Discounted Cash Flow (DCF) Analysis Unlevered

Danaher Corporation (DHR)

$237.52

+2.87 (+1.22%)
All numbers are in Millions, Currency in USD
Stock DCF: 284.38 | 237.52 | undervalue

Operating Data

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 (%)
EBITDA 4,757.905,179.306,54510,09010,72510,742.1412,178.2113,806.2715,651.9717,744.42
EBITDA (%)
EBIT 3,450.203,989.804,7707,9228,5038,201.749,298.2010,541.2411,950.4513,548.06
EBIT (%)
Depreciation 1,307.701,189.501,7752,1682,2222,540.402,880.013,265.033,701.524,196.36
Depreciation (%)

Balance Sheet Data

Year
A/P
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Actual
2023
Projected
2024
Projected
2025
Projected
2026
Projected
2027
Projected
Total Cash 787.8019,912.306,0352,5865,99512,133.7913,755.9015,594.8717,679.6920,043.21
Total Cash (%)
Account Receivables 3,489.603,191.404,0454,6314,9186,055.476,865.017,782.768,823.2010,002.74
Account Receivables (%)
Inventories 1,910.101,628.302,2922,7673,1103,443.313,903.634,425.495,017.115,687.83
Inventories (%)
Accounts Payable 1,712.801,514.402,0492,5692,2963,016.813,420.123,877.344,395.684,983.33
Accounts Payable (%)
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 (%)

Weighted Average Cost Of Capital

Share price $ 237.52
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 7.556
Total Debt 20,739
Total Equity 175,004.74
Total Capital 195,743.74
Debt Weighting 10.59
Equity Weighting 89.41
Wacc

Build Up Free Cash

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
EBITDA 4,757.905,179.306,54510,09010,72510,742.1412,178.2113,806.2715,651.9717,744.42
EBIT 3,450.203,989.804,7707,9228,5038,201.749,298.2010,541.2411,950.4513,548.06
Tax Rate 19.49%8.99%18.89%15.33%13.06%15.15%15.15%15.15%15.15%15.15%
EBIAT 2,777.623,631.173,869.066,707.327,392.446,958.957,889.268,943.9410,139.6211,495.15
Depreciation 1,307.701,189.501,7752,1682,2222,540.402,880.013,265.033,701.524,196.36
Accounts Receivable -298.20-853.60-586-287-1,137.47-809.53-917.75-1,040.44-1,179.54
Inventories -281.80-663.70-475-343-333.31-460.32-521.86-591.63-670.72
Accounts Payable --198.40534.60520-273720.81403.31457.22518.35587.64
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
UFCF 3,429.624,566.773,870.367,040.327,559.447,433.018,410.389,534.7310,809.3812,254.44
WACC
PV UFCF 6,956.497,366.597,8168,292.838,798.75
SUM PV UFCF 39,230.66

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 6.85
Free cash flow (t + 1) 12,499.53
Terminal Value 257,722.34
Present Value of Terminal Value 185,045.88

Intrinsic Value

Enterprise Value 224,276.54
Net Debt 14,744
Equity Value 209,532.54
Shares Outstanding 736.80
Equity Value Per Share 284.38