Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
436.12M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.92%.
Starting with 436.12M and growing at 9.92%
for 5 years, we estimate Free Cash Flow will be
699.82M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 56.49M.
We will project this out 5 year(s) with a growth rate
of -1.06%.
Estimated Diluted Shares Outstanding: 53.56M.
Step 3: Project Future Stock Price
Using a price ratio of 14.82, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(699.82M ÷ 53.56M) × 14.82 =
$193
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $193.
Including dividends, total future value: $193.
Discounted at 10% per
year over 5 years → Fair Value:
$119.
