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Danaher Corporation DHR [XNYS] | QQQ ? Danaher Corporation DHR [XNYS] | QQQ Last Price Fair Value Consider Buy Consider Sell Uncertainty Economic Moat™ Stewardship Morningstar Credit Rating Industry 59.99 USD 53.00 USD 31.80 USD 82.15 USD High Narrow Standard A Diversified Industrials Danaher's Third Quarter Below Expectations, Cash Flow reasonable prices and easily integrating them into the larger Remains Strong organization to maximize potential efficiencies. As opposed to going into highly competitive markets, Danaher attacks niche markets and executes on the principles of the Danaher by Daniel Holland Analyst Note Oct. 18, 2012 Senior Stock Analyst Business System, or DBS, resulting in higher operating Analyst covering this company do not Danaher DHR delivered third-quarter earnings below our own its stock. margins and stronger cash flows. In addition, Danaher's expectations. Management's full year guidance trails our focus on smaller markets enables it to enjoy economies of own projections for the year. We're lowering our fair value Pricing as of Jan 15, 2013. scale and helped the company build a narrow moat. Rating as of Jan 15, 2013. estimate to account for weaker earnings in 2012, and a more modest earnings growth assumption for 2013. Acquisitions are the company's primary growth engine. This has had an accretive impact on the top line, but it has also Currency amounts expressed with "$" While we are lowering our fair value estimate for Danaher, are in U.S. dollars (USD) unless caused the balance sheet to become more heavily weighted otherwise denoted. our long-term thesis stands. Weaker global economic growth with goodwill and other intangible assets. Even though was the primary driver behind the quarter's weakness, operating margins have remained strong, returns on invested particularly in Europe, and to a lesser extent in China. Stock Price capital slid 520 basis points, from 17.0% in 2004 to 12.1% in Quarterly operating margins were quite resilient, with 60 2010. This is a combined result of the global recession in consolidated margins reaching 18%, as compared to an 2009 and the prices that Danaher has been paying for 50 adjusted 17.6% in the prior year, after accounting for charges acquisitions. Although current returns on invested capital are related to the Beckman Coulter acquisition. 40 higher than the firm's cost of capital, we would like to see Danaher slow acquisition spending in order to focus on 30 Our primary concerns for the portfolio reside in the stabilizing shareholder returns. 20 continuing weakness in test and measurement, as capital spending and research and development budgets contract to 10 Danaher raised its exposure to the test and measurement 09 10 11 12 adjust to a weaker economic environment. We have lowered business with the November 2007 purchase of Tektronix. our 2013 top-line growth assumption to 3%, down from Tektronix dominates the market for high-precision nearly 7%, as we account for slower growth in the in test oscilloscopes used in telecom networking and helps fill out and measurement, environmental, and industrial the company's electronic test platform, which already technologies segments. To Danaher's credit, cash flow includes specialty test toolmaker Fluke. In addition, Danaher remains quite strong: Trailing twelve months cash flow from should be able to rely on its medical technology business unit operations is nearly $3.4 billion, driven by strong for meaningful internal revenue growth. Thanks to performance at Beckman Coulter. acquisitions like Sybron Dental, a producer of light equipment for the professional dental market, and Leica Thesis Oct. 18, 2012 Microsystems, a maker of high-end microscopes, the medical Danaher has generated double-digit margins and growth technology unit now represents nearly 40% of Danaher's through acquisitions and its proprietary business integration total sales base. In early 2011, Danaher completed the system. Its focus on eking out efficiencies and attacking acquisition of Beckman Coulter, a leading life sciences and niche markets has helped the firm build a narrow economic diagnostics firm, for $6.8 billion. While this presents an moat. opportunity for Danaher to push further into the medical equipment end markets, we think this will be a test of DBS Danaher's path to success involves execution on two basic and may make more acquisition growth difficult through levels: acquiring companies in attractive markets at 2012. © 2013 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. ? Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Danaher Corporation DHR [XNYS] | QQQ Last Price Fair Value Consider Buy Consider Sell Uncertainty Economic Moat™ Stewardship Morningstar Credit Rating Industry 59.99 USD 53.00 USD 31.80 USD 82.15 USD High Narrow Standard A Diversified Industrials Danaher exposed to geopolitical risks as well as some Close Competitors Currency (Mil) Market Cap TTM Sales Oper Income Net Income currency risk. Because of Danaher's reliance on acquisitions 3M Co USD 67,318 29,606 6,404 4,407 for growth, there is risk of overpayment and integrating Illinois Tool Works Inc USD 29,021 18,023 2,885 2,333 acquisitions into the portfolio. Dover Corporation USD 11,924 8,433 1,289 930 Ametek, Inc. USD 9,362 3,255 723 441 Bulls Say Snap-on, Inc. USD 4,679 2,921 502 296 ODanaher products enjoy great brand presence. For instance, Fluke is the leader in handheld electronic test equipment, and Gilbarco Veeder-Root dominates the retail Valuation, Growth and Profitability petroleum dispenser market. We're lowering our fair value estimate to $53 per share from OBefore Danaher formed its sixth strategic platform, $58 as a result of weaker near-term growth assumptions in medical technology, management studied the industry for light of a slower growth in Europe and China. Our fair value about three years and says it conducted more than 400 estimate implies a forward price/earnings multiple of 16 customer interviews. times. Danaher's recent acquisition of Beckman Coulter ODanaher and Cooper Industries announced a joint venture heightens the firm's exposure to life sciences and between their tool segments, which will be managed by diagnostics, further dampening the cyclicality of Danaher's Danaher, paving the way for the business to be operated earnings. We think DBS could help increase Beckman's as a stand-alone entity. operating margin by around two percentage points, giving Danaher overall a better margin profile than it has ever had. Bears Say Additionally, as customers reinvest in new products and OAbout 75% of Danaher's sales growth during the past five research and development. Even though the company is years has come from acquisitions. If the well of new operating above past midcycle margin levels, we think acquisition candidates dries up, Danaher's growth rate Danaher can hold on to recent productivity gains and will be could slow. able to sustain operating margins above 17%. Recent OOther manufacturing companies are catching up with announcements of proactive restructuring may be a Danaher's processes as former Danaher managers take temporary drag on profitability, but should have a payback high-level positions outside the firm. Developing an period of just over a year, and contributing to profitability by internal talent pipeline may be difficult. 2014. Given the firm's tradition of growth via acquisitions, we forecast average annual revenue growth of 7% during the Financial Overview next five years, down from our previous assumption of 9% Financial Health:Danaher is in fine financial condition. Debt average revenue growth, with 3% coming from newly is a manageable 110% of EBITDA, though the recent debt acquired entities. We forecast the firm will reinvest all free issuance related to the acquisition of Beckman Coulter will cash flow into acquisitions at a price of 2.5 times target likely cause this ratio to deteriorate. The firm's EBITDA sales. comfortably covers interest payments 21.2 times. Risk Company Overview Many of the end markets that Danaher serves are sensitive Profile: Danaher is a diversified manufacturer, housing more to prevailing economic conditions and customer capital than 40 industrial brands in three segments. The professional expenditure budgets. In addition, more than half of the firm's instrumentation segment produces electronic, medical, and revenue is generated outside the United States, leaving water-test equipment. The industrial technology segment © 2013 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. ? Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. Danaher Corporation DHR [XNYS] | QQQ Last Price Fair Value Consider Buy Consider Sell Uncertainty Economic Moat™ Stewardship Morningstar Credit Rating Industry 59.99 USD 53.00 USD 31.80 USD 82.15 USD High Narrow Standard A Diversified Industrials produces precision motors and controls, product-identification equipment, and other niche products. The tool and component division makes Sears' Craftsman line of hand tools, Matco tools for professional mechanics, and other store-branded tools through a joint venture with Cooper Industries.
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