Report
Vishnu Lekraj
EUR 98.48 For Business Accounts Only

Anthem’s 1Q In Line; No Cigna Update; States all Major PBM Options Including Express Are on Table

Anthem reported results that fell in line with our expectations and we are reiterating our narrow-moat rating and $140 fair value estimate for the health insurer. There was little to report on the Cigna front but we remain skeptical this deal will close successfully. Both Anthem and Cigna have been feuding, with Cigna suing to terminate the deal and Anthem suing to keep the deal alive. We expect to get some more direction once Cigna reports on May 5. Additionally, management stated there has not...
Underlying
Express Scripts Holding Company

Express Scripts Holding is a pharmacy benefit management (PBM) company. The company has two reportable segments: PBM, which consists of clinical solutions, Express Scripts SafeGuardRx

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Vishnu Lekraj

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