The Combination of CVS and Aetna Creates a Franchise Protected by a Narrow Economic Moat
Narrow-moat CVS Health reported fiscal 2018 results that largely met our expectations for the legacy business, but the addition of Aetna created some volatility in the reported numbers. However, the highlight was 2019 guidance that fell short of our profit expectations across the board while missing prevailing consensus estimates by an even wider margin. As we adjust our model, we may tweak our $96 per share fair value estimate, but we continue to view the firm as deeply undervalued despite the ...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.
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