Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
44.22M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.96%.
Starting with 44.22M and growing at 11.96%
for 5 years, we estimate Free Cash Flow will be
77.8M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 50.37M.
We will project this out 5 year(s) with a growth rate
of 4.84%.
Estimated Diluted Shares Outstanding: 63.8M.
Step 3: Project Future Stock Price
Using a price ratio of 14.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(77.8M ÷ 63.8M) × 14.25 =
$17
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $17.
Including dividends, total future value: $17.
Discounted at 10% per
year over 5 years → Fair Value:
$10.
