Financials Abbott Laboratories

Equities

ABT

US0028241000

Medical Equipment, Supplies & Distribution

Market Closed - Nyse Other stock markets 01:30:02 27/04/2024 am IST			5-day change	1st Jan Change
107.5 ^USD	+0.63%		+0.23%	-2.31%

26/04	Dexcom's profit beats estimates on strong glucose monitor demand	RE
26/04	Edwards Lifesciences first-quarter profit beats estimates on heart devices strength	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,53,608	1,87,600	2,41,365	1,91,427	1,91,088	1,86,584	-	-
Enterprise Value (EV) ¹	1,67,607	1,99,509	2,49,166	1,98,318	1,98,871	1,92,056	1,85,671	1,81,198
P/E ratio	42.2 x	44 x	35.7 x	28.1 x	33.8 x	31.4 x	26.8 x	23.4 x
Yield	1.52%	1.4%	1.29%	1.75%	1.89%	2.01%	2.15%	2.32%
Capitalization / Revenue	4.81 x	5.42 x	5.6 x	4.39 x	4.76 x	4.47 x	4.17 x	3.89 x
EV / Revenue	5.25 x	5.76 x	5.78 x	4.54 x	4.96 x	4.61 x	4.15 x	3.78 x
EV / EBITDA	20.5 x	21.7 x	19.4 x	15.9 x	19.5 x	17.9 x	15.9 x	14 x
EV / FCF	37.3 x	34.9 x	28.8 x	25.4 x	39.3 x	18.3 x	23.2 x	20.2 x
FCF Yield	2.68%	2.87%	3.47%	3.94%	2.54%	5.45%	4.32%	4.96%
Price to Book	4.92 x	5.92 x	6.93 x	5.2 x	4.94 x	4.62 x	4.45 x	4.2 x
Nbr of stocks (in thousands)	17,68,456	17,13,401	17,14,968	17,43,574	17,36,059	17,35,184	-	-
Reference price ²	86.86	109.5	140.7	109.8	110.1	107.5	107.5	107.5
Announcement Date	22/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	31,904	34,608	43,075	43,653	40,109	41,704	44,752	47,982
EBITDA ¹	8,188	9,204	12,815	12,485	10,188	10,734	11,665	12,951
EBIT ¹	7,110	8,009	11,324	11,231	8,911	9,326	10,375	11,459
Operating Margin	22.29%	23.14%	26.29%	25.73%	22.22%	22.36%	23.18%	23.88%
Earnings before Tax (EBT) ¹	4,077	4,968	8,211	8,306	6,664	6,798	8,262	9,425
Net income ¹	3,687	4,471	7,071	6,933	5,723	5,962	7,167	7,977
Net margin	11.56%	12.92%	16.42%	15.88%	14.27%	14.3%	16.01%	16.63%
EPS ²	2.060	2.490	3.940	3.910	3.260	3.426	4.009	4.604
Free Cash Flow ¹	4,498	5,724	8,648	7,804	5,059	10,469	8,019	8,980
FCF margin	14.1%	16.54%	20.08%	17.88%	12.61%	25.1%	17.92%	18.71%
FCF Conversion (EBITDA)	54.93%	62.19%	67.48%	62.51%	49.66%	97.54%	68.75%	69.33%
FCF Conversion (Net income)	122%	128.03%	122.3%	112.56%	88.4%	175.6%	111.9%	112.56%
Dividend per Share ²	1.320	1.530	1.820	1.920	2.080	2.166	2.315	2.491
Announcement Date	22/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	10,928	11,468	11,895	11,257	10,410	10,091	9,747	9,978	10,143	10,241	9,964	10,367	10,565	10,794	10,636
EBITDA ¹	3,369	3,263	4,247	3,300	2,812	2,442	2,372	2,467	2,606	2,743	2,274	2,583	2,780	3,047	2,680
EBIT ¹	3,042	2,894	3,620	2,985	2,495	2,131	2,057	2,165	2,278	2,411	1,959	2,239	2,431	2,698	2,255
Operating Margin	27.84%	25.24%	30.43%	26.52%	23.97%	21.12%	21.1%	21.7%	22.46%	23.54%	19.66%	21.59%	23.01%	24.99%	21.2%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	1,562	1,636	1,671	1,795	1,436	1,671	1,830	2,103	1,777
Net income ¹	2,100	1,989	2,447	2,018	1,435	1,033	1,318	1,375	1,436	1,594	1,225	1,394	1,565	1,824	1,577
Net margin	19.22%	17.34%	20.57%	17.93%	13.78%	10.24%	13.52%	13.78%	14.16%	15.56%	12.29%	13.44%	14.82%	16.9%	14.83%
EPS ²	1.170	1.110	1.370	1.140	0.8100	0.5900	0.7500	0.7800	0.8200	0.9100	0.7000	0.8069	0.9038	1.054	0.8452
Dividend per Share ²	0.4500	0.4700	0.4700	0.4700	0.4700	0.5100	0.5100	0.5100	0.5100	0.5500	0.5380	0.5382	0.5382	0.5517	0.5652
Announcement Date	20/10/21	26/01/22	20/04/22	20/07/22	19/10/22	25/01/23	19/04/23	20/07/23	18/10/23	24/01/24	17/04/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,999	11,909	7,801	6,891	7,783	5,472	-	-
Net Cash position ¹	-	-	-	-	-	-	913	5,386
Leverage (Debt/EBITDA)	1.71 x	1.294 x	0.6087 x	0.5519 x	0.7639 x	0.5098 x	-	-
Free Cash Flow ¹	4,498	5,724	8,648	7,804	5,059	10,469	8,019	8,980
ROE (net income / shareholders' equity)	18.9%	20.5%	27.3%	26.1%	20.7%	20.1%	21%	22.2%
ROA (Net income/ Total Assets)	8.6%	9.33%	9.57%	12.7%	10.6%	9.42%	10.3%	11.5%
Assets ¹	42,854	47,916	73,872	54,798	54,154	63,315	69,727	69,484
Book Value Per Share ²	17.60	18.50	20.30	21.10	22.30	23.30	24.10	25.60
Cash Flow per Share ²	3.450	4.420	5.890	5.430	4.150	6.480	6.480	6.850
Capex ¹	1,638	2,177	1,885	1,777	2,202	2,279	2,221	2,268
Capex / Sales	5.13%	6.29%	4.38%	4.07%	5.49%	5.47%	4.96%	4.73%
Announcement Date	22/01/20	27/01/21	26/01/22	25/01/23	24/01/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Abbott Laboratories

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

107.5 USD

Average target price

126.3 USD

Spread / Average Target

+17.49%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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TERUMO CORPORATION	+12.96%	24.62B
ZIMMER BIOMET HOLDINGS, INC.	-1.93%	24.52B

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