| FY | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2025 | 2026E |
|---|---|---|---|---|---|---|---|---|---|---|---|
| High | 14.15 | 10.37 | 10.63 | 9.81 | 8.09 | 7.60 | 6.42 | 5.72 | 4.34 | 3.34 | — |
| Low | 9.95 | 6.87 | 7.65 | 5.86 | 6.17 | 1.48 | 4.62 | 3.42 | 3.23 | 2.56 | — |
| Rev/Sh | 1.88 | 1.72 | 1.69 | 1.75 | 1.96 | 2.20 | 1.80 | 1.72 | 1.79 | 1.04 | 0.33E |
| Chg/Yr | — | -9% | -2% | +4% | +12% | +12% | -18% | -4% | +4% | -42% | -68% |
| Div | 1.81 | 1.40 | 0.99 | 0.99 | 0.99 | 0.79 | 0.66 | 0.62 | 0.63 | 0.40 | — |
Fair value (3.4x sales) multiplies each year's revenue per share by the price-to-sales ratio investors have typically paid for ICMB — the median of the last 20 fiscal years' average price over that year's revenue per share. The line extends forward with analyst revenue estimates (dashed).
Revenue comes from reported quarters; share counts come from market value divided by the share price, so buybacks and splits are handled correctly. The verdict calls a stock over- or undervalued only when the price sits more than 10% from the line.