HomeMarket NewsDanaher Spinoff Veralto Receives Neutral Rating by Citi Analysts

Danaher Spinoff Veralto Receives Neutral Rating by Citi Analysts

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Veralto (NYSE:VLTO) received a Neutral rating in the new coverage by analysts at Citibank. Despite pockets of weakness, they believe the company, which recently became a spinoff from industrial conglomerate Danaher (NYSE:DHR), has favorable growth prospects.

According to Andrew Kaplowitz, an analyst at Citi, β€œVeralto (VLTOVLTO

Citibank’s Blended Sum-of-the-Parts Valuation for Veralto (VLTO)

Citibank’s Blended Sum-of-the-Parts Valuation for Veralto (VLTO)
Adjusted EBITDA (mln) Target Enterprise Value
Business Segment 2022A 2023E 2024E 2025E Multiple Enterprise Value (mln)
Water Quality $663 $687 $735 $791 21 times $15,436
Product Quality & Innovation $488 $481 $494 $530 17 times $8,403
Total Adjusted EBITDA $1,151 $1,168 $1,229 $1,321 19.4 times $23,839
Yearly Change 1% 5% 7%
Debt (Q2 2023) $2,580
Cash (Q2 2023) $250
Equity Value $21,509
Shares Outstanding (2024) 248
Target Price/Share $87

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