Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

LeMaitre Vascular, Inc. (LMAT)

Company Dividend Discount ModelIndustry: Medical - Instruments & SuppliesSector: Healthcare

Valuation Snapshot

Stable Growth$104.00 - $455.81$248.35
Multi-Stage$53.12 - $58.11$55.57
Blended Fair Value$151.96
Current Price$87.51
Upside73.65%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS16.37%20.07%0.620.530.470.400.330.290.230.180.140.12
YoY Growth--15.50%13.29%17.69%21.33%14.24%23.71%30.29%25.76%16.80%23.27%
Dividend Yield--0.74%0.81%0.92%0.86%0.68%1.16%0.76%0.50%0.58%0.79%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)53.34
(-) Cash Dividends Paid (M)17.17
(=) Cash Retained (M)36.16
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)10.676.674.00
Cash Retained (M)36.1636.1636.16
(-) Cash Required (M)-10.67-6.67-4.00
(=) Excess Retained (M)25.5029.5032.16
(/) Shares Outstanding (M)23.2723.2723.27
(=) Excess Retained per Share1.101.271.38
LTM Dividend per Share0.740.740.74
(+) Excess Retained per Share1.101.271.38
(=) Adjusted Dividend1.832.012.12
WACC / Discount Rate7.36%7.36%7.36%
Growth Rate5.50%6.50%7.50%
Fair Value$104.00$248.35$455.81
Upside / Downside18.84%183.79%420.86%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)53.3456.8060.5064.4368.6173.0775.27
Payout Ratio32.20%43.76%55.32%66.88%78.44%90.00%92.50%
Projected Dividends (M)17.1724.8633.4643.0953.8265.7769.62

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.36%7.36%7.36%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)22.9323.1523.37
Year 2 PV (M)28.4929.0329.58
Year 3 PV (M)33.8534.8235.81
Year 4 PV (M)39.0140.5142.05
Year 5 PV (M)43.9946.1148.32
PV of Terminal Value (M)1,067.981,119.561,173.12
Equity Value (M)1,236.251,293.191,352.25
Shares Outstanding (M)23.2723.2723.27
Fair Value$53.12$55.57$58.11
Upside / Downside-39.29%-36.50%-33.60%

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