Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
149.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-9.32%.
Starting with 149.8M and growing at -9.32%
for 5 years, we estimate Free Cash Flow will be
91.85M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 91.54M.
We will project this out 5 year(s) with a growth rate
of 3.44%.
Estimated Diluted Shares Outstanding: 108.41M.
Step 3: Project Future Stock Price
Using a price ratio of 28.3, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(91.85M ÷ 108.41M) × 28.3 =
$23
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.34.
Projected over 5 years with a growth rate of
-0.25%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.658203482899926.
Step 5: Discount the Projected Stock Price
Projected stock price: $23.
Including dividends, total future value: $29.66.
Discounted at 10% per
year over 5 years → Fair Value:
$18.
