The Cigna Group provides insurance and related products and services in the United States. Its Evernorth segment provides a range of coordinated and point solution health services, including pharmacy, benefits management, care delivery and management, and intelligence solutions to health plans, employers, government organizations, and health care providers. The company's Cigna Healthcare segment offers medical, pharmacy, behavioral health, dental, vision, health advocacy programs, and other products and services for insured and self-insured customers; Medicare Advantage, Medicare Supplement, and Medicare Part D plans for seniors, as well as individual health insurance plans to on and off the public exchanges; and health care coverage in its international markets, as well as health care benefits for mobile individuals and employees of multinational organizations. The company also offers permanent insurance contracts sold to corporations to provide coverage on the lives of certain employees for financing employer-paid future benefit obligations. It distributes its products and services through insurance brokers and consultants; directly to employers, unions and other groups, or individuals; and private and public exchanges. The company was founded in 1792 and is headquartered in Bloomfield, Connecticut.

BUILD UP FREE CASH	2022-12-31 (A)	2023-12-31 (A)	2024-12-31 (A)	2025-12-31 (E)	2026-12-31 (E)	2027-12-31 (E)	2028-12-31 (E)	2029-12-31 (E)
Revenue	180,518	195,265	247,121	270,118.2	283,135.3	301,202.1	301,202.1	301,202.1
Revenue % Chg.	3.7%	8.2%	26.6%
EBIT	8,579	9,034	9,692	9,689	9,880.9	10,552.8	10,552.8	10,552.8
EBIT Margin	4.8%	4.6%	3.9%
Tax Rate	19.2%	2.6%	28.3%
NOPAT	6,929	8,803	6,949.4	7,788.2	7,986.5	8,453.9	8,453.9	8,453.9
NOPAT Margin	3.8%	4.5%	2.8%	2.9%	2.8%	2.8%	2.8%	2.8%
D&A	1,857	1,812	1,754	2,764.8	2,962.3	3,219.4	3,219.4	3,219.4
D&A / Revenue	1%	0.9%	0.7%
Capex	-1,295	-1,573	-1,406	-1,263.1	-1,402.6	-1,451	-1,451	-1,451
Capex / Revenue	-0.7%	-0.8%	-0.6%
Chg. NWC	584	3,488	1,192	2,334	2,446.4	2,602.5	2,602.5	2,602.5
Chg. NWC / Revenue	0.3%	1.8%	0.5%
Unlevered FCF (UFCF)	8,075	12,530	8,489.4	11,623.9	11,992.6	12,824.8	12,824.8	12,824.8
UFCF % Chg.	28.5%	55.2%	-32.2%	36.9%	3.2%	6.9%	0%	—
PV of UFCF	—	—	—	10,841.3	10,432.3	10,405.2	9,704.7	9,051.4
Sum of PV of UFCF	—	—	—	10,841.3	21,273.6	31,678.8	41,383.5	50,434.9

Cost of Debt
Tax Rate
After Tax Cost of Debt	3.8%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	31,972
Market Cap	72,727.7
Total Capital	104,699.7
Debt Weighting	30.5%
Equity Weighting	69.5%
WACC	7.2%

Exit Multiple EV/FCF
Terminal Value	100,068.7
PV of Terminal Value	65,871.2
Cumulative PV of UFCF	50,434.9
Net Debt	27,132
Equity Value	89,174
Shares Outstanding	267.1
Implied Share Price	333.8
Current Share Price	272.3
Implied Upside / (Downside)	22.6%