Managed Health Care Sector Outlook — September 2026

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HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MANAGED HEALTH CARE

Managed Health Care: Premiums Sit with Durability

The peer set rewards credible earnings durability across both scaled carriers and risk-bearing care delivery.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E)

Managed Health Care Coverage | September 2026 | Confidential | Not investment advice

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   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MANAGED HEALTH CARE

   This is the cover page identifying the report as a Managed Health Care sector outlook dated September 28, 2026.

   We open on managed health care, where premiums sit with durability across both scaled carriers and risk-bearing care delivery. The pages that follow show where that durability shows up in the numbers and what it means for strategy.

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   HEALTH CARE › HEALTH CARE EQUIPMENT AND SERVICES › MANAGED HEALTH CARE Managed Health Care: Premiums Sit with Durability The peer set rewards credible earnings durability across both scaled carriers and risk-bearing care delivery. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis P / E (CY2027E) Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five numbered sections plus appendix that structure the report.

   We've structured this report so the bottom line comes first: five sections plus a full appendix, in that order. If you only have five minutes, section one carries the whole argument — everything after it builds the evidence.

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   CONTENTS What This Report Covers 01 The Bottom Line Managed Health Care Rewards Durable Earnings Across Two Distinct Operating Models 02 The Landscape Risk-Bearing Care Delivery Carries a Higher Rating than the Carrier Group 03 Valuation & Situations The Valuation Range Leaves Room for Operating Proof to Matter 04 Precedent Transactions Precedent Transactions Span Plans, Services and Care Infrastructure 05 Strategic Implications Durable Underwriting Proof Strengthens Strategic Standing 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Managed Health Care Splits Between Scaled Carriers and Risk-Bearing Care Delivery, with Premiums Spanning Both

   This page summarizes the report's central finding that the managed health care peer set splits between scaled carriers and risk-bearing care delivery, with premiums spanning both segments.

   The peer set doesn't trade as one model — it splits between scaled carriers and risk-bearing care delivery, and both ends earn a premium for different reasons. The premium end sits far above the discount end on forward P/E, even after crediting forecast earnings growth, which points to the market pricing durability, not just growth. Care delivery, though the smaller segment, carries its own valuation logic built on direct medical-cost accountability. So what: the strategic question for any owner in this space is how to prove that durability, whichever model they run.

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   01 · THE BOTTOM LINE Managed Health Care Splits Between Scaled Carriers and Risk-Bearing Care Delivery, with Premiums Spanning Both The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 8 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium End Reflects a High Bar for Durability The premium end sits at 43.4x versus 11.1x at the discount end. Forward P / E already credits forecast earnings growth, so the surviving gap points to confidence in earnings durability. 2 Faster Growth Sits Alongside a Higher Rating The faster-growing four names in the peer set sit at 19.4x, versus 17.6x for the slower-growing four. The modest spread keeps benefit ratio control and bid-cycle execution central to the equity story. 3 Care Delivery Adds a Distinct Route to Value Risk-bearing care delivery represents 25% of the peer set, while multi-line health plan carriers represent 75%. Direct influence over attributed lives and medical cost gives the smaller segment a different operating proposition. 4 Few Names Combine Growth with Margin Only 3 of 8 names in the peer set clear both growth and margin bars. That concentration keeps attention on PMPM economics, risk adjustment and the conversion of membership growth into earnings. 19.4x Sector median P/E CY2027E consensus · 8 rated of 8 companies 43.4x Premium end P/E vs 11.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on P/E — the spread the report explains 12 Transactions with disclosed terms 43 recorded in this tier · 0 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section two, which maps the managed health care landscape and shows risk-bearing care delivery rated higher than the carrier group.

   Section two lays out the market map. We'll see that the smaller care-delivery segment carries a higher rating than the carrier group, tied to its direct accountability for medical cost.

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   SECTION 02 02 THE LANDSCAPE Risk-Bearing Care Delivery Carries a Higher Rating than the Carrier Group The smaller segment pairs care delivery with direct accountability for medical cost. 02 of 06 Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Managed Health Care Divides Between Carrier Scale and Care-Delivery Accountability

   This page groups the eight approved companies by business segment and shows the median forward P/E for each group.

   We've split the approved universe into two segments — scaled carriers and risk-bearing care delivery — and measured each on median forward P/E. The groupings follow our platform's classification, so the comparison is apples to apples within the covered set. So what: this is the map we build on for the rest of the section, before we go deeper into who sits where on valuation.

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   02 · MARKET MAP Managed Health Care Divides Between Carrier Scale and Care-Delivery Accountability 8 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MULTI-LINE HEALTH PLAN CARRIERS 6 cos median 19.4x CVS Health (CVS) Humana (HUM) Centene (CNC) Molina Healthcare (MOH) Clover Health (CLOV) Alignment (ALHC) Carrier platforms bring membership scale, regulated capital and exposure to recurring bid and rate cycles. RISK-BEARING CARE DELIVERY (PAYVIDER CLINIC NETWORKS) 2 cos median 30.8x Astrana Health (ASTH) Agilon Health (AGL) Care-delivery networks pair clinical infrastructure with delegated or full-risk accountability for medical cost.

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   02 · LANDSCAPE

   The Smaller Care-Delivery Segment Carries the Higher Valuation

   This page shows that the smaller care-delivery segment carries the higher median valuation than the larger carrier segment.

   Care delivery is the smaller of the two segments, yet it carries the higher median valuation on forward P/E. That's a signal the market rewards direct accountability for medical cost, even at smaller scale. We give the full company-level detail in the appendix, so this page is about the pattern, not the individual names. So what: segment size and valuation don't move together here, which matters for how you think about positioning.

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   02 · LANDSCAPE The Smaller Care-Delivery Segment Carries the Higher Valuation Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Multi-line health plan carriers 6 75% 19.4x CVS Health Corp. (CVS) · Humana Inc. (HUM) · +4 more Scale meets regulated risk. This group represents 75% of the peer set. Its standing rests on pricing discipline, Star Ratings, statutory capital and consistent management of the benefit ratio. Risk-bearing care delivery (payvider clinic networks) 2 25% 30.8x Astrana Health, Inc. (ASTH) · Agilon Health, Inc. (AGL) Care ownership changes accountability. This group represents 25% of the peer set and sits at 30.8x. Its model links attributed lives, clinical execution and medical-cost performance more directly.

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   SECTION 03

   03

   This divider introduces section three, which covers valuation and situation mapping across the peer set.

   Section three turns to valuation. We'll show that the range between the premium and discount ends leaves room for operating proof to matter, even after forecast earnings growth is credited.

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   SECTION 03 03 VALUATION & SITUATIONS The Valuation Range Leaves Room for Operating Proof to Matter Forward P / E separates the premium and discount ends even after forecast earnings growth is credited. 03 of 06 Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Sustains a Wide Lead on Forward Earnings

   This page ranks all eight rated companies by forward P/E and shows the sector median.

   Sorted from highest to lowest, the eight rated names show the premium end holding a wide lead over the discount end on forward P/E — the sector median sits at 19.4x. Because this is a forward multiple, it already reflects the earnings growth analysts expect, so the surviving spread points to confidence in durability rather than growth alone. The tier zones split the rated set at its own quartiles, so every name here is measured on the same basis. So what: this is the valuation range every situation on the next few pages will be tested against.

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   03 · PUBLIC MARKET VALUATION The Premium End Sustains a Wide Lead on Forward Earnings P / E (CY2027E) · all 8 rated companies, sorted descending · sector median 19.4x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 8 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same P / E (CY2027E) basis. Panel commentary is a NeuraCap view. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 43.4x CORE · median 19.4x DISCOUNT · median 11.1x Sector median 19.4x WHAT SEPARATES THE TWO ENDS The range remains wide. The premium end sits at 43.4x, while the discount end sits at 11.1x. Forecast growth is already credited. Because the lens is CY2027E P / E, the gap that remains is associated with confidence in the durability of forecast earnings. Operating models cross the tiers. Agilon Health, Inc. [AGL] and Clover Health Investments, Corp. [CLOV] reach the premium end through different models, while Centene Corp. [CNC] and CVS Health Corp. [CVS] sit at the discount end.

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   03 · VALUATION DRIVERS

   Faster Growth Carries a Modest Premium, Leaving Earnings Quality in Focus

   This page compares median forward P/E across revenue-growth and EBITDA-margin cohorts within the rated peer set.

   Faster-growing names trade at 19.4x versus 17.6x for slower growers — a real but modest premium for growth. That keeps earnings quality, not growth alone, in focus for how the market prices this group. These are cohort medians on rated names with the required estimates, and the reading is association, not causation. So what: growth helps, but it's not the whole valuation story here.

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   03 · VALUATION DRIVERS Faster Growth Carries a Modest Premium, Leaving Earnings Quality in Focus Median P / E (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 P/E, median per cohort · growth split at 8% · EBITDA-margin split at 3% Growth Above the Split Carries the Higher Rating Among the four names at or above 8% growth, the middle valuation is 19.4x, versus 17.6x for the four below the split. Underwriting Durability Remains the Commercial Test The narrow growth-based spread keeps the quality of bid pricing, benefit ratio control and reserve development central to how forecast earnings are judged. Care-Model Economics Add Another Distinction Owned or tightly aligned care delivery can change the relationship between capitation, clinical execution and medical cost, but the peer set shows that structure alone does not define the tier.

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    03 · SITUATION MAP

    The Peer Set Shows Four Distinct Growth and Valuation Positions

    This page places the rated peer set into four quadrants cut on forward P/E versus the sector median and revenue growth versus the covered median.

    Cutting the rated set on P/E against the 19.4x sector median and growth against the 8% covered median gives us four distinct positions, not four recommendations. Each name's placement is an observation about where it sits today, not a signal to buy or sell. So what: the situations here frame the strategic choices we walk through next, rather than settling them.

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    03 · SITUATION MAP The Peer Set Shows Four Distinct Growth and Valuation Positions Cut on P / E vs the sector median (19.4x) (rows) and revenue growth vs the covered median (8%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Growth, Higher Valuation Above-median multiple · above-median revenue growth 2 names Molina Healthcare, Inc. (MOH) · Clover Health Investments, Corp. (CLOV) Molina Healthcare, Inc. [MOH] and Clover Health Investments, Corp. [CLOV] pair above-range growth with above-range valuation. Their position puts forecast earnings delivery and retention of growth in focus. Lower Growth, Higher Valuation Above-median multiple · below-median revenue growth 2 names Humana Inc. (HUM) · Agilon Health, Inc. (AGL) Humana Inc. [HUM] and Agilon Health, Inc. [AGL] carry above-range valuation alongside below-range growth. The premium sits alongside expectations for earnings durability beyond current top-line expansion. Higher Growth, Lower Valuation Below-median multiple · above-median revenue growth 2 names Astrana Health, Inc. (ASTH) · Alignment Healthcare, Inc. (ALHC) Astrana Health, Inc. [ASTH] and Alignment Healthcare, Inc. [ALHC] pair above-range growth with below-range valuation. Their position highlights the importance of converting growth into durable margin and cash earnings. Lower Growth, Lower Valuation Below-median multiple · below-median revenue growth 2 names CVS Health Corp. (CVS) · Centene Corp. (CNC) CVS Health Corp. [CVS] and Centene Corp. [CNC] sit below both reference lines. Improvement in pricing, mix or medical-cost performance would change how this position is assessed.

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    03 · GROWTH VS PROFITABILITY

    Only a Minority of the Peer Set Clears Both Operating Bars

    This page plots the eight rated companies on revenue growth against EBITDA margin, with forward P/E shown by quadrant.

    Cutting the rated set at the covered medians for growth and margin, only a minority of names clear both bars at once. Most sit in a single-bar or no-bar position, which is why earnings quality carries so much weight in how this group is priced. So what: clearing both growth and margin bars is the exception here, not the norm, and that scarcity is part of what the premium end is paying for.

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    03 · GROWTH VS PROFITABILITY Only a Minority of the Peer Set Clears Both Operating Bars Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (8% growth, 3% margin) · median P/E per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful P/E (balanced n=3; margin-only n=1; growth-only n=1; neither n=3). Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 2% 4% 6% MARGIN ONLY median 10.3x BALANCED median 19.3x NEITHER median 23.3x GROWTH ONLY median 19.5x CNC CVS HUM AGL MOH ASTH CLOV ALHC x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The chart compares revenue growth with margin across the eight-name peer set. Astrana Health, Inc. [ASTH], Clover Health Investments, Corp. [CLOV] and Alignment Healthcare, Inc. [ALHC] clear both the 8% growth bar and the 3% margin bar. One name clears only the margin bar, one clears only the growth bar and three clear neither. The pattern shows why growth and current profitability need to be read together. The balanced median rests on 3 names and is lifted by CLOV at 43.1x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 8 names clear it.

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    03 · THE AGENDA

    The Strategic Choice Is Whether to Build Durable Earnings Proof in Underwriting Margin or in Premium Growth

    This page frames the strategic choice between building durable earnings proof through underwriting margin or through premium growth.

    The data points to a real choice: build durable proof through underwriting margin discipline, or through premium growth that converts cleanly into earnings. This is our advisory read on the cohort evidence shown earlier, not investment advice. So what: whichever path an owner chooses, the market appears to reward proof of durability over the path itself.

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    03 · THE AGENDA The Strategic Choice Is Whether to Build Durable Earnings Proof in Underwriting Margin or in Premium Growth NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Protect Underwriting Economics Prioritise pricing discipline, medical-cost management and risk score accuracy where forecast earnings depend on benefit ratio stability. What changes the answer: The answer changes when cost trend, reserve development or rate adequacy moves outside the assumptions embedded in the bid. Deepen Care-Delivery Alignment Test whether owned, delegated or contracted care models offer the clearest path to better PMPM economics and clinical control. What changes the answer: The answer changes when attributed lives, provider performance or downside-risk exposure alters the economics of ownership. Refine Revenue Quality and Mix Concentrate growth in products and markets where retention, Star Ratings and contract durability support repeatable earnings. What changes the answer: The answer changes when membership growth brings adverse selection, concentration or re-procurement risk. Choose Build Versus Buy Carefully Compare internal investment with partnerships or acquisitions across care delivery, enablement and risk-bearing capabilities. What changes the answer: The answer changes when regulatory approval, statutory capital or integration demands outweigh the operating benefit.

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    SECTION 04

    04

    This divider introduces section four, which covers precedent transactions across plans, services and care infrastructure.

    Section four moves to the deal record. Strategic and sponsor activity reaches across regulated risk-bearing assets and adjacent services, and we'll look at what the disclosed transactions tell us.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Span Plans, Services and Care Infrastructure Strategic and sponsor activity reaches both regulated risk-bearing assets and adjacent services. 04 of 06 Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    The Transaction Record Reaches Across Plans, Services and Care Infrastructure

    This page walks through three disclosed-terms transactions as case studies, drawn from a wider set of twelve deals with disclosed terms.

    We've chosen three of the twelve disclosed-terms transactions to walk through as case studies, spanning plans, services and care infrastructure. Deal multiples here are LTM at announcement, not the CY2027E public basis used elsewhere in the deck, so we don't draw a direct spread between the two. The full list, including the flagged and omitted records, sits in the appendix and companion workbook. So what: the deal record confirms strategic interest reaches across the segment split we've described, not just one side of it.

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    04 · DEAL CASE STUDIES The Transaction Record Reaches Across Plans, Services and Care Infrastructure 3 of 12 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 31 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Sep-2015 n/a Molina Healthcare, Inc. acquires Providence Human Services, LLC and Providence Community Services, LLC EV / LTM revenue n/a EV / LTM EBITDA 9.8x WHY THE DEAL HAPPENED Molina Healthcare, Inc. moved for Providence Human Services, LLC and Providence Community Services, LLC in Sep-2015; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Jul-2012 n/a WellPoint, Inc. acquires AmeriGroup Corporation EV / LTM revenue 12.3x EV / LTM EBITDA 12.3x WHY THE DEAL HAPPENED WellPoint, Inc. moved for AmeriGroup Corporation in Jul-2012; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price. Oct-2011 n/a Cigna Corporation acquires HealthSpring, Inc. EV / LTM revenue 7.6x EV / LTM EBITDA 7.8x WHY THE DEAL HAPPENED Cigna Corporation moved for HealthSpring, Inc. in Oct-2011; the record shows it as announced. HOW THE TARGET WAS VALUED Terms were not fully disclosed; the transaction anchors the reference set rather than the price.

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    SECTION 05

    05

    This divider introduces section five, which covers the strategic implications of durable underwriting proof.

    Section five closes the analytical argument. Benefit ratio control, risk adjustment and care-model economics stay central to the value story, and we'll translate that into next moves.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Durable Underwriting Proof Strengthens Strategic Standing Benefit ratio control, risk adjustment and care-model economics remain central to the value story. 05 of 06 Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    The Owner's Next Move Is to Reinforce Durable Underwriting Economics in Pricing and Business Mix

    This page sets out the owner's next move to reinforce durable underwriting economics in pricing and business mix.

    Our view is that the next move for owners is reinforcing durable underwriting economics through pricing and business mix, not chasing growth alone. This is directional guidance drawn from the analysis in this report, framed as questions for the next twelve months rather than a recommendation. So what: the companies that can show this durability are the ones best positioned to defend today's valuation range.

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    05 · STRATEGIC IMPLICATIONS The Owner's Next Move Is to Reinforce Durable Underwriting Economics in Pricing and Business Mix NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Anchor Strategy in Earnings Durability Focus capital and management attention on the products, geographies and care models where pricing discipline and medical-cost control are repeatable. FOR MANAGEMENT TEAMS Convert Growth into Margin Proof Membership expansion carries more weight when PMPM economics, retention and risk adjustment support durable earnings. FOR BOARDS Test Structure Against Strategic Fit Evaluate whether carrier scale, delegated risk or owned care delivery offers the clearest route to resilience through bid, rate and quality cycles.

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    SECTION 06

    06

    This divider introduces section six, the appendix covering the full comparables universe, methodology and sources.

    Section six is the reference section — the full comparables set, the methodology behind every figure, and where each disclosure lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on P / E (CY2027E), Grouped by Valuation Tier

    This page lists all eight rated companies with their forward P/E, shaded against the sector median.

    Every rated company sits in this table, shaded to show where it falls against the 19.4x sector median. This is the full rated universe behind every chart earlier in the deck, and tickers link back to the underlying source. So what: use this page to check any multiple quoted earlier against its company of origin.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on P / E (CY2027E), Grouped by Valuation Tier Teal shading marks a P/E above the sector median (19.4x); amber marks below · 8 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV P/E (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥28.3x · median 43.4x · 2 companies Agilon Health, Inc. AGL Risk-bearing care delivery (payvider clinic networks) $1.1B 43.7x 7% 2% 10 Clover Health Investments, Corp. CLOV Multi-line health plan carriers $2.1B 43.1x 20% 4% 24 CORE — 16.4x–28.3x · median 19.4x · 4 companies Humana Inc. HUM Multi-line health plan carriers $38.9B 23.3x 3% 2% 6 Molina Healthcare, Inc. MOH Multi-line health plan carriers $4.6B 19.5x 8% 2% 10 Alignment Healthcare, Inc. ALHC Multi-line health plan carriers $1.2B 19.3x 25% 3% 28 Astrana Health, Inc. ASTH Risk-bearing care delivery (payvider clinic networks) $2.6B 17.9x 10% 7% 17 DISCOUNT — <16.4x · median 11.1x · 2 companies Centene Corp. CNC Multi-line health plan carriers $23.6B 11.9x -1% 2% 0 CVS Health Corp. CVS Multi-line health plan carriers $179B 10.3x 3% 5% 8

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, the first of two pages covering twelve such deals.

    These are the transactions with disclosed terms, newest first, out of the recorded transaction set. Multiples shown are LTM at announcement where disclosed, and deal values link back to the underlying filing. So what: this is the primary evidence behind the deal-activity conclusions drawn earlier in the deck.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (43 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 31 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Oct-2020 Social Capital Hedosophia Holdings Corp. III → Clover Health Investments, Corp. $596M n/a n/a Social Capital Hedosophia Holdings Corp. III agreed to combine with Clover Health Investments, Corp. [CLOV]. The recorded value is $596M and serves as a filing reference rather than an operating valuation benchmark. Apr-2020 Beretta Holding S.A. → NextLevel Health Partners, Inc. n/a n/a 4.9x Beretta Holding S.A. agreed to acquire NextLevel Health Partners, Inc. The recorded 4.9x EV / EBITDA multiple provides an earnings benchmark for a health-plan transaction. Sep-2017 SS&C Technologies Holdings, Inc. → New Mexico Health Connections n/a 6.8x 19.4x SS&C Technologies Holdings, Inc. agreed to acquire New Mexico Health Connections. The recorded 6.8x EV / revenue multiple benchmarks the transaction on top-line scale. May-2016 Hellman & Friedman / Leonard Green → MultiPlan Corporation n/a n/a 11.5x Hellman & Friedman / Leonard Green agreed to acquire MultiPlan Corporation. The 11.5x EV / EBITDA benchmark sits alongside sponsor ownership of a services-oriented asset. Sep-2015 Molina Healthcare, Inc. → Providence Human Services, LLC and Providence Community Services, LLC n/a n/a 9.8x Molina Healthcare, Inc. [MOH] agreed to acquire Providence Human Services, LLC and Providence Community Services, LLC. The recorded 9.8x EV / EBITDA multiple provides an earnings benchmark for adjacent services. Apr-2013 Roper Industries, Inc. → Managed Health Care Associates, Inc. n/a 0.7x 8.8x Roper Industries, Inc. agreed to acquire Managed Health Care Associates, Inc. The transaction was recorded at 0.7x EV / revenue and 8.8x EV / EBITDA. Jul-2012 WellPoint, Inc. → AmeriGroup Corporation n/a 12.3x 12.3x WellPoint, Inc. agreed to acquire AmeriGroup Corporation. The transaction was recorded at 12.3x on both the EV / revenue and EV / EBITDA measures. Oct-2011 Cigna Corporation → HealthSpring, Inc. n/a 7.6x 7.8x Cigna Corporation agreed to acquire HealthSpring, Inc. The transaction was recorded at 7.6x EV / revenue and 7.8x EV / EBITDA. Mar-2007 UnitedHealth Group, Inc. → Sierra Health Services, Inc. n/a n/a 11.1x UnitedHealth Group, Inc. agreed to acquire Sierra Health Services, Inc. The transaction illustrates strategic interest in regulated membership and carrier infrastructure.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the disclosed-terms precedent transaction list, newest first.

    This page completes the disclosed-terms transaction list begun on the prior page. The same LTM-at-announcement basis applies throughout, and it remains distinct from the CY2027E public multiple used elsewhere in the deck. So what: together, both pages give the complete disclosed-terms record behind the deal commentary.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 12 transactions with disclosed terms in this tier (43 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 46 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 31 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2005 UnitedHealth Group, Inc. → PacifiCare Health Systems, Inc. n/a n/a 15.8x Oct-2003 Anthem Inc. → WellPoint Health Networks Inc. n/a n/a 10.7x Oct-2003 UnitedHealth Group, Inc. → Mid Atlantic Medical Services LLC n/a n/a 10.6x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page documents the sources, assumptions and data-quality treatment behind the report.

    Every figure in this report links back to the record it came from, and where a link isn't available, the appendix names the source and the basis on which it was read. This is where we document what was included, what was excluded, and why. So what: this page is the audit trail for any figure a client wants to trace.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Managed Health Care Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on P / E rather than EV / EBITDA; validated coverage supports the industry standard (8 of 8 companies), so this report follows it. P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Managed Health Care and it clears the coverage gate with 8 of 8 companies (100%). EV / Revenue is carried as a cross-check. DATA QUALITY & EXCLUSIONS 9 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 318 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (317) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Credible Durability Across Both Managed-Care Models.

    This closing page states that the premium sits with credible durability across both managed-care models.

    The premium in this sector sits with credible durability across both managed-care models we've described. The companion tables carry the full universe and source index for any figure worth tracing further.

    Everything on this page

    The Premium Sits with Credible Durability Across Both Managed-Care Models. NeuraCap AI — Managed Health Care Coverage September 2026 · Prepared by NeuraCap AI · Confidential Managed Health Care Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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