Centene Corp

CNC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$88.00	Bmfdml	Lkbqjvbzf

Centene Turns in Strong Q4 and Maintains 2023 Outlook; Shares Moderately Undervalued

Julie Utterback

Feb 7, 2023

Narrow-moat Centene turned in strong fourth-quarter results that allowed the company to exceed our adjusted EPS and cash flow expectations for the full year. Management also maintained its bottom-line expectations for 2023, which remain roughly in line with our estimates. At first glance, we do not anticipate changing our $87 fair value estimate materially. Centene shares appear moderately undervalued to us.

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