DDM Analysis: CI

Valuation Snapshot

Stable Growth	$1,022.02 - $4,456.30	$2,455.30
Multi-Stage	$517.90 - $566.65	$541.83
Blended Fair Value	$1,498.56
Current Price	$288.25
Upside	419.88%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	153.39%	64.20%	5.71	5.29	5.05	4.89	0.05	0.05	0.00	0.00	0.00	0.00
YoY Growth	-	-	8.07%	4.77%	3.21%	8,840.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	1.74%	1.45%	1.97%	2.04%	0.02%	0.03%	0.00%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	6,147.00
(-) Cash Dividends Paid (M)	1,599.00
(=) Cash Retained (M)	4,548.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	1,229.40	768.38	461.03
Cash Retained (M)	4,548.00	4,548.00	4,548.00
(-) Cash Required (M)	-1,229.40	-768.38	-461.03
(=) Excess Retained (M)	3,318.60	3,779.63	4,086.98
(/) Shares Outstanding (M)	274.33	274.33	274.33
(=) Excess Retained per Share	12.10	13.78	14.90
LTM Dividend per Share	5.83	5.83	5.83
(+) Excess Retained per Share	12.10	13.78	14.90
(=) Adjusted Dividend	17.93	19.61	20.73
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$1,022.02	$2,455.30	$4,456.30
Upside / Downside	254.56%	751.79%	1,445.98%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	6,147.00	6,546.56	6,972.08	7,425.27	7,907.91	8,421.92	8,674.58
Payout Ratio	26.01%	38.81%	51.61%	64.41%	77.20%	90.00%	92.50%
Projected Dividends (M)	1,599.00	2,540.73	3,598.12	4,782.25	6,105.11	7,579.73	8,023.99

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.35%	7.35%	7.35%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	2,344.54	2,366.76	2,388.98
Year 2 PV (M)	3,063.90	3,122.26	3,181.17
Year 3 PV (M)	3,757.76	3,865.63	3,975.55
Year 4 PV (M)	4,426.79	4,597.03	4,772.14
Year 5 PV (M)	5,071.64	5,316.61	5,570.94
PV of Terminal Value (M)	123,410.26	129,371.02	135,559.92
Equity Value (M)	142,074.89	148,639.31	155,448.70
Shares Outstanding (M)	274.33	274.33	274.33
Fair Value	$517.90	$541.83	$566.65
Upside / Downside	79.67%	87.97%	96.58%

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Cigna Corporation (CI)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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