LMAT
LeMaitre Vascular, Inc.
$103.03
Platform & Compounding FCF
65%
Two-stage FCF DCF
Mild
·
Conviction
Fair Value
Trading 7.4% below fair value
You pay
$103.03
Bear
$72.72
Fair
$111.21
Bull
$154.68
Bear
$72.72
-29.4%
9% stage 1 growth, 11% discount
Fair
$111.21
+7.9%
16% stage 1 growth, 11% discount
Bull
$154.68
+50.1%
20% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (16% base case)
Terminal Value % of EV
43%
Implied Market Multiple
31.8x
Market is pricing in (growth)
15.2%
vs 15.6% base
Summary
Our base-case estimate uses a two-stage discounted cash flow model based on free cash flow. We then blend that result with the average analyst price target of $127.50 from 20 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $111.21 per share.
Key Risks
- P/E alone misleads — earnings depressed by growth investment
- Cyclical or commodity businesses may be misclassified as platforms
- Terminal value dominance suggests sensitivity to long-run assumptions