Pre Investor Day - Notes from Q&A session, page-24

I am very curious to see this "internal valuation", if it's significantly higher would a buyback not be in place?

My thoughts are that they will value that different parts of the company separately and break down how they came to that valuation mainly to guide analysts and fundies to what they consider to be important.

Whilst this is going to be very interesting, a very high valuation will inevitably lead to the "buyback" question, eg; "if HUM is internally valued at $1b why is the company not buying back shares at less than half that value?"

It would be a very legitimate question which I myself would ask, anybody else would be silly not to, so this may be like a double edged sword, anything that's much higher than where we are today just wont be believed by the market IMO.