Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
210M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.39%.
Starting with 210M and growing at 6.39%
for 5 years, we estimate Free Cash Flow will be
286.24M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 105.88M.
We will project this out 5 year(s) with a growth rate
of -0.3%.
Estimated Diluted Shares Outstanding: 104.31M.
Step 3: Project Future Stock Price
Using a price ratio of 26.62, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(286.24M ÷ 104.31M) × 26.62 =
$73
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: $73.
Including dividends, total future value: $73.
Discounted at 10% per
year over 5 years → Fair Value:
$45.
