Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
36.46M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.11%.
Starting with 36.46M and growing at 4.11%
for 5 years, we estimate Free Cash Flow will be
44.59M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 28.37M.
We will project this out 5 year(s) with a growth rate
of 7.26%.
Estimated Diluted Shares Outstanding: 40.27M.
Step 3: Project Future Stock Price
Using a price ratio of 18.46, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(44.59M ÷ 40.27M) × 18.46 =
$20
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.34.
Projected over 5 years with a growth rate of
-3.50%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.702965982640595.
Step 5: Discount the Projected Stock Price
Projected stock price: $20.
Including dividends, total future value: $30.7.
Discounted at 10% per
year over 5 years → Fair Value:
$19.
