Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
494.6M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.87%.
Starting with 494.6M and growing at 3.87%
for 5 years, we estimate Free Cash Flow will be
598M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 140.13M.
We will project this out 5 year(s) with a growth rate
of -2.47%.
Estimated Diluted Shares Outstanding: 123.66M.
Step 3: Project Future Stock Price
Using a price ratio of 21.67, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(598M ÷ 123.66M) × 21.67 =
$104
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.68.
Projected over 5 years with a growth rate of
0.80%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.569009342659216.
Step 5: Discount the Projected Stock Price
Projected stock price: $104.
Including dividends, total future value: $112.57.
Discounted at 10% per
year over 5 years → Fair Value:
$69.
