Danaher Corporation
Thesis
Danaher trades at a mid-single-digit free cash flow yield on still-depressed earnings near the trough of the cycle. The company has strong free cash flow conversion and a solid balance sheet, with the potential for EPS growth at an attractive rate for years to come as revenue growth and margins are expected to improve.
Did it work?
The pitch is a long thesis resting on a trough-valuation entry point (mid-single-digit FCF yield) and a multi-year EPS recovery, but no price performance and no elapsed time are provided. There is also no information on whether the thesis's key drivers — earnings trough passing, margin improvement, and sustained EPS growth — actually materialized. Without either return data or confirmation of the thesis's fundamental catalysts, the outcome cannot be judged.