Risk Reward Update

Research evidence excerpt

Risk Reward Update

UpdateM

RiskRisk RewardReward– Danaher- DanaherCorporation (DHR.N)Corporation (DHR.N)

Risk Reward for Danaher Corporation

PRICE TARGET $220.00 OVERWEIGHT THESIS

~20x EV/EBITDA on our 2027 estimates, a premium to peers justified by market leadership in Despite pressure in recent years, we believe

key segments, margin expansion opportunity, and advantages from global scale. DHR's end market exposure should allow for

long-term durable revenue growth. We view

$240.25 DHR as a best-in-class innovator and

Consensus Price Target Distribution $200.00 $310.00 management's track record on asset

MS PT integration likely bodes well for a more

Source: Refinitiv, Morgan Stanley Research Mean Morgan Stanley Estimates favourable deal environment. Valuation on

the whole screens attractive relative to

peers and history, leaving us bullish on the

RISK REWARD CHART AND OPTIONS IMPLIED PROBABILITIES (12M) name.

USD Consensus Rating Distribution

86% Overweight

320 14% Equal-weight

$255.00(+42.45%)$255.00$255.00(+42.45%)(+42.45%) ProbProbProb (>255.00)~10.2%(>255.00)~10.2%(>255.00)~10.2% 0% Underweight

MS Rating

240 $220.00(+22.90%)$220.00$220.00(+22.90%)(+22.90%)

ProbProbProb (>220.00)~22.8%(>220.00)~22.8%(>220.00)~22.8% Source: Refinitiv, Morgan Stanley Research

$179.01$179.01$179.01

160 Risk Reward Themes

$145.00(-19.00%)$145.00$145.00(-19.00%)(-19.00%) ProbProbProb (<145.00)~29.9%(<145.00)~29.9%(<145.00)~29.9% Secular Growth: Positive

80 View descriptions of Risk Rewards Themes here

JUL '25 JAN '26 JUL '26 JUL '27

Key: Historical Stock Performance Current Stock Price Price Target

Source: Refinitiv, Morgan Stanley Research, Morgan Stanley Institutional Equities Division. The probabilities of our Bull,