Cigna (CI) looks cheap

Fellas, I’ve been looking at Cigna after the recent decline and the valuation seems interesting. At \~$279/share: 2026 adjusted EPS guidance: ≥$30.45 Forward P/E: \~9.2x Q2 revenue: $71.7B, +7% YoY Q2 adjusted operating income: $2.05B, +6% YoY 2025 operating cash flow: \~$9.6B Remaining share repurchase authorization: \~$6.5B Shares outstanding: \~264M I also ran a conservative owner-earnings DCF using \~$7.5B normalized earnings, \~5% initial growth declining toward 2%, and a 10.5% discount rate. I get roughly $390/share. Obviously PBM regulation/Evernorth is a major risk and probably explains part of the multiple. But at \~9x forward earnings, it seems like quite a bit of pessimism is already priced in. What am I missing here?