Company Valuation: Cigna

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 76,106 101,304 87,625 76,809 73,521 74,188 - -
Change - 33.11% -13.5% -12.34% -4.28% 0.91% - -
Enterprise Value (EV) 1 104,695 126,473 110,733 101,231 97,308 95,535 92,414 86,450
Change - 20.8% -12.45% -8.58% -3.88% -1.82% -3.27% -6.45%
P/E 14.6x 15.6x 17.2x 22.8x 12.4x 11.2x 9.83x 9x
PBR 1.57x 2.21x 1.89x 1.84x 1.74x 1.7x 1.57x 1.44x
PEG - 0.4x -0.9x -0.8x 0.1x 0.9x 0.7x 0.97x
Capitalization / Revenue 0.44x 0.56x 0.45x 0.31x 0.27x 0.26x 0.25x 0.24x
EV / Revenue 0.6x 0.7x 0.57x 0.41x 0.35x 0.33x 0.31x 0.27x
EV / EBITDA 9.42x 11x 9.24x 8.38x 7.88x 7.22x 6.45x 5.75x
EV / EBIT 13.2x 15x 13x 10.7x 10.6x 9.49x 8.28x 7.46x
EV / FCF 17.3x 17.2x 10.8x 11.3x 11.6x 11.9x 9.51x 9.01x
FCF Yield 5.77% 5.82% 9.25% 8.85% 8.62% 8.43% 10.5% 11.1%
Dividend per Share 2 4 4.48 4.92 5.6 6.04 6.178 6.447 6.75
Rate of return 1.74% 1.35% 1.64% 2.03% 2.19% 2.2% 2.3% 2.4%
EPS 2 15.73 21.3 17.39 12.12 22.18 24.96 28.55 31.2
Distribution rate 25.4% 21% 28.3% 46.2% 27.2% 24.8% 22.6% 21.6%
Net sales 1 174,078 180,642 195,322 247,099 274,900 286,456 298,468 315,187
EBITDA 1 11,118 11,522 11,980 12,083 12,351 13,224 14,334 15,022
EBIT 1 7,935 8,414 8,536 9,417 9,200 10,068 11,158 11,585
Net income 1 5,365 6,668 5,164 3,434 5,957 6,567 7,640 7,710
Net Debt 1 28,589 25,169 23,108 24,422 23,787 21,347 18,226 12,262
Reference price 2 229.63 331.34 299.45 276.14 275.23 280.76 280.76 280.76
Nbr of stocks (in thousands) 331,428 305,739 292,620 278,153 267,126 264,240 - -
Announcement Date 2/3/22 2/3/23 2/2/24 1/30/25 2/5/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.56x0.87x13.09x2.42% 340B
20.2x0.58x10.95x1.65% 90.81B
11.25x0.33x7.22x2.2% 74.19B
57.23x0.35x20.01x0.9% 49.21B
17.31x0.15x9.79x-.--% 32.81B
69.33x0.22x13.18x-.--% 10.64B
69.61x0.42x14.01x-.--% 2.62B
85.37x0.85x31.22x-.--% 2.56B
21.27x1.4x8.14x-.--% 2.1B
Average 41.35x 0.57x 14.18x 0.8% 67.24B
Weighted average by Cap. 23.52x 0.67x 12.50x 1.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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