Intrinsic value of Danaher - DHR

Previous Close

$100.37

  Intrinsic Value

$80.66

stock screener

  Rating & Target

hold

-20%

Previous close

$100.37

 
Intrinsic value

$80.66

 
Up/down potential

-20%

 
Rating

hold

We calculate the intrinsic value of DHR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 70.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
Revenue, $m
  20,236
  22,231
  24,315
  26,488
  28,751
  31,105
  33,553
  36,098
  38,742
  41,489
  44,345
  47,313
  50,401
  53,613
  56,955
  60,436
  64,063
  67,843
  71,785
  75,898
  80,191
  84,675
  89,359
  94,254
  99,373
  104,727
  110,329
  116,191
  122,329
  128,757
Variable operating expenses, $m
  16,069
  17,291
  18,566
  19,897
  21,282
  22,723
  24,222
  25,780
  27,398
  29,080
  27,148
  28,965
  30,855
  32,822
  34,868
  36,999
  39,220
  41,534
  43,947
  46,465
  49,093
  51,838
  54,706
  57,703
  60,836
  64,114
  67,543
  71,133
  74,890
  78,825
Fixed operating expenses, $m
  423
  432
  442
  452
  462
  472
  482
  493
  504
  515
  526
  538
  549
  561
  574
  586
  599
  613
  626
  640
  654
  668
  683
  698
  713
  729
  745
  761
  778
  795
Total operating expenses, $m
  16,492
  17,723
  19,008
  20,349
  21,744
  23,195
  24,704
  26,273
  27,902
  29,595
  27,674
  29,503
  31,404
  33,383
  35,442
  37,585
  39,819
  42,147
  44,573
  47,105
  49,747
  52,506
  55,389
  58,401
  61,549
  64,843
  68,288
  71,894
  75,668
  79,620
Operating income, $m
  3,744
  4,508
  5,307
  6,140
  7,007
  7,910
  8,849
  9,825
  10,840
  11,894
  16,671
  17,811
  18,996
  20,229
  21,513
  22,851
  24,244
  25,697
  27,212
  28,793
  30,444
  32,168
  33,970
  35,854
  37,823
  39,884
  42,040
  44,297
  46,661
  49,136
EBITDA, $m
  8,179
  9,018
  9,894
  10,808
  11,760
  12,751
  13,781
  14,852
  15,965
  17,122
  18,325
  19,575
  20,876
  22,229
  23,638
  25,105
  26,634
  28,227
  29,890
  31,624
  33,435
  35,327
  37,303
  39,369
  41,530
  43,790
  46,155
  48,631
  51,224
  53,939
Interest expense (income), $m
  212
  568
  682
  801
  926
  1,056
  1,191
  1,332
  1,478
  1,630
  1,788
  1,952
  2,123
  2,300
  2,485
  2,677
  2,877
  3,085
  3,302
  3,528
  3,763
  4,009
  4,266
  4,534
  4,814
  5,106
  5,412
  5,732
  6,067
  6,417
  6,784
Earnings before tax, $m
  3,176
  3,826
  4,506
  5,214
  5,952
  6,719
  7,517
  8,347
  9,210
  10,106
  14,718
  15,687
  16,695
  17,744
  18,836
  19,974
  21,159
  22,395
  23,685
  25,030
  26,435
  27,903
  29,437
  31,040
  32,717
  34,472
  36,308
  38,230
  40,244
  42,352
Tax expense, $m
  857
  1,033
  1,217
  1,408
  1,607
  1,814
  2,030
  2,254
  2,487
  2,729
  3,974
  4,236
  4,508
  4,791
  5,086
  5,393
  5,713
  6,047
  6,395
  6,758
  7,137
  7,534
  7,948
  8,381
  8,834
  9,307
  9,803
  10,322
  10,866
  11,435
Net income, $m
  2,318
  2,793
  3,289
  3,806
  4,345
  4,905
  5,488
  6,093
  6,723
  7,377
  10,744
  11,452
  12,188
  12,953
  13,751
  14,581
  15,446
  16,349
  17,290
  18,272
  19,298
  20,369
  21,489
  22,659
  23,884
  25,164
  26,505
  27,908
  29,378
  30,917

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  51,491
  56,568
  61,871
  67,400
  73,158
  79,148
  85,377
  91,851
  98,579
  105,570
  112,837
  120,390
  128,246
  136,419
  144,925
  153,782
  163,010
  172,629
  182,659
  193,125
  204,049
  215,457
  227,376
  239,833
  252,857
  266,481
  280,734
  295,653
  311,271
  327,626
Adjusted assets (=assets-cash), $m
  51,491
  56,568
  61,871
  67,400
  73,158
  79,148
  85,377
  91,851
  98,579
  105,570
  112,837
  120,390
  128,246
  136,419
  144,925
  153,782
  163,010
  172,629
  182,659
  193,125
  204,049
  215,457
  227,376
  239,833
  252,857
  266,481
  280,734
  295,653
  311,271
  327,626
Revenue / Adjusted assets
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
Average production assets, $m
  22,644
  24,877
  27,209
  29,640
  32,172
  34,807
  37,546
  40,393
  43,352
  46,426
  49,622
  52,944
  56,398
  59,992
  63,733
  67,628
  71,687
  75,916
  80,328
  84,930
  89,734
  94,751
  99,992
  105,471
  111,198
  117,189
  123,458
  130,018
  136,887
  144,079
Working capital, $m
  1,781
  1,956
  2,140
  2,331
  2,530
  2,737
  2,953
  3,177
  3,409
  3,651
  3,902
  4,164
  4,435
  4,718
  5,012
  5,318
  5,638
  5,970
  6,317
  6,679
  7,057
  7,451
  7,864
  8,294
  8,745
  9,216
  9,709
  10,225
  10,765
  11,331
Total debt, $m
  12,630
  14,839
  17,145
  19,551
  22,055
  24,661
  27,371
  30,187
  33,114
  36,155
  39,316
  42,602
  46,019
  49,574
  53,274
  57,127
  61,141
  65,325
  69,689
  74,241
  78,993
  83,956
  89,140
  94,559
  100,225
  106,151
  112,351
  118,841
  125,634
  132,749
Total liabilities, $m
  22,399
  24,607
  26,914
  29,319
  31,824
  34,430
  37,139
  39,955
  42,882
  45,923
  49,084
  52,370
  55,787
  59,342
  63,042
  66,895
  70,909
  75,094
  79,457
  84,009
  88,761
  93,724
  98,908
  104,327
  109,993
  115,919
  122,119
  128,609
  135,403
  142,517
Total equity, $m
  29,092
  31,961
  34,957
  38,081
  41,334
  44,719
  48,238
  51,896
  55,697
  59,647
  63,753
  68,021
  72,459
  77,077
  81,883
  86,887
  92,101
  97,535
  103,203
  109,116
  115,288
  121,733
  128,467
  135,505
  142,864
  150,561
  158,615
  167,044
  175,868
  185,109
Total liabilities and equity, $m
  51,491
  56,568
  61,871
  67,400
  73,158
  79,149
  85,377
  91,851
  98,579
  105,570
  112,837
  120,391
  128,246
  136,419
  144,925
  153,782
  163,010
  172,629
  182,660
  193,125
  204,049
  215,457
  227,375
  239,832
  252,857
  266,480
  280,734
  295,653
  311,271
  327,626
Debt-to-equity ratio
  0.430
  0.460
  0.490
  0.510
  0.530
  0.550
  0.570
  0.580
  0.590
  0.610
  0.620
  0.630
  0.640
  0.640
  0.650
  0.660
  0.660
  0.670
  0.680
  0.680
  0.690
  0.690
  0.690
  0.700
  0.700
  0.710
  0.710
  0.710
  0.710
  0.720
Adjusted equity ratio
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  2,318
  2,793
  3,289
  3,806
  4,345
  4,905
  5,488
  6,093
  6,723
  7,377
  10,744
  11,452
  12,188
  12,953
  13,751
  14,581
  15,446
  16,349
  17,290
  18,272
  19,298
  20,369
  21,489
  22,659
  23,884
  25,164
  26,505
  27,908
  29,378
  30,917
Depreciation, amort., depletion, $m
  4,435
  4,510
  4,588
  4,669
  4,753
  4,841
  4,932
  5,027
  5,126
  5,228
  1,654
  1,765
  1,880
  2,000
  2,124
  2,254
  2,390
  2,531
  2,678
  2,831
  2,991
  3,158
  3,333
  3,516
  3,707
  3,906
  4,115
  4,334
  4,563
  4,803
Funds from operations, $m
  6,754
  7,303
  7,877
  8,475
  9,098
  9,746
  10,420
  11,120
  11,849
  12,606
  12,399
  13,217
  14,068
  14,953
  15,875
  16,835
  17,836
  18,879
  19,967
  21,103
  22,289
  23,527
  24,822
  26,175
  27,590
  29,071
  30,620
  32,242
  33,941
  35,720
Change in working capital, $m
  168
  176
  183
  191
  199
  207
  215
  224
  233
  242
  251
  261
  272
  283
  294
  306
  319
  333
  347
  362
  378
  395
  412
  431
  450
  471
  493
  516
  540
  566
Cash from operations, $m
  6,586
  7,127
  7,693
  8,284
  8,899
  9,539
  10,204
  10,897
  11,616
  12,364
  12,147
  12,955
  13,796
  14,671
  15,581
  16,529
  17,517
  18,546
  19,620
  20,741
  21,911
  23,133
  24,410
  25,744
  27,140
  28,600
  30,127
  31,726
  33,401
  35,154
Maintenance CAPEX, $m
  -684
  -755
  -829
  -907
  -988
  -1,072
  -1,160
  -1,252
  -1,346
  -1,445
  -1,548
  -1,654
  -1,765
  -1,880
  -2,000
  -2,124
  -2,254
  -2,390
  -2,531
  -2,678
  -2,831
  -2,991
  -3,158
  -3,333
  -3,516
  -3,707
  -3,906
  -4,115
  -4,334
  -4,563
New CAPEX, $m
  -2,127
  -2,233
  -2,332
  -2,432
  -2,532
  -2,634
  -2,739
  -2,847
  -2,959
  -3,075
  -3,195
  -3,322
  -3,455
  -3,594
  -3,741
  -3,895
  -4,058
  -4,230
  -4,411
  -4,602
  -4,804
  -5,017
  -5,241
  -5,478
  -5,728
  -5,991
  -6,268
  -6,561
  -6,868
  -7,192
Cash from investing activities, $m
  -2,811
  -2,988
  -3,161
  -3,339
  -3,520
  -3,706
  -3,899
  -4,099
  -4,305
  -4,520
  -4,743
  -4,976
  -5,220
  -5,474
  -5,741
  -6,019
  -6,312
  -6,620
  -6,942
  -7,280
  -7,635
  -8,008
  -8,399
  -8,811
  -9,244
  -9,698
  -10,174
  -10,676
  -11,202
  -11,755
Free cash flow, $m
  3,775
  4,140
  4,532
  4,945
  5,378
  5,832
  6,305
  6,798
  7,311
  7,844
  7,404
  7,979
  8,577
  9,197
  9,840
  10,509
  11,204
  11,927
  12,679
  13,461
  14,276
  15,125
  16,010
  16,933
  17,896
  18,902
  19,953
  21,050
  22,198
  23,399
Issuance/(repayment) of debt, $m
  2,108
  2,209
  2,307
  2,405
  2,505
  2,606
  2,710
  2,816
  2,927
  3,041
  3,161
  3,286
  3,417
  3,555
  3,700
  3,853
  4,014
  4,184
  4,363
  4,552
  4,752
  4,963
  5,185
  5,419
  5,666
  5,926
  6,200
  6,489
  6,794
  7,115
Issuance/(repurchase) of shares, $m
  416
  75
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  2,524
  2,284
  2,307
  2,405
  2,505
  2,606
  2,710
  2,816
  2,927
  3,041
  3,161
  3,286
  3,417
  3,555
  3,700
  3,853
  4,014
  4,184
  4,363
  4,552
  4,752
  4,963
  5,185
  5,419
  5,666
  5,926
  6,200
  6,489
  6,794
  7,115
Total cash flow (excl. dividends), $m
  6,299
  6,424
  6,839
  7,350
  7,883
  8,438
  9,015
  9,614
  10,238
  10,885
  10,565
  11,265
  11,994
  12,752
  13,541
  14,362
  15,218
  16,111
  17,042
  18,014
  19,028
  20,087
  21,194
  22,352
  23,562
  24,828
  26,153
  27,540
  28,992
  30,513
Retained Cash Flow (-), $m
  -2,734
  -2,869
  -2,996
  -3,124
  -3,253
  -3,385
  -3,519
  -3,658
  -3,801
  -3,950
  -4,105
  -4,268
  -4,438
  -4,618
  -4,806
  -5,005
  -5,214
  -5,434
  -5,667
  -5,913
  -6,172
  -6,446
  -6,734
  -7,038
  -7,359
  -7,697
  -8,053
  -8,429
  -8,824
  -9,241
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  3,565
  3,555
  3,843
  4,226
  4,630
  5,053
  5,495
  5,956
  6,436
  6,935
  6,460
  6,997
  7,555
  8,134
  8,735
  9,358
  10,005
  10,677
  11,375
  12,101
  12,856
  13,642
  14,460
  15,313
  16,203
  17,131
  18,100
  19,111
  20,168
  21,273
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  3,392
  3,203
  3,261
  3,360
  3,427
  3,461
  3,459
  3,421
  3,347
  3,239
  2,685
  2,565
  2,418
  2,249
  2,063
  1,866
  1,663
  1,460
  1,261
  1,071
  895
  734
  590
  466
  360
  272
  201
  145
  102
  70
Current shareholders' claim on cash, %
  99.4
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3

Danaher Corporation (Danaher) designs, manufactures and markets professional, medical, industrial and commercial products and services. The Company operates through four segments: Life Sciences, which offers a range of research tools that scientists use to study the basic building blocks of life, including genes, proteins, metabolites and cells, in order to understand the causes of disease, identify new therapies and test new drugs and vaccines; Diagnostics; which offers analytical instruments, reagents, consumables, software and services; Dental, which provides products that are used to diagnose, treat and prevent disease and ailments of the teeth, gums and supporting bone, and Environmental & Applied Solutions, which consists of various lines of business, including water quality and product identification. As of December 31, 2016, Danaher's research and development, manufacturing, sales, distribution, service and administrative facilities were located in over 60 countries.

FINANCIAL RATIOS  of  Danaher (DHR)

Valuation Ratios
P/E Ratio 27.2
Price to Sales 4.1
Price to Book 3
Price to Tangible Book
Price to Cash Flow 19.7
Price to Free Cash Flow 23.7
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 15%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 42.1%
Total Debt to Equity 53.3%
Interest Coverage 13
Management Effectiveness
Return On Assets 5.8%
Ret/ On Assets - 3 Yr. Avg. 7.2%
Return On Total Capital 7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 10.9%
Return On Equity - 3 Yr. Avg. 12.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 55.4%
Gross Margin - 3 Yr. Avg. 54.3%
EBITDA Margin 23.4%
EBITDA Margin - 3 Yr. Avg. 22.4%
Operating Margin 15.2%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 15.5%
Pre-Tax Margin - 3 Yr. Avg. 15.3%
Net Profit Margin 15.1%
Net Profit Margin - 3 Yr. Avg. 19.5%
Effective Tax Rate 17.5%
Eff/ Tax Rate - 3 Yr. Avg. 17.8%
Payout Ratio 15.7%

DHR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DHR stock intrinsic value calculation we used $18329.7 million for the last fiscal year's total revenue generated by Danaher. The default revenue input number comes from 0001 income statement of Danaher. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our DHR stock valuation model: a) initial revenue growth rate of 10.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.1%, whose default value for DHR is calculated based on our internal credit rating of Danaher, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Danaher.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of DHR stock the variable cost ratio is equal to 81.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $414 million in the base year in the intrinsic value calculation for DHR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Danaher.

Corporate tax rate of 27% is the nominal tax rate for Danaher. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the DHR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for DHR are equal to 111.9%.

Life of production assets of 31.2 years is the average useful life of capital assets used in Danaher operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for DHR is equal to 8.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $26358.2 million for Danaher - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 699.755 million for Danaher is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Danaher at the current share price and the inputted number of shares is $70.2 billion.

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COMPANY NEWS

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▶ Danaher Corporation (DHR) Hedge Funds Are Snapping Up   [Dec-08-18 12:48PM  Insider Monkey]
▶ Can General Electrics New CEO Save GE Stock?   [Dec-04-18 01:35PM  InvestorPlace]
▶ 5 Companies Hit 52-Week Highs   [11:40AM  GuruFocus.com]
▶ Danaher Announces Quarterly Dividend   [Dec-03-18 04:15PM  PR Newswire]
▶ 3 Reasons to Stay Away From General Electric (GE) Stock   [Nov-15-18 07:00AM  InvestorPlace]
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▶ Danaher To Webcast Investor And Analyst Meeting   [Nov-13-18 06:00PM  PR Newswire]
▶ GE Stock Drops as CEO Culp Hints at Asset Sales   [Nov-12-18 11:21AM  InvestorPlace]
▶ Is Danaher Corporations (NYSE:DHR) ROE Of 10.0% Impressive?   [Nov-07-18 10:08AM  Simply Wall St.]
▶ Danaher to Present at Baird Global Industrial Conference   [Oct-30-18 04:15PM  PR Newswire]
▶ Danaher Earnings, Revenue beat in Q3   [09:04AM  Investing.com]
▶ Danaher: 3Q Earnings Snapshot   [06:08AM  Associated Press]
▶ Q3 Earnings Outlook For Danaher   [02:44PM  Benzinga]
▶ With Culps lean and mean style, layoffs may loom at GE corporate   [Oct-15-18 02:13PM  American City Business Journals]
▶ Just How Ugly Will GE's Earnings Be?   [Oct-12-18 01:02PM  Bloomberg]
▶ GE Stock Is Heading Back Down to $10, Analyst Says   [Oct-10-18 11:17AM  Barrons.com]
▶ GE's CEO change raises questions about a smaller Boston HQ   [Oct-09-18 06:05AM  American City Business Journals]
▶ [$$] Can Larry Culp Fix GE?   [Oct-06-18 12:01AM  The Wall Street Journal]
▶ [$$] Can This Man Fix GE?   [Oct-05-18 07:43PM  The Wall Street Journal]
▶ [$$] Can Larry Culp Fix GE?   [07:43PM  The Wall Street Journal]
▶ What's Ahead for General Electric?   [Oct-04-18 05:25PM  GuruFocus.com]
▶ 3 things to know about GE's new CEO, and the analyst who predicted the move   [Oct-03-18 05:37PM  American City Business Journals]
▶ [$$] A Look at Larry Culps Career   [12:29AM  The Wall Street Journal]
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▶ GE Should Have Gone a Step Further   [01:34PM  Bloomberg]
▶ How one analyst predicted the GE CEO's takeover months ago   [01:20PM  American City Business Journals]
▶ 3 things to know about GE's new CEO   [09:51AM  American City Business Journals]
▶ Former Danaher CEO Lawrence Culp to lead GE   [09:17AM  American City Business Journals]
▶ Danaher Announces Quarterly Dividend   [Sep-11-18 04:15PM  PR Newswire]
▶ [$$] Graham Adds Senior Operating Partner   [Aug-30-18 05:52PM  The Wall Street Journal]
▶ Why Danaher Corporation Stock Could Soar Now   [Jul-27-18 08:33AM  Motley Fool]

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