Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
162.4M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.01%.
Starting with 162.4M and growing at 18.01%
for 5 years, we estimate Free Cash Flow will be
371.69M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 89.07M.
We will project this out 5 year(s) with a growth rate
of 0.86%.
Estimated Diluted Shares Outstanding: 92.96M.
Step 3: Project Future Stock Price
Using a price ratio of 8.27, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(371.69M ÷ 92.96M) × 8.27 =
$33
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.23.
Projected over 5 years with a growth rate of
-3.15%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.677069074137594.
Step 5: Discount the Projected Stock Price
Projected stock price: $33.
Including dividends, total future value: $38.68.
Discounted at 10% per
year over 5 years → Fair Value:
$24.
