Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
704.4M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.06%.
Starting with 704.4M and growing at -2.06%
for 5 years, we estimate Free Cash Flow will be
634.78M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 96.93M.
We will project this out 5 year(s) with a growth rate
of -7.21%.
Estimated Diluted Shares Outstanding: 66.68M.
Step 3: Project Future Stock Price
Using a price ratio of 5.07, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(634.78M ÷ 66.68M) × 5.07 =
$48
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.82.
Projected over 5 years with a growth rate of
1.25%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.229328670420928.
Step 5: Discount the Projected Stock Price
Projected stock price: $48.
Including dividends, total future value: $52.23.
Discounted at 10% per
year over 5 years → Fair Value:
$32.
