Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
357.69M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6%.
Starting with 357.69M and growing at 6%
for 5 years, we estimate Free Cash Flow will be
478.68M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 70.47M.
We will project this out 5 year(s) with a growth rate
of 4.9%.
Estimated Diluted Shares Outstanding: 89.51M.
Step 3: Project Future Stock Price
Using a price ratio of 8.24, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(478.68M ÷ 89.51M) × 8.24 =
$44
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.28.
Projected over 5 years with a growth rate of
-4.10%, dividends add to total shareholder return.
Expected dividends in 5 years:
$19.273486824091588.
Step 5: Discount the Projected Stock Price
Projected stock price: $44.
Including dividends, total future value: $63.27.
Discounted at 10% per
year over 5 years → Fair Value:
$39.
