LMAT
LeMaitre Vascular, Inc.
$97.75
Platform & Compounding FCF
65%
Two-stage FCF DCF
Moderate
·
Conviction
Fair Value
Trading 16.8% below fair value
You pay
$97.75
Bear
$76.61
Fair
$117.51
Bull
$163.71
Bear
$76.61
-21.6%
9% stage 1 growth, 11% discount
Fair
$117.51
+20.2%
16% stage 1 growth, 11% discount
Bull
$163.71
+67.5%
20% stage 1 growth, 11% discount
Key Value Driver
FCF growth rate (16% base case)
Terminal Value % of EV
43%
Implied Market Multiple
27.7x
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 $117.51 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