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Danaher (DHR: A3 pos / A-): Preview

HEALTHCARE
  • Issuance might be a risk after earnings.
  • Danaher haven’t issued since Dec ’21 when they called the 2.5% July 25.
  • In hindsight, that was probably an opportunistic attempt to lock-in low interest rates before the inflation sell-off.
  • The company has $1.2b coming due in the next 4-13 months.
  • Credit spreads are currently low – not as low as April/May – but low enough to attract the attention of an active treasury department. (We are in the 6th percentile over 10yrs on BofA BBB Index)
  • Danaher guided for low single digit declines in core revenue year-over-year.
  • Moody’s placed them on Positive in June so clearly the revenue decline is not a problem as leverage remains low. Moody’s expect it to be <3x absent large acquisitions.
  • Diagnostic business expected to decline -15% qoq
  • Biotechnology should offset this to some degree with 7% increase
  • Total Debt/EBITDA expected to rise by 0.5x but within Moody’s ranges
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