Financials Danaher Corporation

Equities

DHR

US2358511028

Advanced Medical Equipment & Technology

Market Closed - Nyse Other stock markets 01:30:02 27/04/2024 am IST			5-day change	1st Jan Change
246.6 ^USD	+0.32%		+4.70%	+6.59%

26/04	Danaher Insider Sold Shares Worth $5,618,569, According to a Recent SEC Filing	MT
25/04	Danaher Insider Sold Shares Worth $11,756,725, According to a Recent SEC Filing	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,10,521	1,57,803	2,35,103	1,93,216	1,70,943	1,82,638	-	-
Enterprise Value (EV) ¹	1,12,338	1,72,972	2,54,693	2,06,898	1,83,481	1,91,223	1,83,881	1,79,345
P/E ratio	37.9 x	45.4 x	38.2 x	27.5 x	36.3 x	41.5 x	33.9 x	30.4 x
Yield	0.44%	0.32%	0.26%	0.38%	0.45%	0.44%	0.47%	0.51%
Capitalization / Revenue	6.17 x	7.08 x	7.98 x	6.14 x	7.16 x	7.64 x	7.02 x	6.51 x
EV / Revenue	6.27 x	7.76 x	8.65 x	6.57 x	7.68 x	8 x	7.07 x	6.39 x
EV / EBITDA	25.2 x	28.8 x	26.4 x	19 x	24.4 x	24.9 x	21.4 x	19.2 x
EV / FCF	33.9 x	31.9 x	36.1 x	28.1 x	31.7 x	34 x	29 x	26.4 x
FCF Yield	2.95%	3.14%	2.77%	3.57%	3.15%	2.94%	3.45%	3.79%
Price to Book	3.68 x	3.97 x	5.21 x	3.86 x	3.2 x	3.23 x	3 x	2.81 x
Nbr of stocks (in thousands)	7,20,099	7,10,377	7,14,577	7,27,963	7,38,927	7,40,687	-	-
Reference price ²	153.5	222.1	329.0	265.4	231.3	246.6	246.6	246.6
Announcement Date	30/01/20	28/01/21	27/01/22	24/01/23	30/01/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,911	22,284	29,453	31,471	23,890	23,908	26,007	28,060
EBITDA ¹	4,459	6,006	9,633	10,910	7,530	7,688	8,574	9,342
EBIT ¹	3,269	4,231	7,465	8,688	6,855	6,953	7,875	8,600
Operating Margin	18.25%	18.99%	25.35%	27.61%	28.69%	29.08%	30.28%	30.65%
Earnings before Tax (EBT) ¹	3,305	4,495	7,598	8,292	5,044	5,334	6,632	7,313
Net income ¹	2,940	3,510	6,269	7,103	4,743	4,442	5,385	5,932
Net margin	16.41%	15.75%	21.28%	22.57%	19.85%	18.58%	20.71%	21.14%
EPS ²	4.050	4.890	8.610	9.660	6.380	5.945	7.283	8.117
Free Cash Flow ¹	3,316	5,424	7,064	7,376	5,781	5,625	6,342	6,803
FCF margin	18.51%	24.34%	23.98%	23.44%	24.2%	23.53%	24.39%	24.24%
FCF Conversion (EBITDA)	74.37%	90.31%	73.33%	67.61%	76.77%	73.16%	73.97%	72.82%
FCF Conversion (Net income)	112.8%	154.53%	112.68%	103.84%	121.88%	126.62%	117.76%	114.68%
Dividend per Share ²	0.6800	0.7200	0.8400	1.000	1.050	1.087	1.162	1.268
Announcement Date	30/01/20	28/01/21	27/01/22	24/01/23	30/01/24	-	-	-

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	5,591	5,754	6,685	6,246	6,124
EBITDA ¹	2,741	2,737	2,757	2,555	2,861	2,351	1,991	2,034	2,015	-	1,651	1,756	2,369	2,078	1,921
EBIT ¹	2,154	2,172	2,205	2,015	2,296	2,206	1,898	1,859	1,837	1,781	1,452	1,551	2,194	1,899	1,707
Operating Margin	26.44%	28.25%	28.45%	26.3%	27.43%	30.78%	26.52%	27.05%	28.68%	30.73%	25.98%	26.95%	32.82%	30.4%	27.88%
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	1,018	1,115	1,718	1,467	1,380
Net income ¹	1,747	1,684	1,658	1,551	2,210	1,429	1,106	1,129	1,079	1,088	864.5	936.5	1,488	1,223	1,090
Net margin	21.44%	21.9%	21.39%	20.24%	26.41%	19.94%	15.45%	16.43%	16.85%	18.77%	15.46%	16.28%	22.27%	19.58%	17.79%
EPS ²	2.390	2.310	2.250	2.100	2.990	1.940	1.490	1.510	1.450	1.450	1.162	1.305	1.952	1.657	1.470
Dividend per Share ²	0.2100	0.2500	0.2500	0.2500	0.2500	0.2700	0.2700	0.2700	0.2400	-	0.2530	0.2530	0.2530	0.2716	0.2711
Announcement Date	27/01/22	21/04/22	21/07/22	20/10/22	24/01/23	25/04/23	25/07/23	24/10/23	30/01/24	23/04/24	-	-	-	-	-

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	8,584	1,243	-
Net Cash position ¹	-	-	-	-	-	-	-	3,293
Leverage (Debt/EBITDA)	0.4075 x	2.526 x	2.034 x	1.254 x	1.665 x	1.117 x	0.145 x	-
Free Cash Flow ¹	3,316	5,424	7,064	7,376	5,781	5,625	6,342	6,803
ROE (net income / shareholders' equity)	10.1%	10%	17.4%	14.9%	9.16%	10.1%	10.6%	10.6%
ROA (Net income/ Total Assets)	5.35%	5.08%	9.29%	8.48%	5.62%	6.4%	7.2%	7.81%
Assets ¹	54,957	69,122	67,452	83,767	84,419	69,447	74,842	75,965
Book Value Per Share ²	41.70	55.90	63.20	68.80	72.40	76.40	82.30	87.70
Cash Flow per Share ²	5.450	8.640	11.30	11.60	9.640	9.210	10.50	11.30
Capex ¹	636	791	1,294	1,152	1,383	1,146	1,184	1,261
Capex / Sales	3.55%	3.55%	4.39%	3.66%	5.79%	4.79%	4.55%	4.5%
Announcement Date	30/01/20	28/01/21	27/01/22	24/01/23	30/01/24	-	-	-

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 Danaher Corporation

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

246.6 USD

Average target price

269.2 USD

Spread / Average Target

+9.18%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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