LMAT
LeMaitre Vascular, Inc.
$84.45
Platform & Compounding FCF
65%
Two-stage FCF DCF
Moderate
·
Conviction
Fair Value
Trading 24.9% below fair value
You pay
$84.45
Bear
$73.09
Fair
$112.48
Bull
$157.11
Bear
$73.09
-13.5%
9% stage 1 growth, 11% discount
Fair
$112.48
+33.2%
16% stage 1 growth, 11% discount
Bull
$157.11
+86.0%
20% stage 1 growth, 11% discount
Adjust Assumptions
15.7%
11.0%
3.0%
Key Value Driver
FCF growth rate (16% base case)
Terminal Value % of EV
43%
Implied Market Multiple
24.2x
Market is pricing in (growth)
11.6%
vs 15.7% base
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above.
Average Target (20 analysts)
$115.00
Divergence from AlphaVal
2%
Summary
Using a two-stage FCF DCF with 16% growth decelerating over 15 years, discounted at 11%, the base-case intrinsic value is $112.48 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