Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
410.18M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.72%.
Starting with 410.18M and growing at 7.72%
for 5 years, we estimate Free Cash Flow will be
594.92M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 160.47M.
We will project this out 5 year(s) with a growth rate
of -5.31%.
Estimated Diluted Shares Outstanding: 122.16M.
Step 3: Project Future Stock Price
Using a price ratio of 7.47, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(594.92M ÷ 122.16M) × 7.47 =
$36
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.86.
Projected over 5 years with a growth rate of
21.98%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.066266753340405.
Step 5: Discount the Projected Stock Price
Projected stock price: $36.
Including dividends, total future value: $43.07.
Discounted at 10% per
year over 5 years → Fair Value:
$26.
