Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
42.7M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.65%.
Starting with 42.7M and growing at 5.65%
for 5 years, we estimate Free Cash Flow will be
56.21M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 46.46M.
We will project this out 5 year(s) with a growth rate
of -1.52%.
Estimated Diluted Shares Outstanding: 43.04M.
Step 3: Project Future Stock Price
Using a price ratio of 19.18, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(56.21M ÷ 43.04M) × 19.18 =
$25
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.75.
Projected over 5 years with a growth rate of
24.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.494787241148564.
Step 5: Discount the Projected Stock Price
Projected stock price: $25.
Including dividends, total future value: $31.49.
Discounted at 10% per
year over 5 years → Fair Value:
$19.
