Danaher Corp. (DHR)

Danaher Corp., EBITDA calculation

USD $ in thousands

Based on: 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25), 10-K (filing date: 2014-02-21).

Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Danaher Corp.’s EBITDA declined from 2015 to 2016 but then increased from 2016 to 2017 not reaching 2015 level.

Danaher Corp., current EV/EBITDA calculation, comparison to benchmarks

Based on: 10-K (filing date: 2018-02-21).

If company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.

Otherwise, if company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Danaher Corp., historical EV/EBITDA calculation, comparison to benchmarks

Based on: 10-K (filing date: 2018-02-21), 10-K (filing date: 2017-02-22), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-25), 10-K (filing date: 2014-02-21).

2017 Calculations

Ratio	Description	The company
EV/EBITDA	EV/EBITDA is a valuation indicator for the overall company rather than common stock.	Danaher Corp.’s EV/EBITDA ratio increased from 2015 to 2016 and from 2016 to 2017.