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LeMaitre Vascular, Inc. (LMAT)

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

Valuation Snapshot

Stable Growth$53.76 - $142.62$82.21
Multi-Stage$37.14 - $40.56$38.82
Blended Fair Value$60.51
Current Price$87.51
Upside-30.85%
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 Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$53.76$82.21$142.62
Upside / Downside-38.56%-6.06%62.97%

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 Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)22.5722.7823.00
Year 2 PV (M)27.5928.1228.65
Year 3 PV (M)32.2633.1834.13
Year 4 PV (M)36.5837.9939.44
Year 5 PV (M)40.5942.5544.59
PV of Terminal Value (M)704.68738.71774.05
Equity Value (M)864.27903.34943.85
Shares Outstanding (M)23.2723.2723.27
Fair Value$37.14$38.82$40.56
Upside / Downside-57.56%-55.64%-53.65%

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