Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.15B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-0.95%.
Starting with 1.15B and growing at -0.95%
for 5 years, we estimate Free Cash Flow will be
1.1B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 108.57M.
We will project this out 5 year(s) with a growth rate
of -5.7%.
Estimated Diluted Shares Outstanding: 80.96M.
Step 3: Project Future Stock Price
Using a price ratio of 16, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.1B ÷ 80.96M) × 16 =
$216
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: $216.
Including dividends, total future value: $216.
Discounted at 10% per
year over 5 years → Fair Value:
$134.
