The Cigna Group (CI)

Executive Summary

The Cigna Group is the largest pure-play U.S. pharmacy benefit manager (PBM) plus a focused commercial-health insurance business after the 2024 strategic decision to sell Medicare Advantage to HCSC. Evernorth — the pharmacy services franchise housing Express Scripts, Accredo specialty pharmacy, and care-services businesses — now represents approximately 70 percent of operating income and is the strategic engine. At $284.73, CI trades at 9.4x forward earnings — among the cheapest forward multiples in U.S. large-cap health care, reflecting market concern about PBM regulatory risk and the strategic narrowing of the franchise. We at T&T Capital Management view CI as a compelling deep-value setup. Our base-case fair value is $345–$405.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers