Financials Danaher Corporation

Equities

DHR

US2358511028

Advanced Medical Equipment & Technology

Market Closed - Nyse Other stock markets 04:00:02 2024-06-07 pm EDT			5-day change	1st Jan Change
263.1 ^USD	-1.83%		+2.45%	+13.72%

Jun. 05	Danaher Appoints Martin Stumpe as Chief Data & Artificial Intelligence Officer	MT
Jun. 05	Danaher Names Martin Stumpe Chief Data & Artificial Intelligence Officer	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	110,521	157,803	235,103	193,216	170,943	194,860	-	-
Enterprise Value (EV) ¹	112,338	172,972	254,693	206,898	183,481	203,396	197,556	191,672
P/E ratio	37.9 x	45.4 x	38.2 x	27.5 x	36.3 x	44.4 x	36.5 x	32.6 x
Yield	0.44%	0.32%	0.26%	0.38%	0.45%	0.41%	0.44%	0.48%
Capitalization / Revenue	6.17 x	7.08 x	7.98 x	6.14 x	7.16 x	8.16 x	7.5 x	6.95 x
EV / Revenue	6.27 x	7.76 x	8.65 x	6.57 x	7.68 x	8.52 x	7.6 x	6.84 x
EV / EBITDA	25.2 x	28.8 x	26.4 x	19 x	24.4 x	26.5 x	23 x	20.5 x
EV / FCF	33.9 x	31.9 x	36.1 x	28.1 x	31.7 x	36.4 x	31.3 x	28 x
FCF Yield	2.95%	3.14%	2.77%	3.57%	3.15%	2.75%	3.19%	3.58%
Price to Book	3.68 x	3.97 x	5.21 x	3.86 x	3.2 x	3.44 x	3.14 x	2.85 x
Nbr of stocks (in thousands)	720,099	710,377	714,577	727,963	738,927	740,687	-	-
Reference price ²	153.5	222.1	329.0	265.4	231.3	263.1	263.1	263.1
Announcement Date	1/30/20	1/28/21	1/27/22	1/24/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,911	22,284	29,453	31,471	23,890	23,883	25,991	28,037
EBITDA ¹	4,459	6,006	9,633	10,910	7,530	7,679	8,574	9,351
EBIT ¹	3,269	4,231	7,465	8,688	6,855	6,958	7,908	8,661
Operating Margin	18.25%	18.99%	25.35%	27.61%	28.69%	29.13%	30.43%	30.89%
Earnings before Tax (EBT) ¹	3,305	4,495	7,598	8,292	5,044	5,289	6,493	7,303
Net income ¹	2,940	3,510	6,269	7,103	4,743	4,417	5,365	6,019
Net margin	16.41%	15.75%	21.28%	22.57%	19.85%	18.49%	20.64%	21.47%
EPS ²	4.050	4.890	8.610	9.660	6.380	5.919	7.206	8.066
Free Cash Flow ¹	3,316	5,424	7,064	7,376	5,781	5,592	6,307	6,857
FCF margin	18.51%	24.34%	23.98%	23.44%	24.2%	23.42%	24.27%	24.46%
FCF Conversion (EBITDA)	74.37%	90.31%	73.33%	67.61%	76.77%	72.83%	73.56%	73.33%
FCF Conversion (Net income)	112.8%	154.53%	112.68%	103.84%	121.88%	126.6%	117.56%	113.91%
Dividend per Share ²	0.6800	0.7200	0.8400	1.000	1.050	1.084	1.150	1.251
Announcement Date	1/30/20	1/28/21	1/27/22	1/24/23	1/30/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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	2025 Q2
Net sales ¹	8,148	7,688	7,751	7,663	8,369	7,167	7,157	6,873	6,405	5,796	5,590	5,755	6,691	6,265	6,113
EBITDA ¹	2,741	2,737	2,757	2,555	2,861	2,351	1,991	2,034	2,015	-	1,645	1,743	2,377	2,103	1,908
EBIT ¹	2,154	2,172	2,205	2,015	2,296	2,206	1,898	1,859	1,837	1,781	1,451	1,548	2,207	1,924	1,721
Operating Margin	26.44%	28.25%	28.45%	26.3%	27.43%	30.78%	26.52%	27.05%	28.68%	30.73%	25.96%	26.9%	32.98%	30.71%	28.15%
Earnings before Tax (EBT) ¹	2,085	2,099	2,069	1,931	2,193	1,798	1,392	1,397	1,232	1,271	1,030	1,133	1,780	1,550	1,340
Net income ¹	1,747	1,684	1,658	1,551	2,210	1,429	1,106	1,129	1,079	1,088	862.8	935	1,504	1,299	1,108
Net margin	21.44%	21.9%	21.39%	20.24%	26.41%	19.94%	15.45%	16.43%	16.85%	18.77%	15.43%	16.25%	22.47%	20.73%	18.13%
EPS ²	2.390	2.310	2.250	2.100	2.990	1.940	1.490	1.510	1.450	1.450	1.160	1.300	1.976	1.713	1.437
Dividend per Share ²	0.2100	0.2500	0.2500	0.2500	0.2500	0.2700	0.2700	0.2700	0.2400	0.2700	0.2488	0.2488	0.2488	0.2621	0.2567
Announcement Date	1/27/22	4/21/22	7/21/22	10/20/22	1/24/23	4/25/23	7/25/23	10/24/23	1/30/24	4/23/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,817	15,169	19,590	13,682	12,538	8,536	2,696	-
Net Cash position ¹	-	-	-	-	-	-	-	3,188
Leverage (Debt/EBITDA)	0.4075 x	2.526 x	2.034 x	1.254 x	1.665 x	1.112 x	0.3144 x	-
Free Cash Flow ¹	3,316	5,424	7,064	7,376	5,781	5,592	6,307	6,857
ROE (net income / shareholders' equity)	10.1%	10%	17.4%	14.9%	9.16%	10%	10.5%	10.2%
ROA (Net income/ Total Assets)	5.35%	5.08%	9.29%	8.48%	5.62%	5.92%	6.62%	6.71%
Assets ¹	54,957	69,122	67,452	83,767	84,419	74,611	81,052	89,677
Book Value Per Share ²	41.70	55.90	63.20	68.80	72.40	76.50	83.90	92.20
Cash Flow per Share ²	5.450	8.640	11.30	11.60	9.640	9.230	10.60	11.40
Capex ¹	636	791	1,294	1,152	1,383	1,159	1,206	1,283
Capex / Sales	3.55%	3.55%	4.39%	3.66%	5.79%	4.85%	4.64%	4.58%
Announcement Date	1/30/20	1/28/21	1/27/22	1/24/23	1/30/24	-	-	-

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 Danaher Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

263.1 USD

Average target price

273.3 USD

Spread / Average Target

+3.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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