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.
大摩资源lof已开始对美国保险业塔吉特（原安泰保险）进行覆盖，认为其风险收益极具吸引力。
Related: Elevance Health Clocks $2.2B Q1 Net Profit Despite 21% Drop In Medicaid Enrollment, Lifts Annual Guidance.
相关新闻: 吉利德的 Trodelvy 在普通膀胱癌最常见类型的后期研究中未能达到主要目标。尽管医疗补助计划（Medicaid）的人数下降了21％，但Elevance Health Inc.在2021年第一季度实现了22亿美元的净利润，提高了全年指导预期。
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.
分析师指出，Elevance Health的故事围绕其多样化的业务展开，平衡其在不断增长的医疗保险优势（Medicare Advantage）环节中的存在，与商业和医疗补助业务相平衡。这种平衡有助于Elevance在应对医疗保险优势的监管挑战和影响商业的周期性方面更具弹性。此外，其药店管理(PBM)、特殊药店和Carelon服务的增长潜力被低估了，各种因素支持了其持续的强劲盈利增长。
This balance helps Elevance withstand regulatory challenges in Medicare Advantage and macroeconomic cycles affecting Commercial.
该平衡有助于Elevance在应对态度变化的医疗保险优势的监管挑战和影响商业的宏观经济周期方面更具弹性。
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，其药店管理（PBM）、特殊药店和Carelon服务的增长潜力被低估了，各种因素支持了其持续的强劲盈利增长。
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：“作为一个相对更多元化的管理保险公司，ELV受益于不过分依赖某一条业务线，从而在其健康福利业务领域提供了更加稳定的业务。”此外，随着Carelon不断扩大规模，其独特的驱动因素应该在更长的时间内支持更高的DD盈利增长的可见性。”
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）业务范围最广，仅次于行业龙头联合健康集团。
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的股票已经年初以来上涨13.3％，而标准普尔500指数上涨14.6％，多元化管理保健组织下降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，这种增长归因于公司在各自不同的业务中表现一致，尽管在医疗保险优势方面存在挑战。
Further potential for growth due to the resilience of its benefits business and the scaling of its Carelon platform, the analyst adds.
分析师补充道，由于费用业务的弹性和Carelon平台的扩大规模，Elevance还有进一步的增长潜力。
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的股票交易价格为未来12个月（NTM）市盈率13.6倍，与其历史平均值相当，并略低于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.
该分析师开始给予超配评级并将价格目标定为643美元，高于历史上10年NTM平均值的13.8倍，但仍然低于行业领先者联合健康的10年NTM平均值18.0倍。摩根士丹利表示，由于其多样化和不断增长的业务组合，股票被低估是不合理的。
Morgan Stanley writes the undervaluation unjustified given its diverse and growing portfolio.
摩根士丹利认为，考虑到其多样化和增长组合，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.
股票领涨市场，截至周一最后一次检查，ELV的股价上涨了1.01％，达到了539.84美元。
Photo via Shutterstock
图片来自shutterstock。