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HEALTHCARE: Danaher (DHR: A3 pos/A-): 4Q24 Preview

HEALTHCARE
USBulletCredit BulletsNorth America
  • Earnings estimates have been drifting lower for the company
  • 2024 EPS expected at $7.51 and 2025 only $8.14, down from $8.70 in Sept (BBERG survey)
  • The company is guiding for low-single-digit declines in revenue
  • For credit, this is not a disaster. DHR was Upgraded in 2022 and given a Positive Outlook as recently as June 2024
  • The company spun-off Veralto in 2023 showing a disciplined approach.
  • DHR has not issued a bond since 2021.
  • It only has one maturity in 2025: $500m in Sep. Barring M&A, which seems unlikely to be large near-term, issuance is not expected.
  • Unusually for a US borrower, it has more EUR debt than USD. €3.65bn matures over the next 3 yrs. Worth watching towards the end of 2025.
  • Current levels put DHR inside MDT and TMO.
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  • Earnings estimates have been drifting lower for the company
  • 2024 EPS expected at $7.51 and 2025 only $8.14, down from $8.70 in Sept (BBERG survey)
  • The company is guiding for low-single-digit declines in revenue
  • For credit, this is not a disaster. DHR was Upgraded in 2022 and given a Positive Outlook as recently as June 2024
  • The company spun-off Veralto in 2023 showing a disciplined approach.
  • DHR has not issued a bond since 2021.
  • It only has one maturity in 2025: $500m in Sep. Barring M&A, which seems unlikely to be large near-term, issuance is not expected.
  • Unusually for a US borrower, it has more EUR debt than USD. €3.65bn matures over the next 3 yrs. Worth watching towards the end of 2025.
  • Current levels put DHR inside MDT and TMO.