Discounted Cash Flow (DCF) Analysis Unlevered
Danaher Corporation (DHR)
$246.31
-2.07 (-0.83%)
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 | 10,619 | 10,718.11 | 12,150.97 | 13,775.38 | 15,616.95 | 17,704.72 |
EBITDA (%) | ||||||||||
EBIT | 3,450.20 | 3,989.80 | 4,770 | 7,922 | 8,397 | 8,177.71 | 9,270.95 | 10,510.35 | 11,915.43 | 13,508.36 |
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 | $ 246.31 |
---|---|
Beta | 0.802 |
Diluted Shares Outstanding | 736.80 |
Cost of Debt | |
Tax Rate | 14.34 |
After-tax Cost of Debt | 0.92% |
Risk-Free Rate | |
Market Risk Premium | |
Cost of Equity | 7.286 |
Total Debt | 19,677 |
Total Equity | 181,481.21 |
Total Capital | 201,158.21 |
Debt Weighting | 9.78 |
Equity Weighting | 90.22 |
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 | 10,619 | 10,718.11 | 12,150.97 | 13,775.38 | 15,616.95 | 17,704.72 |
EBIT | 3,450.20 | 3,989.80 | 4,770 | 7,922 | 8,397 | 8,177.71 | 9,270.95 | 10,510.35 | 11,915.43 | 13,508.36 |
Tax Rate | 19.49% | 8.99% | 18.89% | 15.33% | 14.34% | 15.41% | 15.41% | 15.41% | 15.41% | 15.41% |
EBIAT | 2,777.62 | 3,631.17 | 3,869.06 | 6,707.32 | 7,192.94 | 6,917.65 | 7,842.44 | 8,890.86 | 10,079.45 | 11,426.93 |
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 | 7,359.94 | 7,391.71 | 8,363.56 | 9,481.65 | 10,749.21 | 12,186.22 |
WACC | ||||||||||
PV UFCF | 6,930.16 | 7,351.70 | 7,814.10 | 8,305.58 | 8,827.98 | |||||
SUM PV UFCF | 39,229.52 |
Terminal Value
Growth in perpetuity method: | |
---|---|
Long-term growth rate | |
WACC (%) | 6.66 |
Free cash flow (t + 1) | 12,429.95 |
Terminal Value | 266,737.07 |
Present Value of Terminal Value | 193,230.42 |
Intrinsic Value
Enterprise Value | 232,459.94 |
---|---|
Net Debt | 13,682 |
Equity Value | 218,777.94 |
Shares Outstanding | 736.80 |
Equity Value Per Share | 296.93 |