Definitive Analysis
Definitive Analysis

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Danaher Corporation (DHR)

Company Dividend Discount ModelIndustry: Medical - Diagnostics & ResearchSector: Healthcare

Valuation Snapshot

Stable Growth$122.58 - $360.36$193.24
Multi-Stage$81.59 - $89.16$85.31
Blended Fair Value$139.27
Current Price$184.84
Upside-24.65%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS7.82%12.93%1.061.141.131.030.850.730.600.520.550.49
YoY Growth---6.46%0.37%10.24%20.65%16.70%21.60%14.57%-5.38%12.91%55.51%
Dividend Yield--0.52%0.45%0.51%0.40%0.43%0.61%0.51%0.60%0.73%0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)3,503.00
(-) Cash Dividends Paid (M)847.00
(=) Cash Retained (M)2,656.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)700.60437.88262.73
Cash Retained (M)2,656.002,656.002,656.00
(-) Cash Required (M)-700.60-437.88-262.73
(=) Excess Retained (M)1,955.402,218.132,393.28
(/) Shares Outstanding (M)722.70722.70722.70
(=) Excess Retained per Share2.713.073.31
LTM Dividend per Share1.171.171.17
(+) Excess Retained per Share2.713.073.31
(=) Adjusted Dividend3.884.244.48
WACC / Discount Rate8.84%8.84%8.84%
Growth Rate5.50%6.50%7.50%
Fair Value$122.58$193.24$360.36
Upside / Downside-33.69%4.54%94.96%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)3,503.003,730.703,973.194,231.454,506.494,799.414,943.40
Payout Ratio24.18%37.34%50.51%63.67%76.84%90.00%92.50%
Projected Dividends (M)847.001,393.172,006.762,694.243,462.604,319.474,572.64

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate8.84%8.84%8.84%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)1,268.031,280.051,292.06
Year 2 PV (M)1,662.431,694.101,726.06
Year 3 PV (M)2,031.462,089.782,149.20
Year 4 PV (M)2,376.292,467.682,561.67
Year 5 PV (M)2,698.062,828.382,963.69
PV of Terminal Value (M)48,928.5951,291.8653,745.58
Equity Value (M)58,964.8761,651.8464,438.26
Shares Outstanding (M)722.70722.70722.70
Fair Value$81.59$85.31$89.16
Upside / Downside-55.86%-53.85%-51.76%

High-Yield Dividend Screener

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