Discounted Cash Flow (DCF) Analysis Levered

LeMaitre Vascular, Inc. (LMAT)

$64.8

-0.12 (-0.18%)

All numbers are in Millions, Currency in USD

Stock DCF: 28.95 | 64.8 | overvalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	105.57	117.23	129.37	154.42	161.65	180.02	200.47	223.25	248.62	276.87
Revenue (%)
Operating Cash Flow	19.51	14.18	34.80	35.10	25.38	34.53	38.45	42.82	47.69	53.10
Operating Cash Flow (%)
Capital Expenditure	-3.05	-3.76	-2.98	-4.88	-3.23	-4.88	-5.44	-6.06	-6.75	-7.51
Capital Expenditure (%)
Free Cash Flow	16.45	10.42	31.82	30.22	22.15	29.64	33.01	36.76	40.94	45.59

Weighted Average Cost Of Capital

Share price	$ 64.8
Beta	0.987
Diluted Shares Outstanding	22.17
Cost of Debt
Tax Rate	24.93
After-tax Cost of Debt	4.46%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.358
Total Debt	16.60
Total Equity	1,436.68
Total Capital	1,453.28
Debt Weighting	1.14
Equity Weighting	98.86
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	105.57	117.23	129.37	154.42	161.65	180.02	200.47	223.25	248.62	276.87
Operating Cash Flow	19.51	14.18	34.80	35.10	25.38	34.53	38.45	42.82	47.69	53.10
Capital Expenditure	-3.05	-3.76	-2.98	-4.88	-3.23	-4.88	-5.44	-6.06	-6.75	-7.51
Free Cash Flow	16.45	10.42	31.82	30.22	22.15	29.64	33.01	36.76	40.94	45.59
WACC
PV LFCF						27.37	28.14	28.93	29.75	30.59
SUM PV LFCF										144.78

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	8.31
Free cash flow (t + 1)	46.50
Terminal Value	737
Present Value of Terminal Value	494.45

Intrinsic Value

Enterprise Value	639.24
Net Debt	-2.54
Equity Value	641.77
Shares Outstanding	22.17
Equity Value Per Share	28.95