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Danaher Corp DHR Stock Quote

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Morningstar‘s Stock Analysis DHR

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Is it the right time to buy or sell?

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5-Star Price


Economic Moat


Capital Allocation


Raising Our Capital Allocation Rating and Fair Value Estimate on Danaher

Julie Utterback, CFA Senior Equity Analyst

Analyst Note

| Julie Utterback, CFA |

After announcing the planned divestiture of its environmental and applied solutions, or EAS, group in September, we reexamined our views on narrow-moat-rated Danaher, resulting in changes to our capital allocation rating and our fair value estimate. We have raised our capital allocation rating on Danaher to Exemplary, from Standard previously, as we have gained a greater appreciation for the company's investment strategy and execution. The company has created substantial value for shareholders over a very long time period, and further value creation appears possible due to the firm's unique culture and business processes. While our moat rating has not changed, we expect the firm's switching costs to become slightly more durable after divestiture and recognize that in our new fair value estimate ($242 per share, up from $215 previously) by increasing our long-term growth and profitability assumptions that estimate value creation beyond our explicit five-year forecast period.

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Key Statistics DHR

Company Profile DHR

Business Description

In 1984, Danaher’s founders transformed a real estate organization into an industrial-focused manufacturing company. Through a series of mergers, acquisitions, and divestitures, Danaher now focuses primarily on manufacturing scientific instruments and consumables in three segments: life sciences, diagnostics, and environmental and applied solutions. In late 2022, the company announced plans to divest its environmental and applied solutions group in 2023, which would leave it focused entirely on life sciences and diagnostics.

2200 Pennsylvania Avenue, North West, Suite 800W
Washington, DC, 20037-1701
T +1 202 828-0850
Industry Diagnostics & Research
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 80,000

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