Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
13.16M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.05%.
Starting with 13.16M and growing at 7.05%
for 5 years, we estimate Free Cash Flow will be
18.51M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 12.32M.
We will project this out 5 year(s) with a growth rate
of -0.2%.
Estimated Diluted Shares Outstanding: 12.2M.
Step 3: Project Future Stock Price
Using a price ratio of 23.41, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(18.51M ÷ 12.2M) × 23.41 =
$35
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.5.
Projected over 5 years with a growth rate of
36.56%, dividends add to total shareholder return.
Expected dividends in 5 years:
$27.240732609825606.
Step 5: Discount the Projected Stock Price
Projected stock price: $35.
Including dividends, total future value: $62.24.
Discounted at 10% per
year over 5 years → Fair Value:
$38.
