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$48.86 - $116.32$72.17
Multi-Stage$34.90 - $38.10$36.47
Blended Fair Value$54.32
Current Price$87.51
Upside-37.92%
DecisionDon't Buy

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 Rate9.46%9.46%9.46%
Growth Rate5.50%6.50%7.50%
Fair Value$48.86$72.17$116.32
Upside / Downside-44.17%-17.53%32.92%

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 Rate9.46%9.46%9.46%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)22.4922.7122.92
Year 2 PV (M)27.4127.9328.46
Year 3 PV (M)31.9432.8533.79
Year 4 PV (M)36.1037.4938.92
Year 5 PV (M)39.9341.8543.86
PV of Terminal Value (M)654.35685.95718.77
Equity Value (M)812.22848.79886.71
Shares Outstanding (M)23.2723.2723.27
Fair Value$34.90$36.47$38.10
Upside / Downside-60.12%-58.32%-56.46%

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