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Humana, Inc. (HUM)

Lead Analyst: Charles Paraboschi | Associates: Robert Kost & Peter Blicharz. Humana, Inc. (HUM). Healthcare (Health care providers). Investment Thesis. Best positioned in new healthcare environment Accelerated enrollment growth Recent acquisition and new contract open new markets

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Humana, Inc. (HUM)

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  1. Lead Analyst: Charles Paraboschi| Associates: Robert Kost & Peter Blicharz Humana, Inc. (HUM) Healthcare (Health care providers)

  2. Investment Thesis • Best positioned in new healthcare environment • Accelerated enrollment growth • Recent acquisition and new contract open new markets • Undervalued in comparison to its peers and history

  3. Catalysts And Risks

  4. New Regulations • 68B Industry Tax/Fee for duration of 3 years • 80% min. medical cost ratio • Mandatory rebates • Cuts to charges on Brand name Drugs under part D • Periodic actuarial adjustments to re- imbursement rates

  5. Medical Care Ratio • Increase attributed to increase in consolidated benefit ratio in Humana’s Retail Segment.

  6. Administration Ratio

  7. Membership Changes

  8. Segments

  9. Value Metric P/1M Members

  10. Value Metric: Peer P/BV

  11. Value Metric: Historical P/B

  12. Value Metric: Historical P/Revenue

  13. Value Metric: Industry P/E

  14. Lead Analyst: Charles Paraboschi| Associates: Robert Kost & Peter Blicharz Humana, Inc. (HUM) Questions? Healthcare (Health care providers)

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