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Danaher (DHR: A3 /A-): EUR Is Rich to US$

HEALTHCARE

On a currency adjusted basis, DHR trades 12bps rich in EUR vs USD.

  • Danaher is an acquisitive company. 2013/14 Pall Corp $14b; 2020 GE Life $21.4b
  • In Dec 2023, DHR bought Abcam for $5.7b in cash.
  • They also divested of Veralto, which saw VLTO reimburse DHR with $2.6b as part of the spin-off.
  • DHR generates about $5.7b FCF per year so there is no immediate urgency about financing the Abcam acquisition but it does have $1.2b maturing over the next 15 months with a further €2,050m due in 2026.
  • It has not come to the bond markets since 2021.
  • As we can see from the chart, DHR trades rich in EUR vs USD. If they were to issue to fund upcoming maturities or further M&A, there is a good chance that they would tap the EUR markets first.

Credit BulletsBulletHomepagemarkets-real-timeCreditDanaher Market News
Credit BulletsBulletHomepagemarkets-real-timeCreditDanaher Market News

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