After digging into The Cigna Group, it really seems like the market is undervaluing it relative to other major healthcare companies.
Cigna generates strong cash flow and has a large pharmacy services business through Evernorth, yet the stock trades at a noticeably lower multiple than peers like UnitedHealth Group or Elevance Health.
Some investors point to PBM regulatory risk as the reason for the discount, but if that risk ends up being overblown, CI could actually be one of the more attractive value plays in the healthcare sector right now. Curious what others think about this.