Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

CONMED Corporation (CNMD)

Company Dividend Discount ModelIndustry: Medical - DevicesSector: Healthcare

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%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.75%1.16%0.790.790.770.750.730.730.720.720.710.71
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
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)12.818.014.81
Cash Retained (M)39.3439.3439.34
(-) Cash Required (M)-12.81-8.01-4.81
(=) Excess Retained (M)26.5231.3334.53
(/) Shares Outstanding (M)31.0931.0931.09
(=) Excess Retained per Share0.851.011.11
LTM Dividend per Share0.800.800.80
(+) Excess Retained per Share0.851.011.11
(=) Adjusted Dividend1.651.801.91
WACC / Discount Rate9.39%9.39%9.39%
Growth Rate3.93%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)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)64.0767.2370.5574.0377.6881.5183.96
Payout Ratio38.60%48.88%59.16%69.44%79.72%90.00%92.50%
Projected Dividends (M)24.7332.8641.7451.4161.9373.3677.66

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.39%9.39%9.39%
Growth Rate3.93%4.93%5.93%
Year 1 PV (M)29.7630.0430.33
Year 2 PV (M)34.2234.8835.55
Year 3 PV (M)38.1639.2740.40
Year 4 PV (M)41.6243.2544.92
Year 5 PV (M)44.6546.8449.11
PV of Terminal Value (M)739.61775.89813.57
Equity Value (M)928.01970.161,013.88
Shares Outstanding (M)31.0931.0931.09
Fair Value$29.85$31.20$32.61
Upside / Downside-42.69%-40.09%-37.39%

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