Description
I have been involved in managed care stocks for the better part of the past decade. Cigna is currently my favorite risk/reward in the group primarily due to valuation. CI trades at only 11x ’22 earnings despite an improving fundamental backdrop and relatively benign political risk.
Company description:
Cigna is a global health services company with three divisions:
Evernorth (54% of ’21E earnings):
- A comprehensive suite of pharmacy solutions.
- One of three scaled PBMs.
- Key solutions include retail networks, mail-order pharmacy, specialty pharmacy, and formulary management.
- Also includes eviCore, a medical benefits management provider.
- Processes ~1.5b adj. scripts per year.
U.S. Medical (37% of ‘21E earnings):
- Fourth largest managed care company by members.
- Particularly strong in middle market commercial.
- 84% of commercial members are administrative services only.
![](data:image/png;base64,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)
![](data:image/png;base64,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)
International:
- Leading provider of health insurance and administrative services for multinational employers and organizations.
- Offers supplemental health, life and accident insurance.
Investment case:
Cigna is a well-managed company with a good track record of capital allocation. I am a big fan of David Cordani. Since he took the helm in late 2009, CI stock has compounded at 18.7%. This has nicely outpaced the S&P500.
![](data:image/png;base64,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)
Cigna’s valuation compares favorably to its peers. CI trades like CVS despite having less leverage and a superior business mix (no secularly challenged retail pharmacy). If the valuations were all the same, I’d rather own UNH, Humana, and to a lesser extent Anthem, but the gap is far too wide.
![](data:image/png;base64,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)
While there will always be political noise, the policy risk is lower now than it has been in a while. The Biden administration is focused on other priorities and the democratic senate majority is too narrow to get anything meaningful done.
While that could all change the next election cycle, my experience is that investors underestimate how entrenched our health care industry is.
One thing that tends to weigh on CI’s multiple is the PBM exposure. I view Express Scripts (ESRX) more favorably. I view it as an asset-light toll taker on a growing TAM. The value proposition is based on scale. And ESRX is one of three scaled players.
As evidence of this, in 2019 Prime Therapeutics, a PBM competitor representing 30mm lives across 23 Blues plans, decided to outsource its retail network and pharmaceutical contract negotiation to ESRX. A year later, Prime outsourced its mail order and specialty pharmacy functions to ESRX. Basically, Prime’s owners (18 BCBS plans) realized they were better off financially if they just let ESRX do everything.
Before acquiring ESRX, CI had a sub-scale PBM (partially outsourced to Catamaran, which was acquired by Optum, which is owned by UNH). CI would often lose national account business because of an inferior pharmacy option. And employers that chose CI would often carve out the pharmacy benefit and award it to a larger PBM. Cordani recognized this and pounced when ESRX was out of favor with investors. I view the merger as highly strategic. The value of integrating the medical benefit and the pharmacy benefit is likely to increase over time, particularly as specialty drug spend continues to grow (and biosimilars emerge as viable alternatives to off patent biologics). It also opens meaningful cross selling opportunities (CI’s core competency) between the two client bases.
So far, the deal is working out well. Cigna has now owned ESRX for two full years. Segment earnings grew 5.3% in 2020 and are projected to grow another 4.4% next year. Client retention rates have been strong ~98% and script growth has been excellent.
All the key profit drivers of ESRX (below) are doing well.
- PBM (retail networks, formulary management, administration, etc.)
- Mail order pharmacy
- Accredo (specialty pharmacy)
- EviCore (medical management, acquired by ESRX for $3.6b in 10/17)
Here are the financial metrics:
![](data:image/png;base64,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)
Cigna’s medical business also has favorable attributes. Cigna goes to market with a consultative approach and leads the industry in product uptake by clients. It helps that CI has especially strong mental health and dental networks. In the past, competitors with large risk books (~4x more profitable per client) often faced an innovator’s dilemma with their go to market strategies. This gave CI the opportunity to pick off middle market clients by offering a better value proposition (self-funding). Not surprisingly, CI clients consistently show best-in-class medical cost trend.
As a result, CI’s book of business is more weighted towards fee-only ASO clients which I think should be worth a higher multiple since it does not have underwriting risk and requires minimal capital to service. I also like that CI is not trying to vertically integrate by owning providers (I prefer the partner model).
A key concern with CI medical’s business mix is the relatively small exposure to government business vs. peers. The thinking is that the commercial market is mature and could potentially be vulnerable if/when policy creeps towards more socialized medicine. In addition, there is more membership growth on the government side, particularly with Medicare Advantage (why Humana trades at such a healthy multiple).
CI is aware of these trends and has a plan in place to grow its government business. In mid ’19 CI pledged to grow its Medicare Advantage membership by 10-15% per year over the next 5 years. This involved investing in the product and expanding the geographic availability from 18-19% of available MA lives in 2019 to 50% over 5 years. In 2020, CI grew its MA membership by 18% and expanded its geographic footprint by ~50%. CI continues to score well on quality metrics. The MA plan has a 74% net promoter score, the 4th consecutive year of increase, and 80% of its MA and PDP customers are members of 4-star plans. This leads to better retention and reimbursement.
CI is also growing its ACA exchange business now that the market has stabilized. CI has increased its geographic footprint by over 50% in the past couple years to 20% of the market and has further plans to double its coverage to 40% of the market by 2025.
Management has also expressed that government business is high on the M&A priority list.
Valuation:
With the recent sale of the disability and life division, CI has a reloaded balance sheet and no longer needs to delever. This gives them the flexibility to buy back a lot of shares ($8b of FCF). I think it is worth noting that CI recently instituted a ~2% dividend (~20% payout ratio) yet management maintained its LT EPS growth algorithm of 10-13%.
CI has guided to “at least $20.20/shr” in 2021. Management claims that earnings are negatively impacted by ~$1.25/shr due to the pandemic. This is due to a higher MLR and some membership losses in commercial. Trends have recently improved a bit so I estimate CI will earn ~$20.50 this year and ~$23 next year. This is consistent with management commentary that ’22 earnings will grow at the high end or better of CI’s 10-13% annual EPS growth goal (due to a recapture of some of the COVID headwinds).
Despite the recent move, CI is still trading at a historically low relative valuation vs. the market. Therefore, I do not find it unreasonable that CI could trade at ~$300 at year end (13x 2022 earnings of $23/share). This represents upside of 17% in just 6 months.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
cash flow