Danaher's Masimo deal can create far more value than its high-single-digit Year 5 ROIC target suggests, because it pays a similar EBITDA multiple for a faster-compounding earnings stream. The target means about an 8% Year 5 unlevered FCF yield on the $9.9B entry EV. Counting cash generated and terminal value, with $125M cost and $50M revenue synergies, IRR could be about 22%, high teens even before synergies. The topline case is aggressive, but Danaher's DBS record supports the synergies. x.com x.com x.com x.com x.com x.com x.comÂ