Discounted Cash Flow (DCF) Analysis Unlevered
LeMaitre Vascular, Inc. (LMAT)
$61.93
+1.82 (+3.03%)
All numbers are in Millions, Currency in USD
Operating Data
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 (%) | ||||||||||
| EBITDA | 32.77 | 27.09 | 37.06 | 47.58 | 37.91 | 49.35 | 54.95 | 61.20 | 68.15 | 75.90 |
| EBITDA (%) | ||||||||||
| EBIT | 28.45 | 21.68 | 28.67 | 36.51 | 28.48 | 39.19 | 43.64 | 48.60 | 54.13 | 60.28 |
| EBIT (%) | ||||||||||
| Depreciation | 4.32 | 5.42 | 8.39 | 11.07 | 9.43 | 10.16 | 11.31 | 12.60 | 14.03 | 15.62 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Actual | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected | 2027 Projected |
| Total Cash | 47.99 | 32.68 | 26.98 | 69.96 | 82.69 | 68.64 | 76.44 | 85.12 | 94.79 | 105.57 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 15.72 | 16.57 | 19.55 | 19.63 | 22.04 | 25.38 | 28.26 | 31.47 | 35.05 | 39.03 |
| Account Receivables (%) | ||||||||||
| Inventories | 25.57 | 34.63 | 39.17 | 40.65 | 45.28 | 49.82 | 55.48 | 61.78 | 68.80 | 76.62 |
| Inventories (%) | ||||||||||
| Accounts Payable | 1.73 | 2.60 | 2.39 | 2.34 | 2.90 | 3.25 | 3.62 | 4.03 | 4.49 | 5 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -3.05 | -3.76 | -2.98 | -4.88 | -3.23 | -4.88 | -5.44 | -6.06 | -6.75 | -7.51 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 61.93 |
|---|---|
| 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 | 8.359 |
| Total Debt | 16.60 |
| Total Equity | 1,373.05 |
| Total Capital | 1,389.65 |
| Debt Weighting | 1.19 |
| Equity Weighting | 98.81 |
| Wacc |
Build Up Free Cash
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 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 32.77 | 27.09 | 37.06 | 47.58 | 37.91 | 49.35 | 54.95 | 61.20 | 68.15 | 75.90 |
| EBIT | 28.45 | 21.68 | 28.67 | 36.51 | 28.48 | 39.19 | 43.64 | 48.60 | 54.13 | 60.28 |
| Tax Rate | 19.34% | 17.27% | 22.43% | 21.52% | 24.93% | 21.10% | 21.10% | 21.10% | 21.10% | 21.10% |
| EBIAT | 22.94 | 17.93 | 22.24 | 28.65 | 21.38 | 30.92 | 34.43 | 38.35 | 42.70 | 47.56 |
| Depreciation | 4.32 | 5.42 | 8.39 | 11.07 | 9.43 | 10.16 | 11.31 | 12.60 | 14.03 | 15.62 |
| Accounts Receivable | - | -0.85 | -2.98 | -0.08 | -2.41 | -3.34 | -2.88 | -3.21 | -3.58 | -3.98 |
| Inventories | - | -9.06 | -4.54 | -1.48 | -4.63 | -4.54 | -5.66 | -6.30 | -7.02 | -7.82 |
| Accounts Payable | - | 0.87 | -0.21 | -0.05 | 0.56 | 0.35 | 0.37 | 0.41 | 0.46 | 0.51 |
| Capital Expenditure | -3.05 | -3.76 | -2.98 | -4.88 | -3.23 | -4.88 | -5.44 | -6.06 | -6.75 | -7.51 |
| UFCF | 24.21 | 10.55 | 19.92 | 33.22 | 21.10 | 28.66 | 32.13 | 35.78 | 39.85 | 44.38 |
| WACC | ||||||||||
| PV UFCF | 26.46 | 27.39 | 28.16 | 28.96 | 29.77 | |||||
| SUM PV UFCF | 140.74 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 8.31 |
| Free cash flow (t + 1) | 45.26 |
| Terminal Value | 717.33 |
| Present Value of Terminal Value | 481.25 |
Intrinsic Value
| Enterprise Value | 622 |
|---|---|
| Net Debt | -2.54 |
| Equity Value | 624.54 |
| Shares Outstanding | 22.17 |
| Equity Value Per Share | 28.17 |