Quarter 2018 Results   [Oct-16-18 05:00PM  Business Wire]
▶ DOJ Approval Means Time to Take Profits on Aetna Stock   [Oct-12-18 10:42AM  InvestorPlace]
▶ Why CVS Health Corporation Stock Is Falling Today   [Oct-11-18 03:52PM  Motley Fool]
▶ Justice Department Approves CVS-Aetna Deal   [Oct-10-18 10:40PM  The Wall Street Journal]
▶ Justice Department Approves CVS-Aetna Deal   [06:32PM  The Wall Street Journal]
▶ DOJ approves CVS and Aetna merger   [10:51AM  CNBC Videos]
▶ CVS pledges Aetna will remain in Hartford for least 10 years   [Oct-03-18 06:33PM  Associated Press]
▶ 5 Companies Hit 52-Week Highs   [Oct-02-18 11:31AM  GuruFocus.com]
▶ Insurers shun state health care website in Florida   [07:25AM  American City Business Journals]
▶ [$$] Aetna to Sell Medicare Part D Drug Business to WellCare Health   [Sep-27-18 07:43PM  The Wall Street Journal]
▶ Aetna signs deals with region's 2 new Medicare primary care center operators   [Sep-25-18 07:35AM  American City Business Journals]
▶ [$$] Your Network Has Been Hacked. You Have 72 Hours to Report It.   [Sep-18-18 10:52PM  The Wall Street Journal]
▶ What employers need to know about trends in health care and benefits   [10:17AM  American City Business Journals]
▶ Aetna Announces Additional Hurricane Florence Resources   [Sep-13-18 04:58PM  Business Wire]
▶ Aetna, BMC insurer see explosive growth in Mass.   [11:59AM  American City Business Journals]
▶ Aetna Offers Assistance Ahead of Hurricane Florence   [Sep-10-18 04:56PM  Business Wire]
▶ How the Midterm Elections Could Be Bullish for Stocks   [Sep-07-18 02:06PM  Barrons.com]
▶ WellCare in talks to buy some CVS-Aetna assets, Wall Street Journal reports   [Sep-06-18 01:47PM  American City Business Journals]
▶ Fighting Opioids: Chronic Pain Device Gets Insurance Coverage   [Sep-04-18 04:20PM  Investor's Business Daily]
▶ New Lowe's CEO explains why he's shutting down Orchard Supply Hardware   [Aug-22-18 04:04PM  American City Business Journals]
▶ New CEO at Lowes brings changes, higher share prices as plans revealed   [12:48PM  American City Business Journals]
▶ The Idea Behind the CVS-Aetna Merger   [Aug-21-18 04:02PM  Meredith Videos]
▶ Yahoo Finance Live: Market Movers - Aug 21st, 2018   [07:20AM  Yahoo Finance Video]
▶ NYU plans free tuition for medical school students   [Aug-17-18 02:24PM  Yahoo Finance Video]
▶ Aetna Reached Our Target Price and Is Still Bullish   [Aug-15-18 01:24PM  TheStreet.com]
▶ CVS Health Reports Earnings Below Key Chart Levels   [Aug-06-18 08:19AM  Investopedia]
▶ Health Insurance Carriers Headed for New Highs   [Aug-03-18 09:35AM  Investopedia]
▶ Aetna easily exceeds 2Q expectations   [09:41AM  Associated Press]

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