Clearly the ZTS spinoff must be added, but the other divestitures should be in the current value of the company in some way, shouldn't they?
Not really. Much of the proceeds from those deals was offset by share buybacks and increased dividends that wouldn’t have happened if not for the divestitures.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”