Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
301.1M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.95%.
Starting with 301.1M and growing at 13.95%
for 5 years, we estimate Free Cash Flow will be
578.47M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 200.3M.
We will project this out 5 year(s) with a growth rate
of 10.76%.
Estimated Diluted Shares Outstanding: 333.88M.
Step 3: Project Future Stock Price
Using a price ratio of 16.4, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(578.47M ÷ 333.88M) × 16.4 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.59.
Projected over 5 years with a growth rate of
0.10%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.969889908734062.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $35.97.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
