Nassarius Capital
Long/short equity

Health Insurance Innovations: Reform Sets Stage For A 2014 Home Run

Health Insurance Innovations' (NASDAQ:HIIQ) CEO and Chairman Michael Kosloske envisions "tremendous year-over-year growth in '13 and a home run in '14." Actually more like a grand slam, as our projections of industry evolving tailwinds indicate a potential 93% upsurge in 18 months. We believe the recent sell-off due to cautionary guidance and increasing competition from bigger players, WellPoint (WLP), is short-sighted and overblown. Our FY2014 estimated fair value of $17.22 is based on a forward P/E of 14x.

COMPANY OVERVIEW

Health Insurance Innovations was founded by Michael Kosloske in 2007 and IPO'd this past February. Kosloske is an industry pioneer in online health insurance as he presided over HPA (founded by his grandfather) from 1987 to 2007 when...

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