Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
670M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-16.56%.
Starting with 670M and growing at -16.56%
for 5 years, we estimate Free Cash Flow will be
270.99M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 359.91M.
We will project this out 5 year(s) with a growth rate
of -0.37%.
Estimated Diluted Shares Outstanding: 353.3M.
Step 3: Project Future Stock Price
Using a price ratio of 28.13, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(270.99M ÷ 353.3M) × 28.13 =
$21
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.4.
Projected over 5 years with a growth rate of
-6.76%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.876296517447468.
Step 5: Discount the Projected Stock Price
Projected stock price: $21.
Including dividends, total future value: $26.88.
Discounted at 10% per
year over 5 years → Fair Value:
$16.
