DDM Analysis: CNMD

Valuation Snapshot

Stable Growth	$31.40 - $58.41	$42.45
Multi-Stage	$29.85 - $32.61	$31.20
Blended Fair Value	$36.83
Current Price	$52.08
Upside	-29.29%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	1.75%	1.16%	0.79	0.79	0.77	0.75	0.73	0.73	0.72	0.72	0.71	0.71
YoY Growth	-	-	0.61%	2.26%	3.03%	1.92%	0.96%	0.70%	0.61%	0.42%	0.49%	0.66%
Dividend Yield	-	-	1.31%	1.00%	0.74%	0.50%	0.56%	1.27%	0.87%	1.13%	1.61%	1.70%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	64.07
(-) Cash Dividends Paid (M)	24.73
(=) Cash Retained (M)	39.34

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	12.81	8.01	4.81
Cash Retained (M)	39.34	39.34	39.34
(-) Cash Required (M)	-12.81	-8.01	-4.81
(=) Excess Retained (M)	26.52	31.33	34.53
(/) Shares Outstanding (M)	31.09	31.09	31.09
(=) Excess Retained per Share	0.85	1.01	1.11
LTM Dividend per Share	0.80	0.80	0.80
(+) Excess Retained per Share	0.85	1.01	1.11
(=) Adjusted Dividend	1.65	1.80	1.91
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	3.93%	4.93%	5.93%
Fair Value	$31.40	$42.45	$58.41
Upside / Downside	-39.71%	-18.49%	12.15%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	64.07	67.23	70.55	74.03	77.68	81.51	83.96
Payout Ratio	38.60%	48.88%	59.16%	69.44%	79.72%	90.00%	92.50%
Projected Dividends (M)	24.73	32.86	41.74	51.41	61.93	73.36	77.66

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.39%	9.39%	9.39%
Growth Rate	3.93%	4.93%	5.93%
Year 1 PV (M)	29.76	30.04	30.33
Year 2 PV (M)	34.22	34.88	35.55
Year 3 PV (M)	38.16	39.27	40.40
Year 4 PV (M)	41.62	43.25	44.92
Year 5 PV (M)	44.65	46.84	49.11
PV of Terminal Value (M)	739.62	775.89	813.57
Equity Value (M)	928.02	970.16	1,013.88
Shares Outstanding (M)	31.09	31.09	31.09
Fair Value	$29.85	$31.20	$32.61
Upside / Downside	-42.69%	-40.09%	-37.39%

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CONMED Corporation (CNMD)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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