Intrinsic value of Humana Inc. - HUM

Previous Close

$270.21

  Intrinsic Value

$527.80

stock screener

  Rating & Target

str. buy

+95%

Previous close

$270.21

 
Intrinsic value

$527.80

 
Up/down potential

+95%

 
Rating

str. buy

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 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 36.7

 

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, %
  7.40
  7.16
  6.94
  6.75
  6.57
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
Revenue, $m
  61,123
  65,500
  70,048
  74,776
  79,692
  84,806
  90,128
  95,670
  101,441
  107,457
  113,729
  120,272
  127,101
  134,231
  141,679
  149,464
  157,601
  166,112
  175,016
  184,334
  194,089
  204,303
  215,001
  226,209
  237,952
  250,260
  263,161
  276,686
  290,868
  305,740
Variable operating expenses, $m
  56,266
  60,267
  64,424
  68,747
  73,241
  77,916
  82,781
  87,846
  93,123
  98,621
  103,965
  109,947
  116,189
  122,708
  129,517
  136,632
  144,072
  151,852
  159,992
  168,510
  177,427
  186,764
  196,544
  206,789
  217,525
  228,776
  240,569
  252,933
  265,898
  279,493
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
  56,266
  60,267
  64,424
  68,747
  73,241
  77,916
  82,781
  87,846
  93,123
  98,621
  103,965
  109,947
  116,189
  122,708
  129,517
  136,632
  144,072
  151,852
  159,992
  168,510
  177,427
  186,764
  196,544
  206,789
  217,525
  228,776
  240,569
  252,933
  265,898
  279,493
Operating income, $m
  4,858
  5,233
  5,624
  6,030
  6,452
  6,891
  7,348
  7,823
  8,319
  8,835
  9,763
  10,325
  10,911
  11,523
  12,163
  12,831
  13,530
  14,260
  15,025
  15,825
  16,662
  17,539
  18,457
  19,419
  20,428
  21,484
  22,592
  23,753
  24,970
  26,247
EBITDA, $m
  5,628
  6,031
  6,449
  6,885
  7,337
  7,808
  8,298
  8,808
  9,340
  9,894
  10,471
  11,074
  11,702
  12,359
  13,045
  13,761
  14,511
  15,294
  16,114
  16,972
  17,870
  18,811
  19,796
  20,827
  21,909
  23,042
  24,230
  25,475
  26,781
  28,150
Interest expense (income), $m
  185
  337
  391
  446
  504
  564
  627
  692
  759
  830
  903
  980
  1,059
  1,143
  1,229
  1,320
  1,415
  1,513
  1,617
  1,725
  1,838
  1,957
  2,081
  2,210
  2,346
  2,489
  2,638
  2,794
  2,958
  3,130
  3,310
Earnings before tax, $m
  4,521
  4,842
  5,177
  5,525
  5,887
  6,264
  6,656
  7,064
  7,489
  7,932
  8,784
  9,266
  9,769
  10,294
  10,843
  11,416
  12,016
  12,643
  13,300
  13,986
  14,705
  15,458
  16,247
  17,073
  17,939
  18,846
  19,797
  20,794
  21,840
  22,937
Tax expense, $m
  1,221
  1,307
  1,398
  1,492
  1,590
  1,691
  1,797
  1,907
  2,022
  2,142
  2,372
  2,502
  2,638
  2,779
  2,928
  3,082
  3,244
  3,414
  3,591
  3,776
  3,970
  4,174
  4,387
  4,610
  4,843
  5,088
  5,345
  5,614
  5,897
  6,193
Net income, $m
  3,300
  3,535
  3,779
  4,034
  4,298
  4,573
  4,859
  5,157
  5,467
  5,790
  6,412
  6,764
  7,131
  7,515
  7,915
  8,334
  8,772
  9,230
  9,709
  10,210
  10,735
  11,285
  11,860
  12,463
  13,095
  13,758
  14,452
  15,180
  15,943
  16,744

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
  22,833
  24,468
  26,167
  27,933
  29,769
  31,680
  33,668
  35,738
  37,894
  40,141
  42,484
  44,928
  47,479
  50,142
  52,925
  55,832
  58,872
  62,052
  65,378
  68,859
  72,502
  76,318
  80,314
  84,501
  88,888
  93,485
  98,304
  103,357
  108,654
  114,210
Adjusted assets (=assets-cash), $m
  22,833
  24,468
  26,167
  27,933
  29,769
  31,680
  33,668
  35,738
  37,894
  40,141
  42,484
  44,928
  47,479
  50,142
  52,925
  55,832
  58,872
  62,052
  65,378
  68,859
  72,502
  76,318
  80,314
  84,501
  88,888
  93,485
  98,304
  103,357
  108,654
  114,210
Revenue / Adjusted assets
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
Average production assets, $m
  3,729
  3,995
  4,273
  4,561
  4,861
  5,173
  5,498
  5,836
  6,188
  6,555
  6,937
  7,337
  7,753
  8,188
  8,642
  9,117
  9,614
  10,133
  10,676
  11,244
  11,839
  12,462
  13,115
  13,799
  14,515
  15,266
  16,053
  16,878
  17,743
  18,650
Working capital, $m
  -3,912
  -4,192
  -4,483
  -4,786
  -5,100
  -5,428
  -5,768
  -6,123
  -6,492
  -6,877
  -7,279
  -7,697
  -8,134
  -8,591
  -9,067
  -9,566
  -10,086
  -10,631
  -11,201
  -11,797
  -12,422
  -13,075
  -13,760
  -14,477
  -15,229
  -16,017
  -16,842
  -17,708
  -18,616
  -19,567
Total debt, $m
  7,238
  8,268
  9,338
  10,451
  11,608
  12,811
  14,064
  15,368
  16,726
  18,142
  19,618
  21,158
  22,765
  24,443
  26,196
  28,027
  29,943
  31,946
  34,041
  36,234
  38,530
  40,933
  43,451
  46,088
  48,852
  51,749
  54,785
  57,968
  61,305
  64,805
Total liabilities, $m
  14,385
  15,415
  16,485
  17,598
  18,755
  19,958
  21,211
  22,515
  23,873
  25,289
  26,765
  28,305
  29,912
  31,590
  33,343
  35,174
  37,090
  39,093
  41,188
  43,381
  45,677
  48,080
  50,598
  53,235
  55,999
  58,896
  61,932
  65,115
  68,452
  71,952
Total equity, $m
  8,448
  9,053
  9,682
  10,335
  11,015
  11,721
  12,457
  13,223
  14,021
  14,852
  15,719
  16,623
  17,567
  18,553
  19,582
  20,658
  21,783
  22,959
  24,190
  25,478
  26,826
  28,238
  29,716
  31,265
  32,888
  34,589
  36,373
  38,242
  40,202
  42,258
Total liabilities and equity, $m
  22,833
  24,468
  26,167
  27,933
  29,770
  31,679
  33,668
  35,738
  37,894
  40,141
  42,484
  44,928
  47,479
  50,143
  52,925
  55,832
  58,873
  62,052
  65,378
  68,859
  72,503
  76,318
  80,314
  84,500
  88,887
  93,485
  98,305
  103,357
  108,654
  114,210
Debt-to-equity ratio
  0.860
  0.910
  0.960
  1.010
  1.050
  1.090
  1.130
  1.160
  1.190
  1.220
  1.250
  1.270
  1.300
  1.320
  1.340
  1.360
  1.370
  1.390
  1.410
  1.420
  1.440
  1.450
  1.460
  1.470
  1.490
  1.500
  1.510
  1.520
  1.520
  1.530
Adjusted equity ratio
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,300
  3,535
  3,779
  4,034
  4,298
  4,573
  4,859
  5,157
  5,467
  5,790
  6,412
  6,764
  7,131
  7,515
  7,915
  8,334
  8,772
  9,230
  9,709
  10,210
  10,735
  11,285
  11,860
  12,463
  13,095
  13,758
  14,452
  15,180
  15,943
  16,744
Depreciation, amort., depletion, $m
  770
  797
  826
  855
  886
  918
  951
  985
  1,021
  1,059
  708
  749
  791
  836
  882
  930
  981
  1,034
  1,089
  1,147
  1,208
  1,272
  1,338
  1,408
  1,481
  1,558
  1,638
  1,722
  1,811
  1,903
Funds from operations, $m
  4,070
  4,332
  4,605
  4,889
  5,184
  5,490
  5,809
  6,142
  6,488
  6,849
  7,120
  7,513
  7,922
  8,350
  8,797
  9,264
  9,753
  10,264
  10,798
  11,357
  11,943
  12,556
  13,199
  13,871
  14,576
  15,315
  16,090
  16,902
  17,754
  18,647
Change in working capital, $m
  -270
  -280
  -291
  -303
  -315
  -327
  -341
  -355
  -369
  -385
  -401
  -419
  -437
  -456
  -477
  -498
  -521
  -545
  -570
  -596
  -624
  -654
  -685
  -717
  -752
  -788
  -826
  -866
  -908
  -952
Cash from operations, $m
  4,340
  4,612
  4,896
  5,191
  5,498
  5,818
  6,150
  6,496
  6,857
  7,234
  7,521
  7,931
  8,359
  8,807
  9,274
  9,763
  10,274
  10,808
  11,368
  11,954
  12,567
  13,210
  13,883
  14,589
  15,328
  16,103
  16,916
  17,768
  18,661
  19,599
Maintenance CAPEX, $m
  -352
  -380
  -408
  -436
  -465
  -496
  -528
  -561
  -595
  -631
  -669
  -708
  -749
  -791
  -836
  -882
  -930
  -981
  -1,034
  -1,089
  -1,147
  -1,208
  -1,272
  -1,338
  -1,408
  -1,481
  -1,558
  -1,638
  -1,722
  -1,811
New CAPEX, $m
  -275
  -267
  -277
  -288
  -300
  -312
  -325
  -338
  -352
  -367
  -383
  -399
  -417
  -435
  -454
  -475
  -496
  -519
  -543
  -568
  -595
  -623
  -653
  -684
  -716
  -751
  -787
  -825
  -865
  -907
Cash from investing activities, $m
  -627
  -647
  -685
  -724
  -765
  -808
  -853
  -899
  -947
  -998
  -1,052
  -1,107
  -1,166
  -1,226
  -1,290
  -1,357
  -1,426
  -1,500
  -1,577
  -1,657
  -1,742
  -1,831
  -1,925
  -2,022
  -2,124
  -2,232
  -2,345
  -2,463
  -2,587
  -2,718
Free cash flow, $m
  3,713
  3,965
  4,211
  4,467
  4,733
  5,010
  5,298
  5,597
  5,910
  6,236
  6,470
  6,824
  7,194
  7,580
  7,984
  8,406
  8,847
  9,308
  9,791
  10,296
  10,825
  11,379
  11,959
  12,567
  13,204
  13,871
  14,571
  15,305
  16,074
  16,881
Issuance/(repayment) of debt, $m
  998
  1,030
  1,070
  1,113
  1,157
  1,204
  1,252
  1,304
  1,358
  1,416
  1,476
  1,540
  1,607
  1,678
  1,753
  1,832
  1,915
  2,003
  2,095
  2,193
  2,296
  2,404
  2,518
  2,638
  2,764
  2,896
  3,036
  3,183
  3,338
  3,500
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  
  998
  1,030
  1,070
  1,113
  1,157
  1,204
  1,252
  1,304
  1,358
  1,416
  1,476
  1,540
  1,607
  1,678
  1,753
  1,832
  1,915
  2,003
  2,095
  2,193
  2,296
  2,404
  2,518
  2,638
  2,764
  2,896
  3,036
  3,183
  3,338
  3,500
Total cash flow (excl. dividends), $m
  4,710
  4,995
  5,281
  5,580
  5,890
  6,213
  6,550
  6,901
  7,268
  7,651
  7,946
  8,364
  8,801
  9,259
  9,737
  10,238
  10,762
  11,311
  11,886
  12,489
  13,121
  13,783
  14,477
  15,204
  15,967
  16,768
  17,607
  18,488
  19,412
  20,381
Retained Cash Flow (-), $m
  -579
  -605
  -629
  -653
  -679
  -707
  -736
  -766
  -798
  -831
  -867
  -904
  -944
  -986
  -1,029
  -1,076
  -1,125
  -1,176
  -1,231
  -1,288
  -1,348
  -1,412
  -1,479
  -1,549
  -1,623
  -1,701
  -1,783
  -1,869
  -1,960
  -2,056
Prev. year cash balance distribution, $m
  2,292
  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
  6,423
  4,390
  4,653
  4,926
  5,210
  5,506
  5,814
  6,136
  6,470
  6,820
  7,079
  7,460
  7,857
  8,273
  8,707
  9,162
  9,637
  10,135
  10,656
  11,201
  11,772
  12,371
  12,998
  13,655
  14,344
  15,067
  15,824
  16,618
  17,451
  18,325
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  6,158
  4,019
  4,049
  4,056
  4,039
  3,996
  3,928
  3,835
  3,717
  3,575
  3,362
  3,183
  2,988
  2,777
  2,556
  2,328
  2,097
  1,866
  1,641
  1,423
  1,218
  1,026
  852
  695
  558
  440
  340
  257
  190
  138
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

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 Inc. (HUM)

Valuation Ratios
P/E Ratio 65.7
Price to Sales 0.7
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow 28.6
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 $56912 million for the last fiscal year's total revenue generated by Humana Inc.. The default revenue input number comes from 0001 income statement of Humana Inc.. 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 7.4% 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 4.3%, whose default value for HUM is calculated based on our internal credit rating of Humana Inc., 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 Inc..
    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 92.1%.

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 5.4% for Humana Inc..

Corporate tax rate of 27% is the nominal tax rate for Humana Inc.. 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 6.1%.

Life of production assets of 9.8 years is the average useful life of capital assets used in Humana Inc. 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 -6.4%. 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 - $10161 million for Humana Inc. - 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 135.646 million for Humana Inc. 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 Inc. at the current share price and the inputted number of shares is $36.7 billion.

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