ABT2016-4

Illinois Investment Banking 1
Presented: April 26, 2016
Zinjun (Moby) Xu
Tianyu (Jack) Shen

Introduction to the Team
Jack Shen
Major: Master of Finance
Graduation: May 2017
Moby Xu
Major: Finance and
Economics
Graduation: May 2016

Agenda
Current Holding
Company Overview
Health care equipment's & pharmaceutical Industry Overview
Macro-Economic Analysis
Financial Analysis
Financial Projection
Valuation
4
5
6
9
10
14
15
Recommendation 16

Holding History & Current Holding
October 2015:
hold
recommendation
April 2015:
recommendation
to sell 100 out of
400, not
supported
October 2014:
recommendation
to sell 100
shares, not
supported
November 2013:
Abbive Spinoff
Hold 400 @
average cost of
$26.71
November 2012:
Bought 100 @
65.77
November 2011:
Bought 100 @
52.91
April 2011:
Bought 200 @
52.10

The Abbott Laboratories Company Overview
The company operates in four segments, Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Vascular Products.
Company Overview Business Overview
Company Officers
Founding Founded in 1900
Location Based in Chicago, IL
Management Talented and Experienced Team
Market Sector Health Care Equipment & Supplies
Service Offerings
Sales of a line of branded generic
pharmaceutical products; a line of adult and
pediatric nutritional products; Vascular
Products etc.
Customer Base
Wholesalers, distributors, government
agencies, health care facilities etc.
The Abbott Laboratories (ABT)
Pharmaceuticals
18%
Nutrition
34%
Diagnostics
23%
Vascular
14%
Others
11%
Pharmaceuticals Nutrition Diagnostics Vascular Others
Chairman & CEO VP & CFO VP & Finance & Administration
Miles D. White Brian B. Yoor Thomas C. Freyman Stephen R. Fussell
VP & Human Resources
Source: Company Website

The Abbott Laboratories Segments
Products
Established
Pharmaceutical
Key Emerging
Markets
Other Emerging
Market
Diagnostic
Products
Immunochemistry
Nutritional
Products
International
Pediatric
Nutritionals
U.S. Pediatric
Nutritionals
International Adult
Nutritionals
U.S. Adult
Nutritionals
Vascular Products
/Medical Devices
Endovascular
Coronary Devices

Segments Overview
• September, 2014: Acquisition of CFR
• December 2014: Acquisition of Veropham
• Feb, 27, 2015: sale of its developed market business to Mylan
• Excluding foreign exchange impact: sales increased 34,.1% in 2015 and 14.9% 2014
• Operating margins from this business increased from 18.7% in 2013 to 25% in 2015
• Positively impacted by demographics & increasing rate of chronic diseases
• Lower input costs drove the margin improvements across the business
• Coronary, endovascular, vessel closure, and structural heart devices
• XIENCE Alpine --- the only product on the market in the U.S with an indication to treat chronic
total occlusions.
• From 2013 – 2015, total vascular sales were flat, excluding the unfavorable impact;
• Continued market penetration by the Core Laboratory business in the U.S and China, and
growth in other emerging markets, most Notably in Latin America.
• Worldwide diagnostic sales increased 7.3 percent in 2015 and 6.4 percent in 2014, excluding
the impact of foreign exchange.
• January 30, 2016, Abbott entered into a definitive agreement to acquire Alere, Inc.
Pharmaceutical
Nutritionals
Diagnostics
Recommendation to
Current OwnersVascular
Source: Company Website

SWOT Analysis
Strengths
- Managed to grow dividends annually
-Robust growth in each segments (excluding currency impact)
>
Weakness
-- Significant investment in Mylan N.V and is subject to market
risk
--Research & Development may not succeed
>Opportunities
-Expanding to new areas: Vascular intervention sector
-Emerging markets are growing
-Life expectancy is growing
Threats
- Potential lawsuits and regulation costs on pollution
-- Foreign currency exchange rate risk
- Highly Competitive Market
SWOT
Analysis

Industry Overview
• The industry is expected to continue facing the aftermath of the
patent cliff, hampering industry revenue.
• Lower healthcare costs will constrain industry revenue growth
 Revenue: 61.0bn
 Annual Growth10-15: 4.5%
 Annual Growth15-20: 6.2%
 Profit: 7.7bn
 Exports: $15.6bn
 Businesses: 1,045
Key Statistics
Industry Life Cycle : Growing to Mature
KeyDriversIndustryOutlook
A growing older population and expansion into emerging markets will protect revenue
Regulation for
the Global
Pharmaceutical
s industry
Technological
change R&D
expenditure
Global number
of adults aged
65 and older
Trade-weighted
index
Increasing
industry
demands
The Abbott positioned well within the industry with differentiated quality and product segment
 The Pace of development has slowed
 Heightened competitive pressures
 Demand in emerging regions has constrained
industry revenue growth
 The development of new generics is increasing
the industry’s share of the overall
pharmaceuticals market
 The number of industry participants is
expected to steadily increase

Key External Drivers
Positive outlooks for two out of four external drivers
 As regulations increase, the industry will contend with
compliance-related operational costs that constrain profit
 The level of regulation for the industry is expected to increase
slowly during 2016, representing a potential threat for the
industry.
 Improvements to industry systems and technologies result in cost
savings
 Technology lowers operational costs, industry profit margins rise.
 Technological change is expected to increase during 2016,
representing a potential opportunity for the industry.
 The trade-weighted index (TWI) measures the strength of the US
dollar against the currencies of the country's major trading
partners.
 Higher TWI makes industry exports more expensive in foreign
markets. The TWI is expected to increase in 2015, posing a
potential threat to the industry.
Global number of adults aged 65 and
older
Regulation for the Global Pharmaceuticals &
Medicine Manufacturing industry
Technological change R&D expenditure The trade-weighted index (TWI)
 The global number of adults aged 65 and older is expected to
increase during 2016.
 More than 90.0% of seniors and 58.0% of nonelderly adults have
need-based demand for prescription medications.

Porter’s Five Forces Analysis
Threat of New
Entrants
*Low
Threat of
Substitutes
*High
Supplier
Bargaining Power
*Moderate
Buyer Bargaining
Power
*Low
Rivalry
*High

Technical Analysis (As of 4/26/2016)
 Abbott’s return on equity has been improving since its spin-off of Abbvie at the beginning of
2013
Source: Stockcharts.com

Potential Risk Factor: Strong dollar & Hillary Clinton
Abbott
Corporations –
Buy back stock
and pay
dividends from
loans
Dollar
Appreciation
Borrower: cost
more to borrow
“Making a
fortune off of
people's
misfortune”
Clinton outlined a plan that would reform the way drug companies do
business, particularly by stopping them from spending government
grants on advertising and by allowing Medicare -- and the U.S.
government -- to negotiate down prescription drug costs.
Source: Hillary supporter's website

Financial Projection : Revenue Projection
Abbott Laboratories, Inc.
Revenue Drivers and Assumptions
Total Segmental Revenue Breakdown 2013 2014 2015 2016 2017 2018 2019 2020
Pharmaceuticals 2,862.0 3,118.0 3,720.0 $4,158.1 $4,603.4 $5,045.3 $5,502.3 $5,974.2
% Change 8.94% 19.31%
Nutrition 6,740.0 6,953.0 6,975.0 $7,011.0 $7,066.0 $7,134.4 $7,198.4 $7,303.0
% Change 3.16% 0.32%
Diagnostics 4,545.0 4,721.0 4,646.0 $5,760.6 $6,725.0 $7,036.9 $7,248.0 $7,405.9
% Change 3.87% -1.59%
Vascular 3,251.0 2,986.0 2,792.0 $2,582.0 $2,473.5 $2,414.6 $2,381.6 $2,349.4
% Change -8.15% -6.50%
Net Sales to External Customers $2,498.0 $2,469.0 $2,272.0 $2,413.0 $2,413.0 $2,413.0 $2,413.0 $2,413.0
% Change -1.16% -7.98%
Other -$239.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
% Change
Total 19,657.0 20,247.0 20,405.0 21,924.7 23,280.9 24,044.2 24,743.2 25,445.5
% Growth 3.00% 0.78% 7.45% 6.19% 3.28% 2.91% 2.84%

Financial Projection: Revenue Projection
Key Continued Operation Revenue Forecast
(Including foreign exchange impact) 2013 2014 2015 2016 2017 2018 2019 2020
Total Established Pharmaceuticals
Key Emerging Market $2,281.0 $2,383.0 $2,781.0 $3,031.3 $3,273.8 $3,503.0 $3,713.1 $3,898.8
% Change 4.47% 16.70% 9.00% 8.00% 7.00% 6.00% 5.00%
Other Emerging Market $581.0 $735.0 $939.0 $1,126.8 $1,329.6 $1,542.4 $1,789.1 $2,075.4
% Change 26.51% 27.76% 20.00% 18.00% 16.00% 16.00% 16.00%
Total $2,862.0 $3,118.0 $3,720.0 $4,158.1 $4,603.4 $5,045.3 $5,502.3 $5,974.2
% Change 8.94% 19.31% 11.78% 10.71% 9.60% 9.06% 8.58%
Nutritionals
International Pediatric $2,257.0 $2,362.0 $2,378.0 $2,330.4 $2,307.1 $2,307.1 $2,307.1 $2,330.2
% Change 4.7% 0.7% -2.00% -1.00% 0.00% 0.00% 1.00%
U.S. Pediatric $1,532.0 $1,533.0 $1,592.0 $1,663.6 $1,721.9 $1,764.9 $1,800.2 $1,836.2
% Change 0.1% 3.8% 4.50% 3.50% 2.50% 2.00% 2.00%
International Adult $1,601.0 $1,756.0 $1,729.0 $1,677.1 $1,643.6 $1,627.2 $1,627.2 $1,643.4
% Change 9.7% -1.5% -3.00% -2.00% -1.00% 0.00% 1.00%
U.S. Adult $1,350.0 $1,302.0 $1,276.0 $1,339.8 $1,393.4 $1,435.2 $1,463.9 $1,493.2
% Change -3.6% -2.0% 5.00% 4.00% 3.00% 2.00% 2.00%
Total $6,740.0 $6,953.0 $6,975.0 $7,011.0 $7,066.0 $7,134.4 $7,198.4 $7,303.0
% Change 3.16% 0.32% 0.52% 0.78% 0.97% 0.90% 1.45%
Diagnostics
Immunochemistry $3,458.0 $3,614.0 $3,529.0 $4,587.7 $5,505.2 $5,780.5 $5,953.9 $6,073.0
% Change 4.51% -2.35% 30.00% 20.00% 5.00% 3.00% 2.00%
Others $1,087.0 $1,107.0 $1,117.0 $1,172.9 $1,219.8 $1,256.4 $1,294.0 $1,332.9
% Change 1.84% 0.90% 5.00% 4.00% 3.00% 3.00% 3.00%
Total 4,545 4,721 4,646 5,761 6,725 7,037 7,248 7,406
% Change 3.9% -1.6% 24.0% 16.7% 4.6% 3.0% 2.2%
Vascular
Coronary Devices 2,412.00 $2,342.0 $2,176.0 $2,067.2 $1,963.8 $1,904.9 $1,866.8 $1,829.5
% Change -2.90% -7.09% -5.00% -5.00% -3.00% -2.00% -2.00%
Endovascular $475.00 $527.00 $520.00 $514.80 $509.65 $509.65 $514.75 $519.90
% Change 10.95% -1.33% -1.00% -1.00% 0.00% 1.00% 1.00%
Others $364.0 $117.0 $96.0 $52.8 $35.3 $20.8 $12.7 $7.4
% Change -67.86% -17.95% -45% -33% -41% -39% -42%
Total 3,251.00 2,986.00 2,791.99 2,582.00 2,473.49 2,414.58 2,381.57 2,349.39
% Change -8.15% -6.50% -7.52% -4.20% -2.38% -1.37% -1.35%
Key continued sales 17,398.0 17,778.0 18,133.0 19,511.7 20,867.9 21,631.2 22,330.2 23,032.5
% Change 2.00% 7.60% 6.95% 3.66% 3.23% 3.14%

Financial Analysis: Income Statement
INCOME STATEMENT 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
Revenue $ 19,657.0 $ 20,247.0 $ 20,405.0 $ 21,924.7 $ 23,280.9 $ 24,044.2 $ 24,743.2 $ 25,445.5
Growth (%) - 3.0% 0.8% 7.4% 6.2% 3.3% 2.9% 2.8%
Cost of Goods Sold 9,193.0 9,218.0 8,747.0 9,877.9 10,010.8 10,098.5 10,144.7 10,178.2
% of Sales 46.8% 45.5% 42.9% 45.1% 43.0% 42.0% 41.0% 40.0%
Gross Profit 10,464 11,029 11,658 12,047 13,270 13,946 14,598 15,267
gross margin 53.2% 54.5% 57.1% 54.9% 57.0% 58.0% 59.0% 60.0%
Amortization of intangible assets 588.0 555.0 601.0 580.00 560.00 520.00 490.00 480.00
% of Sales 3.0% 2.7% 2.9% 2.6% 2.4% 2.2% 2.0% 1.9%
Research and development 1,371.0 1,345.0 1,405.0 1,619.3 1,835.8 1,923.5 1,979.5 2,035.6
% of Sales 7.0% 6.6% 6.9% 7.4% 7.9% 8.0% 8.0% 8.0%
Selling, general and administrative 6,372.0 6,530.0 6,785.0 7,156.2 7,616.2 7,903.0 8,101.2 8,339.7
% of Sales 32.4% 32.3% 33.3% 32.6% 32.7% 32.9% 32.7% 32.8%
Total Operating Cost and Expenses 17,524 17,648 17,538 9,355 10,012 10,347 10,571 10,855
Operating Earnings (EBIT) 2,133 2,599 2,867 2,691 3,258 3,599 4,028 4,412
% of margin 10.9% 12.8% 14.1% 12.3% 14.0% 15.0% 16.3% 17.3%
Interest Expense 145.0 150.0 163.0 239 241 241 217 170
Interest Income (67.0) (77.0) (105.0) (83.0) (88.3) (92.1) (87.8) (89.4)
Net Interest Expense 78.0 73.0 58.0 156.09 152.62 148.72 129.39 80.66
Net loss on extinguishment of debt - 18.0 - - - - - -
Net foreign exchange (gain) loss 46.0 (24.0) (93.0) $ (24.87) $ (23.28) $ (24.04) $ (24.74) $ (25.45)
% sales 0.2% -0.1% -0.5% -0.1% -0.1% -0.1% -0.1% -0.1%
Other (income) expense, net (32.0) 14.0 (281.0) $ (107.49) $ (116.40) $ (120.22) $ (123.72) $ (127.23)
% sales -0.2% 0.1% -1.4% -0.5% -0.5% -0.5% -0.5% -0.5%
Pretax Income (Earnings from Continuing operation before Tax) 2,041 2,518 3,183 2,668 3,245 3,595 4,047 4,484
% of Sales 10.4% 12.4% 15.6% 12.2% 13.9% 15.0% 16.4% 17.6%
Income Tax Expense 53.0 797.0 577.0 533.5 649.0 718.9 809.4 896.8
Tax rate 2.6% 31.7% 18.1% 20.0% 20.0% 20.0% 20.0% 20.0%
Earnings from Continuing Operations 1,988 1,721 2,606 2,134 2,596 2,876 3,238 3,587
% of Sales 10.1% 8.5% 12.8% 9.7% 11.2% 12.0% 13.1% 14.1%
Net Earnings from Discontinued Oprations, net of taxes 588 563 65 - - - - -
Gain on sale of Discontinued Operations, net of taxes - - 1,752 - - - - -
Net Income 2,576.0 2,284.0 4,423.0 2,134.1 2,596.1 2,875.7 3,237.6 3,587.2

Financial Analysis
Ratios Analysis
Return on Assets
Gross Margin
Liquidity Ratio Interest Coverage Ratio
ROE

Financial Analysis
Ratios Analysis
Dec-31-13 Dec-31-14 Dec-31-15 Dec-31-16 Dec-31-17 Dec-31-18 Dec-31-19 Dec-31-20
Profitability 2013 2014 2015 2016 2017 2018 2019 2020
Return on Assets 4.7% 5.4% 10.7% 5.1% 6.1% 6.7% 7.5% 8.3%
Margin Analysis
Gross Margin 53.2% 54.5% 57.1% 54.9% 57.0% 58.0% 59.0% 60.0%
Net Income Margin 13.1% 11.3% 21.7% 9.7% 11.2% 12.0% 13.1% 14.1%
Asset Turnover
Total Asset Turnover 0.17x 0.22x 0.21x 0.24x 0.23x 0.24x 0.24x 0.24x
Short Term Liquidity
Current Ratio 1.76x 1.30x 1.54x 1.43x 1.41x 1.44x 1.39x 1.35x
Quick Ratio 1.48x 1.04x 1.26x 1.15x 1.14x 1.17x 1.13x 1.10x
Solvency
Interest Coverage Ratio 14.71x 17.33x 17.59x 11.26x 13.52x 14.94x 18.54x 25.94x
Fiscal Year Ending

Financial Analysis
DuPont Analysis
Tax Burden
Interest Burden
Operating Margin
Asset Turnover
Leverage
Return on Equity
 Abbott’s return on equity has been improving since its spin-off of Abbvie at the beginning of
2013

Financial Projection: WACC
Cost of Equity Value Notes
Beta 1.47
Rf 1.85%
MarketRiskPremium 7.33%
Costof Equity 12.62%
AnnualizedreturnSince 2014 3.87%
Total WeightedCostof Equity 10.87%
YahooFinance
10YrTreasury
Bloomberg
Cost of Debt
Long-TermBorrowings Amount Weight InterestRate
5.125%Notes,due2019 947 16.3% 5.125% 0.84%
4.125%Notes,due2020 597 10.3% 4.125% 0.42%
6.15%Notes,due2037 547 9.4% 6.150% 0.58%
6.0%Notes,due2039 515 8.9% 6.000% 0.53%
5.3%Notes,due2040 694 12.0% 5.300% 0.63%
2.00%Notes,due2020 750 12.9% 2.000% 0.26%
2.55%Notes,2022 750 12.9% 2.550% 0.33%
2.95%Notes,2025 1000 17.2% 2.950% 0.51%
5800
WeightedAverageLong-termBorrowing 100.0% 4.11% 1.67%
WeightedAverageShort-TermBorrowing 0.9% 0.20% 0.04%
1.53%
WeightedAverageCostofDebt 4.11%
27.60 2.00% 2.50% 3.00% 3.50% 4.00% 4.50%
8.80% 30.93 33.16 35.78 38.89 42.65 47.28
9.30% 28.52 30.42 32.61 35.19 38.25 41.95
9.80% 26.42 28.05 29.92 32.08 34.61 37.63
10.30% 24.58 25.99 27.59 29.43 31.56 34.05
10.80% 22.95 24.18 25.56 27.14 28.95 31.04
11.30% 21.49 22.57 23.78 25.15 26.70 28.48
11.80% 20.18 21.14 22.20 23.39 24.74 26.26
Weighted Average Cost of Capital Value in $ (Million)Percentage %
TotalAmuontofFinancialDebt 5,874
MarketValueofEquity 71,342.0$
Taxrate
WACC 10.30%
7.6%
92.4%
19.0%

Comparable Companies Description
Company Name Ticker Description
Boston Scientific Corporation BSX Boston Scientific Corporation is a developer, manufacturer and
marketer of medical devices that are used in a range of interventional
medical specialties. It operates in three segments: Cardiovascular,
Rhythm Management and MedSurg.
Baxter International Inc BAX Baxter International Inc. (Baxter) is a diversified healthcare company.
The Company operates in two segments: BioScience segment, which
include three commercial franchises: Hemophilia, BioTherapeutics and
BioSurgery, and Medical Products segment, which include four
commercial franchises: Fluid Systems, Renal, Specialty
Pharmaceuticals and BioPharma Solutions.
St. Jude Medical Inc STJ St. Jude Medical, Inc. is focused on the development, manufacture and
distribution of cardiovascular medical devices for the global cardiac
rhythm management, cardiovascular and atrial fibrillation therapy areas,
and interventional pain therapy and neurostimulation devices for the
management of chronic pain and movement disorders.
Medtronic plc MDT Medtronic plc (Medtronic) is a medical technology and services
company. The Company operates in four segments: Cardiac and
Vascular Group, Minimally Invasive Technologies Group, Restorative
Therapies Group and Diabetes Group.
Styker Corporation SYK Stryker Corporation (Stryker) is a medical technology company. The
Company operates through three segments: Orthopaedics, MedSurg,
and Neurotechnology and Spine.
Johson & Johson JNJ Johnson & Johnson is a holding company. The Company is engaged in
the research and development, manufacture and sale of a range of
products in the health care field. The Company is organized into three
business segments: Consumer, Pharmaceutical and Medical Devices.

Comparable Analysis
Abbott Laboratories
Benchmarking Analysis – Financial Statistics and Ratios
($ in millions, except per share data)
LTM Financial Statistics LTM Profitability Margins
Gross Net Total
Equity Enterprise Gross Net Profit EBITDA EBIT Income LTM LTM LTM Debt / LTM
Company Ticker Value Value Current Price LTM EPS Total Debt Sales Profit EBITDA EBIT Income (%) (%) (%) (%) Sales EBITDA EBIT EBITDA EPS
Comparable Companies
Boston Scientific Corporation BSX 26,759.4 26,759.4 19.76 (0.18) 5,677.0 7,399.0 5,301.0 1,849.0 1,083.0 (239.0) 71.6% 25.0% 14.6% -3.2% 3.6x 14.5x 24.7x 3.1x 0.0x
Baxter International Inc BAX 23,833.5 23,011.5 43.32 1.51 6,520.0 9,968.0 4,156.0 1,494.0 735.0 968.0 41.7% 15.0% 7.4% 9.7% 2.3x 15.4x 31.3x 4.4x 28.7x
St. Jude Medical Inc STJ 17,210.2 22,943.2 60.67 2.49 6,058.0 5,644.0 3,878.0 1,610.5 1,271.0 713.0 68.7% 28.5% 22.5% 12.6% 4.1x 14.2x 18.1x 3.8x 24.4x
Medtronic plc MDT 110,668.4 129,261.4 78.99 1.69 35,880.0 28,435.0 19,720.0 8,574.0 5,785.0 2,434.0 69.4% 30.2% 20.3% 8.6% 4.5x 15.1x 22.3x 4.2x 46.7x
Styker Corporation SYK 40,827.2 40,820.2 109.40 4.27 7,476.0 10,062.0 6,752.0 2,720.0 2,315.0 1,617.0 67.1% 27.0% 23.0% 16.1% 4.1x 15.0x 17.6x 2.7x 25.6x
JOHNSON & JOHNSON JNJ 312,575.1 294,060.1 113.32 5.49 19,861.0 70,182.0 48,680.0 22,263.5 18,476.0 15,381.0 69.4% 31.7% 26.3% 21.9% 4.2x 13.2x 15.9x 0.9x 20.6x
Abbott Laboratories ABT 64,940.5 67,931.5 44.1 2.2 9,001.0 20,393.0 11,612.0 4,397.0 2,985.0 2,447.0 56.9% 21.6% 14.6% 12.0% 3.3x 15.4x 22.8x 2.0x 20.0x
Mean 85,259.2 86,398.2 67.08 2.50 12,924.71 21,726.1 14,299.9 6,129.7 4,664.3 3,331.6 63.5% 25.6% 18.4% 11.1% 3.7x 14.7x 21.8x 3.0x 23.7x
Median 40,827.2 40,820.2 60.67 2.20 7,476.00 10,062.0 6,752.0 2,720.0 2,315.0 1,617.0 68.7% 27.0% 20.3% 12.0% 4.1x 15.0x 22.3x 3.1x 24.4x
Enterprise Value /Market Valuation Prrce/
Shares Outstanding
1,473.20 Sales EBITDA EBIT LTM EPS
Abbott Laboratories 20,393.0 4,397.0 2,985.0 2.2
Multiple Median 3.7x 14.7x 21.8x 23.7x
Enterprise Value 76,077.62 64,612.07 65,123.58 -
Total Debt (9,001.0) (9,001.0) (9,001.0) -
Equity Value 67,076.62 55,611.07 56,122.58 -
Price per share 45.53$ 37.75$ 38.10$ 52.20$
Implied Share Price 43.39$
Comparable Company Analysis
The valuation range of comparable companies is about $17 Billion to $313 Billion, or EV/EBTIDA multiples of
13.2x to 15.4x

Valuation
With WACC 10.30%
2016 2017 2018 2019 2020
Net Income projection 2134.07 2596.11 2875.71 3237.56 3587.20
Estimated Share Price 44.00 43.00 42.00 41.00 40.00
Approxi Shrs Outstanding 1,461.64 1,434.77 1,438.23 1,443.70 1,437.12
Projected EPS 1.46 1.81 2.00 2.24 2.50
Assume P/E 23 23 23 23 23
Pirce per Share 33.58 41.62 45.99 51.58 57.41
EPS Estiamte
27.60$
43.39$
44.01$
Valuation Summary
DCF
Comps
Market Price as of 4/25/2016

Final Recommendation

ABT2016-4

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