Intrinsic value of Cigna - CI

Previous Close

$208.48

  Intrinsic Value

$216.92

stock screener

  Rating & Target

hold

+4%

Previous close

$208.48

 
Intrinsic value

$216.92

 
Up/down potential

+4%

 
Rating

hold

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CI 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 52.5

 

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, %
  4.51
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  0
  41,132
  42,671
  44,320
  46,084
  47,965
  49,967
  52,093
  54,349
  56,739
  59,268
  61,942
  64,767
  67,749
  70,896
  74,214
  77,710
  81,394
  85,274
  89,358
  93,657
  98,181
  102,939
  107,945
  113,208
  118,742
  124,560
  130,675
  137,102
  143,857
  150,955
Variable operating expenses, $m
 
  37,491
  38,871
  40,351
  41,932
  43,620
  45,415
  47,322
  49,346
  51,489
  53,758
  55,558
  58,092
  60,767
  63,589
  66,565
  69,701
  73,006
  76,485
  80,149
  84,005
  88,062
  92,330
  96,820
  101,540
  106,504
  111,722
  117,207
  122,972
  129,031
  135,397
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
  36,724
  37,491
  38,871
  40,351
  41,932
  43,620
  45,415
  47,322
  49,346
  51,489
  53,758
  55,558
  58,092
  60,767
  63,589
  66,565
  69,701
  73,006
  76,485
  80,149
  84,005
  88,062
  92,330
  96,820
  101,540
  106,504
  111,722
  117,207
  122,972
  129,031
  135,397
Operating income, $m
  2,979
  3,641
  3,800
  3,970
  4,152
  4,345
  4,552
  4,771
  5,003
  5,250
  5,510
  6,384
  6,675
  6,982
  7,307
  7,649
  8,009
  8,389
  8,788
  9,209
  9,652
  10,119
  10,609
  11,125
  11,667
  12,238
  12,837
  13,468
  14,130
  14,826
  15,558
EBITDA, $m
  3,589
  4,398
  4,563
  4,739
  4,928
  5,129
  5,343
  5,570
  5,811
  6,067
  6,337
  6,623
  6,925
  7,244
  7,581
  7,935
  8,309
  8,703
  9,118
  9,555
  10,014
  10,498
  11,007
  11,542
  12,105
  12,697
  13,319
  13,972
  14,660
  15,382
  16,141
Interest expense (income), $m
  244
  242
  320
  405
  496
  594
  697
  808
  925
  1,050
  1,182
  1,321
  1,469
  1,624
  1,789
  1,963
  2,146
  2,339
  2,542
  2,756
  2,981
  3,218
  3,468
  3,731
  4,007
  4,297
  4,603
  4,924
  5,261
  5,616
  5,988
Earnings before tax, $m
  2,979
  3,400
  3,479
  3,564
  3,655
  3,752
  3,854
  3,963
  4,078
  4,200
  4,329
  5,063
  5,206
  5,358
  5,518
  5,686
  5,863
  6,050
  6,247
  6,454
  6,671
  6,900
  7,141
  7,394
  7,661
  7,941
  8,235
  8,544
  8,869
  9,211
  9,569
Tax expense, $m
  1,136
  918
  939
  962
  987
  1,013
  1,041
  1,070
  1,101
  1,134
  1,169
  1,367
  1,406
  1,447
  1,490
  1,535
  1,583
  1,634
  1,687
  1,742
  1,801
  1,863
  1,928
  1,996
  2,068
  2,144
  2,223
  2,307
  2,395
  2,487
  2,584
Net income, $m
  1,867
  2,482
  2,540
  2,602
  2,668
  2,739
  2,814
  2,893
  2,977
  3,066
  3,160
  3,696
  3,801
  3,911
  4,028
  4,151
  4,280
  4,417
  4,560
  4,711
  4,870
  5,037
  5,213
  5,398
  5,592
  5,797
  6,011
  6,237
  6,474
  6,724
  6,986

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
  59,360
  61,483
  63,783
  66,249
  68,885
  71,696
  74,689
  77,867
  81,239
  84,812
  88,592
  92,589
  96,812
  101,270
  105,973
  110,932
  116,159
  121,666
  127,465
  133,570
  139,996
  146,758
  153,871
  161,352
  169,219
  177,491
  186,188
  195,329
  204,936
  215,033
  225,642
Adjusted assets (=assets-cash), $m
  59,360
  61,483
  63,783
  66,249
  68,885
  71,696
  74,689
  77,867
  81,239
  84,812
  88,592
  92,589
  96,812
  101,270
  105,973
  110,932
  116,159
  121,666
  127,465
  133,570
  139,996
  146,758
  153,871
  161,352
  169,219
  177,491
  186,188
  195,329
  204,936
  215,033
  225,642
Revenue / Adjusted assets
  0.000
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
Average production assets, $m
  2,031
  2,098
  2,176
  2,260
  2,350
  2,446
  2,548
  2,657
  2,772
  2,894
  3,023
  3,159
  3,303
  3,455
  3,616
  3,785
  3,963
  4,151
  4,349
  4,557
  4,777
  5,007
  5,250
  5,505
  5,774
  6,056
  6,353
  6,664
  6,992
  7,337
  7,699
Working capital, $m
  0
  288
  299
  310
  323
  336
  350
  365
  380
  397
  415
  434
  453
  474
  496
  519
  544
  570
  597
  626
  656
  687
  721
  756
  792
  831
  872
  915
  960
  1,007
  1,057
Total debt, $m
  5,032
  6,676
  8,444
  10,340
  12,367
  14,530
  16,830
  19,275
  21,868
  24,615
  27,522
  30,596
  33,843
  37,271
  40,888
  44,702
  48,721
  52,956
  57,415
  62,110
  67,052
  72,252
  77,722
  83,475
  89,525
  95,886
  102,573
  109,603
  116,991
  124,755
  132,914
Total liabilities, $m
  45,637
  47,281
  49,049
  50,945
  52,972
  55,135
  57,435
  59,880
  62,473
  65,220
  68,127
  71,201
  74,448
  77,876
  81,493
  85,307
  89,326
  93,561
  98,020
  102,715
  107,657
  112,857
  118,327
  124,080
  130,130
  136,491
  143,178
  150,208
  157,596
  165,360
  173,519
Total equity, $m
  13,723
  14,203
  14,734
  15,303
  15,912
  16,562
  17,253
  17,987
  18,766
  19,591
  20,465
  21,388
  22,364
  23,393
  24,480
  25,625
  26,833
  28,105
  29,444
  30,855
  32,339
  33,901
  35,544
  37,272
  39,090
  41,001
  43,009
  45,121
  47,340
  49,673
  52,123
Total liabilities and equity, $m
  59,360
  61,484
  63,783
  66,248
  68,884
  71,697
  74,688
  77,867
  81,239
  84,811
  88,592
  92,589
  96,812
  101,269
  105,973
  110,932
  116,159
  121,666
  127,464
  133,570
  139,996
  146,758
  153,871
  161,352
  169,220
  177,492
  186,187
  195,329
  204,936
  215,033
  225,642
Debt-to-equity ratio
  0.367
  0.470
  0.570
  0.680
  0.780
  0.880
  0.980
  1.070
  1.170
  1.260
  1.340
  1.430
  1.510
  1.590
  1.670
  1.740
  1.820
  1.880
  1.950
  2.010
  2.070
  2.130
  2.190
  2.240
  2.290
  2.340
  2.380
  2.430
  2.470
  2.510
  2.550
Adjusted equity ratio
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,867
  2,482
  2,540
  2,602
  2,668
  2,739
  2,814
  2,893
  2,977
  3,066
  3,160
  3,696
  3,801
  3,911
  4,028
  4,151
  4,280
  4,417
  4,560
  4,711
  4,870
  5,037
  5,213
  5,398
  5,592
  5,797
  6,011
  6,237
  6,474
  6,724
  6,986
Depreciation, amort., depletion, $m
  610
  757
  763
  769
  776
  783
  791
  799
  808
  817
  827
  239
  250
  262
  274
  287
  300
  314
  329
  345
  362
  379
  398
  417
  437
  459
  481
  505
  530
  556
  583
Funds from operations, $m
  5,381
  3,239
  3,303
  3,371
  3,444
  3,522
  3,605
  3,692
  3,785
  3,883
  3,987
  3,935
  4,051
  4,173
  4,302
  4,437
  4,580
  4,731
  4,889
  5,056
  5,232
  5,416
  5,611
  5,815
  6,030
  6,255
  6,493
  6,742
  7,004
  7,280
  7,569
Change in working capital, $m
  1,355
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
  39
  41
  43
  45
  47
  50
Cash from operations, $m
  4,026
  3,229
  3,292
  3,360
  3,432
  3,509
  3,591
  3,677
  3,769
  3,866
  3,969
  3,916
  4,031
  4,152
  4,280
  4,414
  4,556
  4,705
  4,862
  5,028
  5,202
  5,385
  5,577
  5,780
  5,993
  6,217
  6,452
  6,699
  6,959
  7,232
  7,519
Maintenance CAPEX, $m
  0
  -154
  -159
  -165
  -171
  -178
  -185
  -193
  -201
  -210
  -219
  -229
  -239
  -250
  -262
  -274
  -287
  -300
  -314
  -329
  -345
  -362
  -379
  -398
  -417
  -437
  -459
  -481
  -505
  -530
  -556
New CAPEX, $m
  -461
  -67
  -78
  -84
  -90
  -96
  -102
  -108
  -115
  -122
  -129
  -136
  -144
  -152
  -160
  -169
  -178
  -188
  -198
  -208
  -219
  -231
  -243
  -255
  -268
  -282
  -297
  -312
  -328
  -344
  -362
Cash from investing activities, $m
  -2,574
  -221
  -237
  -249
  -261
  -274
  -287
  -301
  -316
  -332
  -348
  -365
  -383
  -402
  -422
  -443
  -465
  -488
  -512
  -537
  -564
  -593
  -622
  -653
  -685
  -719
  -756
  -793
  -833
  -874
  -918
Free cash flow, $m
  1,452
  3,008
  3,055
  3,111
  3,171
  3,235
  3,303
  3,376
  3,453
  3,535
  3,621
  3,551
  3,648
  3,750
  3,858
  3,971
  4,091
  4,217
  4,350
  4,490
  4,637
  4,792
  4,955
  5,127
  5,307
  5,497
  5,696
  5,906
  6,126
  6,358
  6,601
Issuance/(repayment) of debt, $m
  -148
  1,644
  1,768
  1,896
  2,027
  2,162
  2,301
  2,444
  2,593
  2,747
  2,907
  3,074
  3,247
  3,428
  3,617
  3,814
  4,019
  4,235
  4,460
  4,695
  4,942
  5,200
  5,470
  5,753
  6,050
  6,361
  6,687
  7,029
  7,388
  7,764
  8,159
Issuance/(repurchase) of shares, $m
  -103
  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  
  -225
  1,644
  1,768
  1,896
  2,027
  2,162
  2,301
  2,444
  2,593
  2,747
  2,907
  3,074
  3,247
  3,428
  3,617
  3,814
  4,019
  4,235
  4,460
  4,695
  4,942
  5,200
  5,470
  5,753
  6,050
  6,361
  6,687
  7,029
  7,388
  7,764
  8,159
Total cash flow (excl. dividends), $m
  1,217
  4,652
  4,823
  5,007
  5,198
  5,397
  5,604
  5,820
  6,046
  6,282
  6,528
  6,625
  6,895
  7,178
  7,474
  7,785
  8,110
  8,452
  8,810
  9,185
  9,579
  9,992
  10,425
  10,880
  11,357
  11,858
  12,384
  12,936
  13,515
  14,122
  14,760
Retained Cash Flow (-), $m
  -1,688
  -480
  -531
  -570
  -609
  -649
  -691
  -734
  -779
  -825
  -873
  -923
  -975
  -1,030
  -1,086
  -1,146
  -1,207
  -1,272
  -1,340
  -1,410
  -1,484
  -1,562
  -1,643
  -1,728
  -1,817
  -1,911
  -2,009
  -2,112
  -2,219
  -2,332
  -2,451
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
 
  4,172
  4,292
  4,437
  4,589
  4,748
  4,913
  5,086
  5,267
  5,457
  5,655
  5,702
  5,920
  6,148
  6,388
  6,639
  6,903
  7,180
  7,470
  7,775
  8,094
  8,430
  8,782
  9,152
  9,540
  9,947
  10,375
  10,824
  11,295
  11,790
  12,310
Discount rate, %
 
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
 
  3,985
  3,898
  3,813
  3,713
  3,596
  3,464
  3,317
  3,156
  2,982
  2,798
  2,533
  2,341
  2,144
  1,946
  1,748
  1,553
  1,365
  1,185
  1,015
  858
  715
  586
  473
  375
  292
  223
  167
  122
  87
  61
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

Cigna Corporation (Cigna), together with its subsidiaries, is a health services company. The Company offers medical, dental, disability, life and accident insurance and related products and services. The Company's segments include Global Health Care, Global Supplemental Benefits, Group Disability and Life, and Other Operations and Corporate. Its Global Health Care segment aggregates the commercial and Government operating segments. Its commercial operating segment encompasses the United States commercial and certain international healthcare businesses serving employers and their employees, other groups, and individuals. Its Global Supplemental Benefits segment offers supplemental health, life and accident insurance products in selected international markets and in the United States. Its Group Disability and Life segment provides group long-term and short-term disability insurance, group life insurance, accident and specialty insurance and related services.

FINANCIAL RATIOS  of  Cigna (CI)

Valuation Ratios
P/E Ratio 28.7
Price to Sales 1.3
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 15
Growth Rates
Sales Growth Rate 4.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.6%
Cap. Spend. - 3 Yr. Gr. Rate -2.6%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 34.7%
Total Debt to Equity 36.7%
Interest Coverage 13
Management Effectiveness
Return On Assets 3.5%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 10.4%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 14.5%
Return On Equity - 3 Yr. Avg. 17.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 9.7%
EBITDA Margin - 3 Yr. Avg. 10.8%
Operating Margin 7.5%
Oper. Margin - 3 Yr. Avg. 8.6%
Pre-Tax Margin 7.5%
Pre-Tax Margin - 3 Yr. Avg. 8.6%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 5.4%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 37.4%
Payout Ratio 0%

CI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CI stock intrinsic value calculation we used $39703 million for the last fiscal year's total revenue generated by Cigna. The default revenue input number comes from 2016 income statement of Cigna. 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 CI stock valuation model: a) initial revenue growth rate of 3.6% 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 4.7%, whose default value for CI is calculated based on our internal credit rating of Cigna, 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 Cigna.
    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 CI stock the variable cost ratio is equal to 91.2%.

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 CI 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 4.8% for Cigna.

Corporate tax rate of 27% is the nominal tax rate for Cigna. 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 CI 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 CI are equal to 5.1%.

Life of production assets of 13.2 years is the average useful life of capital assets used in Cigna 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 CI is equal to 0.7%. 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 - $13723 million for Cigna - 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 251.802 million for Cigna 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 Cigna at the current share price and the inputted number of shares is $52.5 billion.

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MOH Molina Healthc 74.08 196.62  str.buy
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GTS Triple-S Manag 26.71 17.99  sell

COMPANY NEWS

▶ Price hikes push health insurance shoppers into hard choices   [Dec-10-17 10:28AM  Associated Press]
▶ ETFs with exposure to Cigna Corp. : December 7, 2017   [Dec-07-17 01:15PM  Capital Cube]
▶ Trump may eliminate health provision in tax bill   [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]
▶ GOP sets sights on crucial Obamacare mandate   [09:15AM  Yahoo Finance]
▶ Anthem CEO Joseph Swedish to Step Down   [Nov-03-17 10:59PM  The Wall Street Journal]
▶ [$$] Anthem Readies CEO Succession   [09:34PM  The Wall Street Journal]
▶ Anthem CEO Joseph Swedish to Step Down   [06:37PM  The Wall Street Journal]
▶ Cigna beats Street 3Q forecasts   [06:19AM  Associated Press]
▶ Yahoo Finance Live: Market Movers - Oct 20th, 2017   [Oct-20-17 07:20AM  Yahoo Finance Video]
▶ Trump denounces health care bipartisan deal   [10:46AM  Yahoo Finance Video]
▶ How Kansas, Missouri health markets will respond to Trump orders   [Oct-16-17 04:10PM  American City Business Journals]
▶ Lawmakers clash over big changes to Obamacare   [11:46AM  Yahoo Finance Video]
▶ New Strong Buy Stocks for October 12th   [Oct-12-17 10:04AM  Zacks]
▶ 4 HMOS for Gains Amid Constant Regulatory Chaos   [Oct-09-17 03:11PM  Zacks]
▶ Will benefit managers jump in with Cigna's move to pull OxyContin?   [Oct-05-17 06:15PM  American City Business Journals]
▶ News Update - Late Morning   [11:55AM  CNBC Videos]
▶ Did Cigna Corporation (CI) Create Value For Shareholders?   [Sep-29-17 12:27PM  Simply Wall St.]
▶ Stocks With Rising Relative Strength: Molina Healthcare   [03:00AM  Investor's Business Daily]
Financial statements of CI
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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