Post-Q417 Model Update
We update our CVS model to incorporate $275m of incremental investment in FY18, which includes the company's plan to increase minimum wages to $11/hour. Our other assumptions remain broadly unchanged. Operating profit is expected to be broadly flat YoY, in the middle of FY guidance. With organic growth remaining muted and risk associated with the AET deal, we remain Neutral and continue to prefer WBA within the sector.CVS Health is a health company. The company's segments are: Pharmacy Services, which provides a range of pharmacy benefit management solutions, including plan design offerings and administration, formulary management, and retail pharmacy network management services; Retail/Long-Term Care (LTC), which sells prescription drugs and general merchandise, including over-the-counter drugs, provides health care services through its MinuteClinic? walk-in medical clinics and conducts LTC pharmacy operations; and Health Care Benefits, which provides a range of voluntary and consumer-directed health insurance products and related services, including medical, pharmacy, dental and behavioral health plans.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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