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$54.69 - $178.27$88.72
Multi-Stage$48.12 - $52.70$50.37
Blended Fair Value$69.54
Current Price$52.08
Upside33.53%
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 Rate7.07%7.07%7.07%
Growth Rate3.93%4.93%5.93%
Fair Value$54.69$88.72$178.27
Upside / Downside5.02%70.35%242.31%

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 Rate7.07%7.07%7.07%
Growth Rate3.93%4.93%5.93%
Year 1 PV (M)30.4030.6930.99
Year 2 PV (M)35.7236.4137.11
Year 3 PV (M)40.7041.8943.09
Year 4 PV (M)45.3647.1348.95
Year 5 PV (M)49.7152.1554.68
PV of Terminal Value (M)1,294.311,357.781,423.72
Equity Value (M)1,496.191,566.041,638.54
Shares Outstanding (M)31.0931.0931.09
Fair Value$48.12$50.37$52.70
Upside / Downside-7.60%-3.29%1.19%

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