Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
70.3M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.05%.
Starting with 70.3M and growing at 11.05%
for 5 years, we estimate Free Cash Flow will be
118.72M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 56.59M.
We will project this out 5 year(s) with a growth rate
of 5.82%.
Estimated Diluted Shares Outstanding: 75.09M.
Step 3: Project Future Stock Price
Using a price ratio of 15.49, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(118.72M ÷ 75.09M) × 15.49 =
$24
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.33.
Projected over 5 years with a growth rate of
-1.23%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.295060455763815.
Step 5: Discount the Projected Stock Price
Projected stock price: $24.
Including dividends, total future value: $35.3.
Discounted at 10% per
year over 5 years → Fair Value:
$21.
