Centene: The Cheapest Insurer I've Ever Seen

CNC is trading at half of book value and under 9x earnings, an extreme undervaluation for a cash-generating insurer. The recent guidance cut is a temporary earnings reset, not a structural issue -- premium increases and cost controls will restore margins as per standard industry cycles. Market panic and mechanical selling have created a rare value opportunity; insurance fundamentals and rate adjustments ensure earnings normalization over time.