Thinking Through a SOTP Val'n as Activist Investors Call for Sale of BetterHelp

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Thinking Through a SOTP Val'n as Activist Investors Call for Sale of BetterHelp

USA | Healthcare Information Tech.

Teladoc Health, Inc. EquityJuneResearch15, 2026

TARGET CHANGEThinking Through a SOTP Val'n as Activist

RATING HOLDInvestors Call for Sale of BetterHelp

PRICE $7.34^

We've received inbounds on TDOC in recent mos on the heels of an activist

investor's involvement arguing that value could be maximized by divesting PRICE TARGET | % TO PT $8.00 ($6.00) | +9%

BetterHelp. We thought running an SOTP analysis would be useful to gain 52W HIGH-LOW $9.77 - $4.40

insight into TDOC's potential value if the Board decides to divest BH. Our FLOAT (%) | ADV MM (USD) 98.2% | 35.05

conclusion is that BH remains a work in progress, so full value realization MARKET CAP $1.3B

requires execution progress and time, and co is better off holding onto BH for TICKER TDOC ^Prior trading day's closing price unless otherwise

now. noted.

Operational Prognosis On TDOC. TDOC remains a tale of two segments. Core Integrated Care is FY (Dec) CHANGE TO JEFe JEF vs CONS

performing well, with solid growth and improving margins. In contrast, BetterHelp (BH) continues 2026 2027 2026 2027

to see declining revs & EBITDA margins. Mgmt's goal of driving BH insurance revenue to a $125MM NA NA NA NA

run-rate exiting ’26 is encouraging, but insufficient to offset double-digit declines in cash-pay revs,

EPS NA NA NA NA

leaving consolidated top-line growth roughly flat.

Running SOTP To Think Through Activist's Recs: On the heels of activist involvement and their

push for a sale of the BH business, we ran an SOTP analysis to figure out what makes sense for

the co to do at the moment. Exhibit 1 - TDOCIntegratedSumCare OfBetterHelpThe- Insured*PartsBetterHelp Cash Pay* Total