Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
261.86M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.76%.
Starting with 261.86M and growing at 12.76%
for 5 years, we estimate Free Cash Flow will be
477.35M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 189.13M.
We will project this out 5 year(s) with a growth rate
of 5.13%.
Estimated Diluted Shares Outstanding: 242.88M.
Step 3: Project Future Stock Price
Using a price ratio of 14.35, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(477.35M ÷ 242.88M) × 14.35 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.45.
Projected over 5 years with a growth rate of
17.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.898617376070042.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $38.9.
Discounted at 10% per
year over 5 years → Fair Value:
$24.
