Discounted Cash Flow (DCF) Analysis Levered
Danaher Corporation (DHR)
$232.21
+1.76 (+0.76%)
All numbers are in Millions, Currency in USD
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 | 19,893 | 17,911.10 | 22,284 | 29,453 | 31,471 | 35,678.23 | 40,447.90 | 45,855.21 | 51,985.40 | 58,935.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| Operating Cash Flow | 4,022 | 3,951.60 | 6,208 | 8,358 | 8,519 | 8,961.36 | 10,159.36 | 11,517.53 | 13,057.26 | 14,802.83 |
| 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 | 3,366.30 | 3,316.10 | 5,417 | 7,064 | 7,367 | 7,644.99 | 8,667.01 | 9,825.67 | 11,139.22 | 12,628.38 |
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 | 19,893 | 17,911.10 | 22,284 | 29,453 | 31,471 | 35,678.23 | 40,447.90 | 45,855.21 | 51,985.40 | 58,935.11 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 4,022 | 3,951.60 | 6,208 | 8,358 | 8,519 | 8,961.36 | 10,159.36 | 11,517.53 | 13,057.26 | 14,802.83 |
| 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 | 3,366.30 | 3,316.10 | 5,417 | 7,064 | 7,367 | 7,644.99 | 8,667.01 | 9,825.67 | 11,139.22 | 12,628.38 |
| WACC | ||||||||||
| PV LFCF | 7,154.21 | 7,589.95 | 8,052.24 | 8,542.68 | 9,063 | |||||
| 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 |