Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
12.25M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-3.8%.
Starting with 12.25M and growing at -3.8%
for 5 years, we estimate Free Cash Flow will be
10.09M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.84M.
We will project this out 5 year(s) with a growth rate
of -0.03%.
Estimated Diluted Shares Outstanding: 4.83M.
Step 3: Project Future Stock Price
Using a price ratio of 22.37, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.09M ÷ 4.83M) × 22.37 =
$46
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.
Projected over 5 years with a growth rate of
-5.59%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.321080885044356.
Step 5: Discount the Projected Stock Price
Projected stock price: $46.
Including dividends, total future value: $63.32.
Discounted at 10% per
year over 5 years → Fair Value:
$39.
