Discounted Cash Flow (DCF) Analysis Levered

Danaher Corporation (DHR)

$232.21

+1.76 (+0.76%)
All numbers are in Millions, Currency in USD
Stock DCF: 292.98 | 232.21 | undervalue

Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 19,89317,911.1022,28429,45331,47135,678.2340,447.9045,855.2151,985.4058,935.11
Revenue (%)
Operating Cash Flow 4,0223,951.606,2088,3588,5198,961.3610,159.3611,517.5313,057.2614,802.83
Operating Cash Flow (%)
Capital Expenditure -655.70-635.50-791-1,294-1,152-1,316.37-1,492.35-1,691.86-1,918.03-2,174.45
Capital Expenditure (%)
Free Cash Flow 3,366.303,316.105,4177,0647,3677,644.998,667.019,825.6711,139.2212,628.38

Weighted Average Cost Of Capital

Share price $ 232.21
Beta 0.799
Diluted Shares Outstanding 736.80
Cost of Debt
Tax Rate 13.06
After-tax Cost of Debt 0.89%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.582
Total Debt 20,739
Total Equity 171,092.33
Total Capital 191,831.33
Debt Weighting 10.81
Equity Weighting 89.19
Wacc

Build Up Free Cash Flow

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Revenue 19,89317,911.1022,28429,45331,47135,678.2340,447.9045,855.2151,985.4058,935.11
Operating Cash Flow 4,0223,951.606,2088,3588,5198,961.3610,159.3611,517.5313,057.2614,802.83
Capital Expenditure -655.70-635.50-791-1,294-1,152-1,316.37-1,492.35-1,691.86-1,918.03-2,174.45
Free Cash Flow 3,366.303,316.105,4177,0647,3677,644.998,667.019,825.6711,139.2212,628.38
WACC
PV LFCF 7,154.217,589.958,052.248,542.689,063
SUM PV LFCF 40,402.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.86
Free cash flow (t + 1) 12,880.95
Terminal Value 265,040.08
Present Value of Terminal Value 190,211.03

Intrinsic Value

Enterprise Value 230,613.11
Net Debt 14,744
Equity Value 215,869.11
Shares Outstanding 736.80
Equity Value Per Share 292.98