Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
119.48M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.29%.
Starting with 119.48M and growing at 18.29%
for 5 years, we estimate Free Cash Flow will be
276.71M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 53.85M.
We will project this out 5 year(s) with a growth rate
of 8.32%.
Estimated Diluted Shares Outstanding: 80.3M.
Step 3: Project Future Stock Price
Using a price ratio of 6.13, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(276.71M ÷ 80.3M) × 6.13 =
$21
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.74.
Projected over 5 years with a growth rate of
9.63%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.65613173624568.
Step 5: Discount the Projected Stock Price
Projected stock price: $21.
Including dividends, total future value: $25.66.
Discounted at 10% per
year over 5 years → Fair Value:
$15.
