DDM Analysis: DHR

Valuation Snapshot

Stable Growth	$122.58 - $360.39	$193.24
Multi-Stage	$81.59 - $89.16	$85.31
Blended Fair Value	$139.28
Current Price	$184.84
Upside	-24.65%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	7.82%	12.93%	1.06	1.14	1.13	1.03	0.85	0.73	0.60	0.52	0.55	0.49
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

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	700.60	437.88	262.73
Cash Retained (M)	2,656.00	2,656.00	2,656.00
(-) Cash Required (M)	-700.60	-437.88	-262.73
(=) Excess Retained (M)	1,955.40	2,218.13	2,393.28
(/) Shares Outstanding (M)	722.70	722.70	722.70
(=) Excess Retained per Share	2.71	3.07	3.31
LTM Dividend per Share	1.17	1.17	1.17
(+) Excess Retained per Share	2.71	3.07	3.31
(=) Adjusted Dividend	3.88	4.24	4.48
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$122.58	$193.24	$360.39
Upside / Downside	-33.68%	4.55%	94.97%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	3,503.00	3,730.70	3,973.19	4,231.45	4,506.49	4,799.41	4,943.40
Payout Ratio	24.18%	37.34%	50.51%	63.67%	76.84%	90.00%	92.50%
Projected Dividends (M)	847.00	1,393.17	2,006.76	2,694.24	3,462.60	4,319.47	4,572.64

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.84%	8.84%	8.84%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	1,268.03	1,280.05	1,292.07
Year 2 PV (M)	1,662.44	1,694.10	1,726.06
Year 3 PV (M)	2,031.47	2,089.78	2,149.20
Year 4 PV (M)	2,376.30	2,467.68	2,561.68
Year 5 PV (M)	2,698.07	2,828.39	2,963.70
PV of Terminal Value (M)	48,929.44	51,292.75	53,746.51
Equity Value (M)	58,965.74	61,652.76	64,439.22
Shares Outstanding (M)	722.70	722.70	722.70
Fair Value	$81.59	$85.31	$89.16
Upside / Downside	-55.86%	-53.85%	-51.76%

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Danaher Corporation (DHR)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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