Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
783M
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
-3.24%.
Starting with 783M and growing at -3.24%
for 5 years, we estimate Free Cash Flow will be
664.11M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 214M.
We will project this out 5 year(s) with a growth rate
of -4.35%.
Estimated Diluted Shares Outstanding: 171.33M.
Step 3: Project Future Stock Price
Using a price ratio of 9.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(664.11M ÷ 171.33M) × 9.96 =
$38
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.
Projected over 5 years with a growth rate of
19.86%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.864220605548656.
Step 5: Discount the Projected Stock Price
Projected stock price: $38.
Including dividends, total future value: $45.86.
Discounted at 10% per
year over 5 years → Fair Value:
$28.
