Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
180.28M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.73%.
Starting with 180.28M and growing at 7.73%
for 5 years, we estimate Free Cash Flow will be
261.59M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 105.37M.
We will project this out 5 year(s) with a growth rate
of -1.53%.
Estimated Diluted Shares Outstanding: 97.55M.
Step 3: Project Future Stock Price
Using a price ratio of 23.03, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(261.59M ÷ 97.55M) × 23.03 =
$61
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: $61.
Including dividends, total future value: $61.
Discounted at 10% per
year over 5 years → Fair Value:
$37.
