LMAT - LeMaitre: Further Upsides Supported By Longer Competitive Advantage Period

2024-06-30 05:20:25 ET

Summary

• LeMaitre is a long-term compounder with mouth-watering economics and shareholder-friendly management.
• LMAT shares have rallied 45% since August '23, with increased dividends and improving fundamentals.
• Management has lengthened the reinvestment runway to deploy funds into the business at an advantage to drive further growth in corporate value.
• Valuation upsides are supported by growth catalysts outlined here.

Investment Summary

Following my last report on LeMaitre Vascular, Inc. ( LMAT ) in August FY’23, shares have rallied another 45% into the green, along with 1) increased dividends and 2) improving fundamentals. Back then, I valued the stock at ~$85/share, roughly where it trades today....

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