TGM's two-stage DCF values Danaher Corporation (DHR) between $92.90 and $176.01 depending on assumptions, with a base case of $121.53. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth (floored at 2%)), fading to 2.5% long-run; the discount rate (8.1%) reflects its beta.
What would today's price require?
$206.17 is justified only if free cash flow grows about +13.3% a year (fading to 2.5% long-run) at a 8.1% required return — faster than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 0.5%/yr | 9.1% | $92.90 |
| Base case | 2.0%/yr | 8.1% | $121.53 |
| Optimistic | 5.0%/yr | 7.1% | $176.01 |
| Third-party model estimate (FMP) | independent reference · retrieved Sep 8, 2026 · assumptions not provided | $206.13 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$206.17
Market-Implied Growth
+13.3%/yr
vs -2.8% 5Y actual
Model Scenario Range
$92.90 – $176.01
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for DHR (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $5.5B · 0.70B shares · net debt $13.8B
Estimated Fair Value
$121.53
-41.1% vs $206.17
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 2.0%/yr FCF growth and 10-year horizon fixed. Green = above today's $206.17; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 6.1% | $158 | $176 | $200 | $231 | $273 |
| 7.1% | $126 | $138 | $152 | $170 | $192 |
| 8.1% | $104 | $112 | $122 | $133 | $146 |
| 9.1% | $87.77 | $93.55 | $100 | $108 | $117 |
| 10.1% | $75.24 | $79.58 | $84.47 | $90.05 | $96.47 |
