Morgan Stanley Says Elevance Health's Growth Attributed To Consistent Performance But Undervalued
Morgan Stanley Says Elevance Health's Growth Attributed To Consistent Performance But Undervalued
Morgan Stanley has initiated coverage on Elevance Health Inc (NYSE:ELV), an American health insurance provider formerly Anthem Inc, citing compelling risk-reward.
大摩資源lof已開始對美國保險業塔吉特（原安泰保險）進行覆蓋，認爲其風險收益極具吸引力。
Related: Elevance Health Clocks $2.2B Q1 Net Profit Despite 21% Drop In Medicaid Enrollment, Lifts Annual Guidance.
相關新聞: 吉利德的 Trodelvy 在普通膀胱癌最常見類型的後期研究中未能達到主要目標。儘管醫療補助計劃（Medicaid）的人數下降了21％，但Elevance Health Inc.在2021年第一季度實現了22億美元的淨利潤，提高了全年指導預期。
The analyst writes that Elevance Health's story is centered on its resilience through diversified offerings, balancing its presence in the growing Medicare Advantage segment with its Commercial and Medicaid segments.
分析師指出，Elevance Health的故事圍繞其多樣化的業務展開，平衡其在不斷增長的醫療保險優勢（Medicare Advantage）環節中的存在，與商業和醫療補助業務相平衡。這種平衡有助於Elevance在應對醫療保險優勢的監管挑戰和影響商業的週期性方面更具彈性。此外，其藥店管理(PBM)、特殊藥店和Carelon服務的增長潛力被低估了，各種因素支持了其持續的強勁盈利增長。
This balance helps Elevance withstand regulatory challenges in Medicare Advantage and macroeconomic cycles affecting Commercial.
該平衡有助於Elevance在應對態度變化的醫療保險優勢的監管挑戰和影響商業的宏觀經濟週期方面更具彈性。
Additionally, the potential for growth in its Pharmacy Benefit Management (PBM), Specialty Pharmacy, and Carelon Services is undervalued, with various factors supporting continued strong earnings growth.
此外，其藥店管理（PBM）、特殊藥店和Carelon服務的增長潛力被低估了，各種因素支持了其持續的強勁盈利增長。
Morgan Stanley writes, "As a relatively more diversified MCO, ELV benefits from not being over-indexed to one particular line of business, offering it enhanced stability across its Health Benefits segment, while unique drivers as it scales Carelon should, in aggregate support higher visibility on +DD earnings growth longer term."
摩根士丹利表示：“作爲一個相對更多元化的管理保險公司，ELV受益於不過分依賴某一條業務線，從而在其健康福利業務領域提供了更加穩定的業務。”此外，隨着Carelon不斷擴大規模，其獨特的驅動因素應該在更長的時間內支持更高的DD盈利增長的可見性。”
Elevance boasts one of the most diversified Health Benefits (InsurCo) offerings, only second to industry bellwether UnitedHealth Group Inc (NYSE:UNH).
Elevance的Health Benefits（InsurCo）業務範圍最廣，僅次於行業龍頭聯合健康集團。
Elevance's shares have risen 13.3% year-to-date, compared to the S&P 500's 14.6% increase and a 9.9% decline in diversified managed care organizations (MCOs).
Elevance的股票已經年初以來上漲13.3％，而標準普爾500指數上漲14.6％，多元化管理保健組織下降9.9％。
Morgan Stanley says the growth is attributed to the company's consistent performance across its diversified portfolio, despite challenges in areas like Medicare Advantage.
摩根士丹利表示，這種增長歸因於公司在各自不同的業務中表現一致，儘管在醫療保險優勢方面存在挑戰。
Further potential for growth due to the resilience of its benefits business and the scaling of its Carelon platform, the analyst adds.
分析師補充道，由於費用業務的彈性和Carelon平台的擴大規模，Elevance還有進一步的增長潛力。
Currently, Elevance's shares are trading at 13.6 times the next twelve months (NTM) price-to-earnings (P/E) ratio, which is in line with its historical average and slightly below the 14.0 times the P/E ratio of its diversified peers.
目前，Elevance的股票交易價格爲未來12個月（NTM）市盈率13.6倍，與其歷史平均值相當，並略低於其多元化同行的市盈率14.0倍。
The analyst initiates with an Overweight rating and a price target of $643, which is higher than the historical 10-year NTM average of 13.8 times, but still below the 10-year NTM average of 18.0 times for industry leader UnitedHealth.
該分析師開始給予超配評級並將價格目標定爲643美元，高於歷史上10年NTM平均值的13.8倍，但仍然低於行業領先者聯合健康的10年NTM平均值18.0倍。摩根士丹利表示，由於其多樣化和不斷增長的業務組合，股票被低估是不合理的。
Morgan Stanley writes the undervaluation unjustified given its diverse and growing portfolio.
摩根士丹利認爲，考慮到其多樣化和增長組合，Elevance的股票被低估是不合理的。
Price Action: ELV shares are up 1.01% at $539.84 at last check Monday.
股票領漲市場，截至週一最後一次檢查，ELV的股價上漲了1.01％，達到了539.84美元。
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圖片來自shutterstock。
譯文內容由第三人軟體翻譯。