Centene Corp

CNC: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$35.00	Mwdtg	Vgggnwt

Centene Earnings: 2023 Outlook Raised as Individual Expansion Offsets Medicaid Redeterminations

Julie Utterback

Oct 24, 2023

Narrow-moat Centene turned in strong third-quarter results even as Medicaid redeterminations continued. With the expansion of its individual exchange business more than offsetting Medicaid declines, management moderately increased its 2023 outlook and maintained its 2024 guidance. At first glance, these goals appear to be in line with our expectations, and we are maintaining our $87 fair value estimate. Centene shares remain moderately undervalued, in our view.

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