DHR: This Print Going to Dana-Hert for a Bit [2Q26 Final Thoughts]

研报英文原文证据摘录

DHR: This Print Going to Dana-Hert for a Bit [2Q26 Final Thoughts]

July 22, 2026

Investment Conclusion

We rate DHR shares Peer Perform and frame fair value of $165-$185 per share which represents 18-20 times

our 2027 EPS estimate. This applied P/E range captures the sector (SP573) multiple at the top end of the range,

currently ~20x 2027 EPS. Given its scale, DHR in many ways approximates the sector and thus all else equal applying

the ~sector multiple resonates. Back 15-ish years DHR has averaged a slight premium to the sector P/E multiple.

Versus the Market (SP500), our 18-20 represents a ~market multiple on 2027 EPS. Back 15-ish years DHR has

averaged a ~40% P/E premium to the market while the Tools sector broadly has averaged a ~25% P/E premium to

the Market. Thus…the applied range represents a significant discount for DHR versus the Market versus the history

that relationship. However, SP500 EPS growth is expected to be super-normal next year and thus this unfavorable

growth variance for Tools broadly and DHR specifically supports argument for applying discount to historical trading

relationship versus the S&P 500. YTD through July 21 DHR shares are down 22% versus the Tools sector down

9% and the Market up 10%.

Figure 1. Organic Revenue Growth vs P/E on 2027E

Wolfe Tools & Dx Coverage: Organic Revenue Growth (X) vs P/E (Y) on 2027E

70x

60x

How much multiple is 1% of organic revenue

growth worth? Life Science Tools & Dx RGEN

suggests ~3.9 P/E

50x

VCYT y = 3.9 x

40x

WST

SRT3-DE

30x

BRKR MTD STVN

A WAT

20x RVTY DHR

TMO

AVTR

10x

0x

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0%

Source: Wolfe Research & company reports. Note: uses Wolfe estimates for revenue growth and earnings. All earnings are 'clean', i.e. include SBC.

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