Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
284.21M
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
4.4%.
Starting with 284.21M and growing at 4.4%
for 5 years, we estimate Free Cash Flow will be
352.48M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 169.34M.
We will project this out 5 year(s) with a growth rate
of 2.83%.
Estimated Diluted Shares Outstanding: 194.7M.
Step 3: Project Future Stock Price
Using a price ratio of 14.56, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(352.48M ÷ 194.7M) × 14.56 =
$26
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.62.
Projected over 5 years with a growth rate of
12.70%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.1799538221169446.
Step 5: Discount the Projected Stock Price
Projected stock price: $26.
Including dividends, total future value: $30.18.
Discounted at 10% per
year over 5 years → Fair Value:
$18.
