Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
508.87M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.1%.
Starting with 508.87M and growing at 1.1%
for 5 years, we estimate Free Cash Flow will be
537.48M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 165.85M.
We will project this out 5 year(s) with a growth rate
of -1.08%.
Estimated Diluted Shares Outstanding: 157.08M.
Step 3: Project Future Stock Price
Using a price ratio of 6.34, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(537.48M ÷ 157.08M) × 6.34 =
$21
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.14.
Projected over 5 years with a growth rate of
-0.85%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.57964607679959.
Step 5: Discount the Projected Stock Price
Projected stock price: $21.
Including dividends, total future value: $26.58.
Discounted at 10% per
year over 5 years → Fair Value:
$16.
