Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
20.94M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-4.41%.
Starting with 20.94M and growing at -4.41%
for 5 years, we estimate Free Cash Flow will be
16.71M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 7.36M.
We will project this out 5 year(s) with a growth rate
of -1.56%.
Estimated Diluted Shares Outstanding: 6.8M.
Step 3: Project Future Stock Price
Using a price ratio of 8.37, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.71M ÷ 6.8M) × 8.37 =
$20
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.4.
Projected over 5 years with a growth rate of
-4.90%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.173754167842917.
Step 5: Discount the Projected Stock Price
Projected stock price: $20.
Including dividends, total future value: $26.17.
Discounted at 10% per
year over 5 years → Fair Value:
$16.
