Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
451M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.31%.
Starting with 451M and growing at 12.31%
for 5 years, we estimate Free Cash Flow will be
805.88M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 70.12M.
We will project this out 5 year(s) with a growth rate
of -1.68%.
Estimated Diluted Shares Outstanding: 64.43M.
Step 3: Project Future Stock Price
Using a price ratio of 10.8, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(805.88M ÷ 64.43M) × 10.8 =
$135
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.41.
Projected over 5 years with a growth rate of
7.08%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.4323427189841422.
Step 5: Discount the Projected Stock Price
Projected stock price: $135.
Including dividends, total future value: $137.43.
Discounted at 10% per
year over 5 years → Fair Value:
$85.
