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Danaher

After the acquisition of Pall and following the separation of Fortive, Danaher has now become and multi-industry growth company focused on science and technology with roughly $17 bn is annual sales. In 2017, the company changed its reporting segments to be focused on four business lines: Diagnostics (32% of FY17 sales), Life Sciences (31%), Environmental & Applied Solutions (22%), and Dental (~15%). By geography, sales are focused in the US (37%), China (11%), Germany (6%), Japan (5%), with "Other" accounting for the balance. Looking at mix, roughly two thirds of Danaher's products are consumables with the other third being equipment related. (23 Oct 2018)

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3M: 3Q18 | Event Risk Brewing?

Worth Watching: 23 Oct 2018, 9:51 PM ET - 3M (A1/AA-) had a downright ugly quarter especially when compared to other Industrial behemoths that were on the screen today including United Technologies and Caterpillar. Reported revenue sank 0.2% $8.15 bn, due primarily to currency, and cam ..
Focused

Danaher: 3Q18 | Refreshing

Earnings Note: 18 Oct 2018, 6:33 PM ET - Danaher may have faced currency related margin pressure in the diagnostics division, but the tone on the macro, tariff and China demand front was uplifting.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.

Fortive: 2Q18 | Portfolio Transformation Underway

Worth Watching: 30 Jul 2018, 5:41 PM ET - Fortive (Baa1/BBB) has a short track record, but it is becoming highly regarded like its parent company, Danaher, and has been moving fast on its portfolio reshaping efforts in 2018. Towards the end of last week, along with a flurry of other In ..
Focused

Danaher: 2Q18 | Extracting a Toothache

Earnings Note: 19 Jul 2018, 10:19 PM ET - DHR's 2Q18 results were strong and management lifted ‘18 guidance, but the announcement that it is spinning off the lagging Dental segment took center stage. With a more attractive entry point into the credit, we shift from an UP to a MP.

US Industrials: Macro Data Points

Sector Analysis: 12 Jun 2018, 1:59 AM ET - In this report, we tied the positive tone from Industrial management teams to select economic data points.

US Industrials: EPG Conference | Macro to Micro

Sector Analysis: 29 May 2018, 4:47 AM ET - We attended the 3-day Electrical Products Group conference in FL last week, which featured a host of Industrial firms. The macro and end-market tone was distinctly positive.  In this report we highlight key takeaways on over 15 credits.
Focused

Danaher: 1Q18 | Dental Remains the Sore Spot

Earnings Note: 19 Apr 2018, 11:34 PM ET - Danaher’s 1Q18 got off to a strong start with the Dental segment, which could be prudently monetized down the road, as the only sore spot. We await better entry points into DHR paper and maintain an UP on the credit for now.

United Technologies Scenarios: United to Divided?

Company Spotlight: 16 Apr 2018, 4:15 AM ET - We see a modest multiple expansion opportunity if management does go down the break-up route and while there is also a case whereby the SpinCos could have IG ratings, we would not rule out seeing the Climate division move into HY territory.
Focused

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.

JCI: Power Solutions in Play

IG Note: 12 Mar 2018, 9:44 PM ET - We had been flagging JCI as a credit with high event risk. Now JCI is joining other Industrials under pressure by putting Power Solutions under strategic review. We maintain our Underperform until we obtain more capital structure clarity.

Honeywell: Capital Allocation Update

IG Note: 06 Mar 2018, 8:18 PM ET - The message from HON's Investor Day last week was that capital will be allocated in a prudent manner. However, we remain guarded on the credit at current levels with a “new” CEO legacy building and there being an activist in the scene.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.

Section 232: The NAFTA Conundrum

Sector Analysis: 26 Feb 2018, 3:42 AM ET - Using Section 232 on Steel/Aluminum could damage supplier chains and cost structures and drive broader inflation.  A tariff gambit in such key industries could undermine the NAFTA negotiations and have immediate effects on risk pricing. 

United Technologies: Break-Up Concerns Validated

IG Note: 21 Feb 2018, 7:03 PM ET - For several years we have highlighted that there was break-up risk at United Technologies and at the Barclay’s Industrial conference, management legitimized that concern.

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

Dover: Risks Ratings with Spin-off Route

Worth Watching: 07 Dec 2017, 9:28 PM ET - Dover (A3/A-) placed its upstream Oil & Gas business, Wellsite under strategic review back in September and today we learned that the firm is going the spin-off route. This trend has been picking up steam across the US Industrials with recent e ..

GE: Early Innings of a Long Game

IG Note: 13 Nov 2017, 10:50 PM ET - Encouraging for bondholders was seeing the dividend cut and hearing A1/P1 ratings being a target, but at this juncture we do not take such ambitions at face value and maintain our Underperform on the credit.

October 2017 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2017, 11:11 PM ET - Our monthly report provides executive summaries for the twenty-one company recommendation changes made on US companies during the month of October.

GE: 3Q17 | Can GE Bring Itself Back to Life?

Earnings Note: 20 Oct 2017, 11:10 PM ET - GE missed expectations by a wide margin and slashed full-year expectations. We continue to be at an Underperform on the credit until we obtain further clarity on management’s portfolio vision hopefully in a few weeks.

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