DCF Tool

DHR

Danaher Corporation is an American globally diversified conglomerate founded by brothers Stephen and Mitchell Rales in 1984. Headquartered in Washington, D.C., the company designs, manufactures, and markets medical, industrial, and commercial products and services.
Analysis Results
Intrinsic Value $154.24
Latest Price $239.39
Relative Value 55% overvalued
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Cash Flow (Billions)
Analysis Parameters
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Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 7.5%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 7.5%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 7.5%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (billion) Present value (billion)
2024 5.55 5.16
2025 5.97 5.16
2026 6.42 5.16
2027 6.91 5.16
2028 7.43 5.16
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 137 billion. This corresponds to a present value of 88.4 billion.

Intrinsic Value Per Share

The total present value of the projected cash flows is 25.8 billion. Adding in the terminal value gives a total present value of 114 billion.

There are presently 741.0 million outstanding shares, so the intrinsic value per share is 154.24.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 13,937,000,000
Current Cash 5,864,000,000
Current Liabilities 8,274,000,000
Current Debt 1,695,000,000
Non-Cash Working Capital (NCWC) 1,494,000,000
Change in NCWC -596,000,000
EBIT 5,202,000,000
Tax Provision 823,000,000
Depreciation and Amortization 2,166,000,000
Capital Expenditure -1,383,000,000
Unlevered Free Cash Flow 4,540,220,063
Current Assets 15,883,000,000
Current Cash 5,995,000,000
Current Liabilities 8,389,000,000
Current Debt 591,000,000
Non-Cash Working Capital (NCWC) 2,090,000,000
Change in NCWC 1,160,000,000
EBIT 8,688,000,000
Tax Provision 1,083,000,000
Depreciation and Amortization 2,222,000,000
Capital Expenditure -1,152,000,000
Unlevered Free Cash Flow 9,783,279,305
Current Assets 11,648,000,000
Current Cash 2,586,000,000
Current Liabilities 8,140,000,000
Current Debt 8,000,000
Non-Cash Working Capital (NCWC) 930,000,000
Change in NCWC 554,000,000
EBIT 7,465,000,000
Tax Provision 1,251,000,000
Depreciation and Amortization 2,168,000,000
Capital Expenditure -1,294,000,000
Unlevered Free Cash Flow 7,663,898,262
Current Assets 13,802,000,000
Current Cash 6,035,000,000
Current Liabilities 7,402,000,000
Current Debt 11,000,000
Non-Cash Working Capital (NCWC) 376,000,000
Change in NCWC -588,600,000
EBIT 4,231,000,000
Tax Provision 849,000,000
Depreciation and Amortization 1,775,000,000
Capital Expenditure -791,000,000
Unlevered Free Cash Flow 3,827,263,403
Current Assets 25,596,600,000
Current Cash 19,912,300,000
Current Liabilities 4,932,100,000
Current Debt 212,400,000
Non-Cash Working Capital (NCWC) 964,600,000
Change in NCWC -551,700,000
EBIT 3,269,400,000
Tax Provision 873,000,000
Depreciation and Amortization 1,189,500,000
Capital Expenditure -635,500,000
Unlevered Free Cash Flow 2,408,181,953
Current Assets 7,093,800,000
Current Cash 787,800,000
Current Liabilities 4,841,500,000
Current Debt 51,800,000
Non-Cash Working Capital (NCWC) 1,516,300,000
Change in NCWC -105,800,000
EBIT 3,403,800,000
Tax Provision 641,900,000
Depreciation and Amortization 1,307,700,000
Capital Expenditure -655,700,000
Unlevered Free Cash Flow 3,286,461,607
Current Assets 6,850,000,000
Current Cash 630,300,000
Current Liabilities 4,792,300,000
Current Debt 194,700,000
Non-Cash Working Capital (NCWC) 1,622,100,000
Change in NCWC 199,900,000
EBIT 3,021,200,000
Tax Provision 469,000,000
Depreciation and Amortization 1,238,300,000
Capital Expenditure -619,600,000
Unlevered Free Cash Flow 3,357,649,870
Current Assets 6,665,100,000
Current Cash 963,700,000
Current Liabilities 6,874,000,000
Current Debt 2,594,800,000
Non-Cash Working Capital (NCWC) 1,422,200,000
Change in NCWC -298,500,000
EBIT 2,750,900,000
Tax Provision 457,900,000
Depreciation and Amortization 1,128,100,000
Capital Expenditure -589,600,000
Unlevered Free Cash Flow 2,508,520,683
Current Assets 7,836,700,000
Current Cash 790,800,000
Current Liabilities 6,170,400,000
Current Debt 845,200,000
Non-Cash Working Capital (NCWC) 1,720,700,000
Change in NCWC 619,500,000
EBIT 3,469,100,000
Tax Provision 725,300,000
Depreciation and Amortization 1,051,300,000
Capital Expenditure -633,000,000
Unlevered Free Cash Flow 3,749,939,040
Current Assets 9,431,300,000
Current Cash 3,005,600,000
Current Liabilities 5,396,400,000
Current Debt 71,900,000
Non-Cash Working Capital (NCWC) 1,101,200,000
Change in NCWC -432,200,000
EBIT 3,431,300,000
Tax Provision 883,400,000
Depreciation and Amortization 938,500,000
Capital Expenditure -597,500,000
Unlevered Free Cash Flow 2,469,512,826
Current Assets 9,113,700,000
Current Cash 3,115,200,000
Current Liabilities 4,527,400,000
Current Debt 62,300,000
Non-Cash Working Capital (NCWC) 1,533,400,000
Change in NCWC -225,100,000
EBIT 3,274,900,000
Tax Provision 871,000,000
Depreciation and Amortization 895,000,000
Capital Expenditure -551,500,000
Unlevered Free Cash Flow 2,593,401,542
Current Assets 7,587,800,000
Current Cash 1,678,700,000
Current Liabilities 4,206,100,000
Current Debt 55,500,000
Non-Cash Working Capital (NCWC) 1,758,500,000
Change in NCWC 96,780,000
EBIT 3,165,100,000
Tax Provision 711,500,000
Depreciation and Amortization 839,800,000
Capital Expenditure -458,300,000
Unlevered Free Cash Flow 2,895,416,452

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