Centene Corp

CNC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$19.00	Lnphs	Rdytlstd

Centene Delivers Strong Q3 and Gives Solid Intermediate-Term Profit Goals; No FVE Change

Julie Utterback

Oct 25, 2022

Narrow-moat Centene turned in solid third-quarter results, including strong performance in its key end markets—Medicaid (low-income Americans) and Medicare Advantage (older Americans)—which allowed management to slightly increase the bottom end of its 2022 EPS outlook. Also, on the call, management gave a preview of its 2023 and 2024 profit goals, which are roughly in line with our estimates. Considering that solid outlook, we are maintaining our $95 fair value estimate.

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