CVS Health: Undervalued But No Catalyst To Close The Valuation Gap [Seeking Alpha]
CVS Health Corporation (CVS)
Last cvs health corporation earnings: 2/12 06:45 am
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Source: Seeking Alpha
CVS Health (CVS is undervalued based on peers' multiplesCVS has three business segments: Pharmacy Services (pharmacy benefit management, “PBM”), Retail and LTC, Health Care Benefits (primarily Aetna). I choose United Health (UNHHUMWBARADFigure 1 shows the relevant data for CVS and its peers. When one looks at the data in Figure 1, especially the EV/EBITDA multiple of CVS compared to its peers, it becomes clear why CVS is undervalued. The market gives CVS a multiple of 7.2, which is within the range of its Retail/LTC peers, but is much lower than its peers in the health care benefits and PBM segments.Figure 1: Relevant data comparison between CVS and its peers. Source: SA data base and author’s calculation.If the PBM and health care benefits segments of CVS were to be given the multiples of their peers, the share price of CVS will be much higher. In Figure 2, I did such an analysis. In the low-multiple estimation, I use the multiples of RAD and HUM for the Retail/LTC and PBM/Health Car
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CVS
News
- CareSource names Fred A. Schulz Chief Operating Officer [Yahoo! Finance]Yahoo! Finance
- CVS Health invests $19.2 million in affordable housing in Arvada, Colorado [Yahoo! Finance]Yahoo! Finance
- CVS Health invests $19.2 million in affordable housing in Arvada, ColoradoPR Newswire
- CVS Health: 8x P/E, 8% Growth Projection - It's A Market Blind Spot [Seeking Alpha]Seeking Alpha
- CVS Health (CVS) Ascends While Market Falls: Some Facts to Note [Yahoo! Finance]Yahoo! Finance
CVS
Earnings
- 2/7/24 - Beat
CVS
Sec Filings
- 4/16/24 - Form PX14A6G
- 4/5/24 - Form ARS
- 4/5/24 - Form DEF
- CVS's page on the SEC website