馃И ABBOTT LABORATORIES: DERIVATIVES TRADING 馃И

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馃И ABBOTT LABORATORIES: DERIVATIVES TRADING 馃И


Abbott Laboratories [ABT], together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. The company offers generic pharmaceuticals, It also provides laboratory and transfusion medicine systems, and preparation of DNA and RNA from patient samples, and detect and measure infectious agents.

Margins LTM [04/06/26]:
- Gross margin: ≈ 56.3%
- Operating margin: ≈ 17.1%
- EBITDA margin: ≈ 26.0%
- Net margin: ≈ 13.9%
- ROIC: ≈ 12.4%

Insights:
- P/S ratio close to ≈ 3.5x, where 4.5x is the average of last years
- PER ratio of 25.4x, where the median is ≈ 26x
- EV/EBITDA of 15x, where the median is ≈ 18.5x
- Correlation with SP500 [VOO] of ≈ 32.9%, where their behaviour only could be explained by ≈ 10.85% in the last year [LTM]
- Beta with SP500 [VOO: Benchmark] of ≈ 0.539x

Based on its last EPS [04/06/26 TTM] of ≈ $3.60 USD and a 25 Forward PER and a sensibility of ± 0.2186x annual, a hypothetical spread could be (ceteris paribus):
- High: ≈ $ 114.1 USD
- Neutral: ≈ $ 93.6 USD
- Down: ≈ $ 73.13 USD

Hypothesis
ABT in the next ≈ 12 months, might have a strong distribution phase above ≈ $114 USD and a strong accumulation phase below ≈ $85 USD where there is a bearish bias due to its financial metrics and other quantitative parameters.
:::> It could be an acceptable risk to take due to the possibility of a technical rebound that stabilizes the trend.

Hedge plan example:
- Call [sell]: $136 USD --> Prob. Occurrence: 1.17%
- Call [buy]: $114 USD --> Prob. Occurrence: 13.5%
- Put [buy]: $85 USD --> Prob. Occurrence: 39.9%
- Put [sell]: $80 USD --> Prob. Occurrence: 36.9%

Risks
- Prices higher than $136 for a long time
- Prices lower than $85 for a long time.
- The neutral price of ≈ $85 / $114 is not reached at expiration
- Roll over costs (if time is not well estimated)
- Not revaluation of strategy each 6 months


The best analysis is yours!


J. Joel Padilla
▶️Telegram: https://t.me/JJPL_Index





Copyright: Joel Padilla 2026

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