Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
48.04M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
32.72%.
Starting with 48.04M and growing at 32.72%
for 5 years, we estimate Free Cash Flow will be
197.81M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 12.58M.
We will project this out 5 year(s) with a growth rate
of -2.13%.
Estimated Diluted Shares Outstanding: 11.3M.
Step 3: Project Future Stock Price
Using a price ratio of 10.99, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(197.81M ÷ 11.3M) × 10.99 =
$192
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.35.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.75.
Step 5: Discount the Projected Stock Price
Projected stock price: $192.
Including dividends, total future value: $193.75.
Discounted at 10% per
year over 5 years → Fair Value:
$120.
