Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
82M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-15.12%.
Starting with 82M and growing at -15.12%
for 5 years, we estimate Free Cash Flow will be
36.13M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 34.6M.
We will project this out 5 year(s) with a growth rate
of -1.1%.
Estimated Diluted Shares Outstanding: 32.74M.
Step 3: Project Future Stock Price
Using a price ratio of 21.59, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(36.13M ÷ 32.74M) × 21.59 =
$23
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.92.
Projected over 5 years with a growth rate of
34.42%, dividends add to total shareholder return.
Expected dividends in 5 years:
$41.05970256366933.
Step 5: Discount the Projected Stock Price
Projected stock price: $23.
Including dividends, total future value: $64.06.
Discounted at 10% per
year over 5 years → Fair Value:
$39.
