The Company provides managed care services exclusively to government-sponsored healthcare programs, focusing on Medicaid and Medicare.
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Currently trading hands at a ludicrously low single digit multiple to FCF, Wellcare is providing investors with nothing short of an incredible opportunity to earn a double or more with relatively low risk over the next year or so.
As Bruce Berkowitz said recently in the latest OID, "Once WellCare concludes its legal issues -- and the settlement reserves and outrageous legal and accounting bills stop -- their true earnings power will become apparent." I agree. Wellcare's ability to generate cash over the next few years and beyond is being obscured by a number of temporary issues/concerns (both company and industry specific), none of which permanently impair their franchise. The bottom line is that this company is just way to cheap relative to its long term earnings power. Outperform.