Summary: Danaher Corp.

One of the largest life science companies with a very diverse product and services base, minimal customer concentration, and a vast geographic footprint; Well-diversified end markets; Strong brand names, with leadership positions in most product lines; High sales predictability with recurring revenues from consumables and services accounting for around 65% of the company's revenue; Very competitive, scale-driven cost structure and superior track record of operational execution; Research and development requirement to match the growing technological sophistication of products; and Moderate exposure to more cyclical industries, such as industrials and dental. Net adjusted debt to EBITDA improving to 2.3x in 2018 and staying below 2.5x going forward; Funds from operations (FFO) to net adjusted debt of around 36% in 2018, improving

...Business Risk: Strong Financial Risk: Intermediate + One of the largest life science companies with a very diverse product and services base, minimal customer concentration, and a vast geographic footprint; + Well-diversified end markets; + Strong brand names, with leadership positions in most product lines; + High sales predictability with recurring revenues from consumables and services accounting for around 65% of the company's revenue; + Very competitive, scale-driven cost structure and superior track record of operational execution; + Research and development requirement to match the growing technological sophistication of products; and + Moderate exposure to more cyclical industries, such as industrials and dental. + Net adjusted debt to EBITDA improving to 2.3x in 2018 and staying below 2.5x going forward; + Funds from operations (FFO) to net adjusted debt of around 36% in 2018, improving to 38% by 2019; and + Annual free operating cash flow in excess of $3 billion in 2018-2019....

Summary