Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
131M
as of Jul 1, 2025.
We will project this out 5 years with a yearly growth
rate of
-5.45%.
Starting with 131M and growing at -5.45%
for 5 years, we estimate Free Cash Flow will be
98.98M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 49.81M.
We will project this out 5 year(s) with a growth rate
of 1.91%.
Estimated Diluted Shares Outstanding: 54.75M.
Step 3: Project Future Stock Price
Using a price ratio of 56.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(98.98M ÷ 54.75M) × 56.94 =
$102
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.35.
Projected over 5 years with a growth rate of
-8.50%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.405756858528212.
Step 5: Discount the Projected Stock Price
Projected stock price: $102.
Including dividends, total future value: $107.41.
Discounted at 10% per
year over 5 years → Fair Value:
$66.
