Elevance Health Inc. (ELV)

Industry: Medical - Healthcare Plans Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
UNH	1	UnitedHealth Group	435,159	17.83	17.65	12.01	11.70	21.23	13.64
CVS	2	CVS Health Corpora	394,084	203.99	359.31	15.87	17.69	-	42.45
CI	3	Cigna Corporation	268,129	12.48	12.12	8.46	8.28	10.16	11.24
ELV	4	Elevance Health In	194,820	13.19	12.90	6.51	6.32	9.27	8.57
HUM	5	Humana Inc.	126,362	24.28	30.67	12.06	13.91	71.95	28.77
MOH	6	Molina Healthcare,	54,066	11.62	11.41	6.50	6.30	18.04	7.36
OSCR	7	Oscar Health, Inc.	11,289	-	-	-	-	-	-
GTS	8	Triple-S Managemen	4,115	10.24	7.70	4.76	3.71	12.00	7.18
ALHC	9	Alignment Healthca	3,637	-	-	109.75	109.75	103.65	1,278.45
CLOV	10	Clover Health Inve	1,774	-	-	-	-	-	-
BHG	11	Bright Health Grou	734	0.08	0.08	-0.08	-0.08	-1.00	-0.13
0314.HK	12	Sipai Health Techn	486	-	-	-	-	-	-
ODPV3.SA	13	Odontoprev S.A.	434	12.56	11.37	6.34	5.50	10.15	10.97
QUAL3.SA	14	Qualicorp Consulto	267	73.07	152.74	2.64	2.82	7.11	9.03
000503.SZ	15	China Reform Healt	46	-	-	-	-	-	-
7083.T	16	AHC Group Inc.	42	40.46	40.46	14.65	14.65	21.48	47.10

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.56	12.12	8.46	8.28	12.00	11.24
Full Range Median Multiple	15.19	14.88	10.23	9.99	18.04	12.44
Industry Multiple	40.66	64.35	19.31	19.43	30.64	145.62
Market Implied Multiple	15.30	14.96	7.67	7.45	10.94	10.10
Company (ELV) Multiple	13.19	12.90	6.51	6.32	9.27	8.57
(*) Net Income / EBITDA / Revenue	5,533	5,656	10,015	10,320	7,028	7,607
Winsorized Enterprise Value	N/A	N/A	84,739	85,409	84,321	85,489
Full Range Median Enterprise Value	N/A	N/A	102,488	103,092	126,810	94,635
(-) Net Debt	-7,784	-7,784	-7,784	-7,784	-7,784	-7,784
Winsorized Equity Value	69,507	68,541	92,523	93,193	92,105	93,273
Full Range Median Equity Value	84,067	84,184	110,272	110,876	134,594	102,419
(/) Shares Outstanding	226	226	226	226	226	226
Winsorized Fair Value	$307.82	$303.55	$409.76	$412.72	$407.91	$413.08
Full Range Median Fair Value	$372.31	$372.82	$488.36	$491.04	$596.08	$453.58
Current Price	$374.87	$374.87	$374.87	$374.87	$374.87	$374.87
Upside / Downside	-17.89%	-19.03%	9.31%	10.10%	8.81%	10.19%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$215.48	$212.48	$286.83	$288.91	$285.53	$289.15
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy