AbbVie (ABBV) began when-issued trading (ABBV-WI) today at $35+. This is well below my estimate of $45. The market must really not like the fact it is dependent on one drug, Humira. At this price, AbbVie will be trading at 10 times 2012 FCF with a nearly 5% dividend.
This means that new Abbott will trade around $30. This will be over 20 times FCF and 12 times operating cash flow. It seems a bit expensive.
Disclosure: I do not own Abbott