UnitedHealth: At Rock Bottom The Only Way Is Up

Despite a rare earnings miss, CEO departure, DOJ investigation, and guidance withdrawal, we view UNH as a strong long-term buy at current depressed valuations. UNH's robust balance sheet, healthy dividend coverage, and potential for substantial share buybacks should create a valuation floor and support near-term downside protection. Even in a worst-case 30% y/y EPS decline, UNH trades well below historical and market multiples, offering an attractive entry point in our view.