Discounted Cash Flow (DCF) Analysis Unlevered
Danaher Corporation (DHR)
$237.52
+2.87 (+1.22%)
All numbers are in Millions, Currency in USD
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 | 19,893 | 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 (%) | ||||||||||
EBITDA | 4,757.90 | 5,179.30 | 6,545 | 10,090 | 10,725 | 10,742.14 | 12,178.21 | 13,806.27 | 15,651.97 | 17,744.42 |
EBITDA (%) | ||||||||||
EBIT | 3,450.20 | 3,989.80 | 4,770 | 7,922 | 8,503 | 8,201.74 | 9,298.20 | 10,541.24 | 11,950.45 | 13,548.06 |
EBIT (%) | ||||||||||
Depreciation | 1,307.70 | 1,189.50 | 1,775 | 2,168 | 2,222 | 2,540.40 | 2,880.01 | 3,265.03 | 3,701.52 | 4,196.36 |
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 | 787.80 | 19,912.30 | 6,035 | 2,586 | 5,995 | 12,133.79 | 13,755.90 | 15,594.87 | 17,679.69 | 20,043.21 |
---|---|---|---|---|---|---|---|---|---|---|
Total Cash (%) | ||||||||||
Account Receivables | 3,489.60 | 3,191.40 | 4,045 | 4,631 | 4,918 | 6,055.47 | 6,865.01 | 7,782.76 | 8,823.20 | 10,002.74 |
Account Receivables (%) | ||||||||||
Inventories | 1,910.10 | 1,628.30 | 2,292 | 2,767 | 3,110 | 3,443.31 | 3,903.63 | 4,425.49 | 5,017.11 | 5,687.83 |
Inventories (%) | ||||||||||
Accounts Payable | 1,712.80 | 1,514.40 | 2,049 | 2,569 | 2,296 | 3,016.81 | 3,420.12 | 3,877.34 | 4,395.68 | 4,983.33 |
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 | 19,893 | 17,911.10 | 22,284 | 29,453 | 31,471 | 35,678.23 | 40,447.90 | 45,855.21 | 51,985.40 | 58,935.11 |
---|---|---|---|---|---|---|---|---|---|---|
EBITDA | 4,757.90 | 5,179.30 | 6,545 | 10,090 | 10,725 | 10,742.14 | 12,178.21 | 13,806.27 | 15,651.97 | 17,744.42 |
EBIT | 3,450.20 | 3,989.80 | 4,770 | 7,922 | 8,503 | 8,201.74 | 9,298.20 | 10,541.24 | 11,950.45 | 13,548.06 |
Tax Rate | 19.49% | 8.99% | 18.89% | 15.33% | 13.06% | 15.15% | 15.15% | 15.15% | 15.15% | 15.15% |
EBIAT | 2,777.62 | 3,631.17 | 3,869.06 | 6,707.32 | 7,392.44 | 6,958.95 | 7,889.26 | 8,943.94 | 10,139.62 | 11,495.15 |
Depreciation | 1,307.70 | 1,189.50 | 1,775 | 2,168 | 2,222 | 2,540.40 | 2,880.01 | 3,265.03 | 3,701.52 | 4,196.36 |
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 | - | -198.40 | 534.60 | 520 | -273 | 720.81 | 403.31 | 457.22 | 518.35 | 587.64 |
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 | 3,429.62 | 4,566.77 | 3,870.36 | 7,040.32 | 7,559.44 | 7,433.01 | 8,410.38 | 9,534.73 | 10,809.38 | 12,254.44 |
WACC | ||||||||||
PV UFCF | 6,956.49 | 7,366.59 | 7,816 | 8,292.83 | 8,798.75 | |||||
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 |