Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
101.31M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.31%.
Starting with 101.31M and growing at 1.31%
for 5 years, we estimate Free Cash Flow will be
108.12M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 32.56M.
We will project this out 5 year(s) with a growth rate
of 1.63%.
Estimated Diluted Shares Outstanding: 35.3M.
Step 3: Project Future Stock Price
Using a price ratio of 10.72, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(108.12M ÷ 35.3M) × 10.72 =
$32
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.68.
Projected over 5 years with a growth rate of
3.00%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.044245611581323.
Step 5: Discount the Projected Stock Price
Projected stock price: $32.
Including dividends, total future value: $41.04.
Discounted at 10% per
year over 5 years → Fair Value:
$25.
