Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
170.41M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.76%.
Starting with 170.41M and growing at 4.76%
for 5 years, we estimate Free Cash Flow will be
215.01M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 82.27M.
We will project this out 5 year(s) with a growth rate
of -1.66%.
Estimated Diluted Shares Outstanding: 75.67M.
Step 3: Project Future Stock Price
Using a price ratio of 7.97, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(215.01M ÷ 75.67M) × 7.97 =
$22
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.77.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.85.
Step 5: Discount the Projected Stock Price
Projected stock price: $22.
Including dividends, total future value: $30.85.
Discounted at 10% per
year over 5 years → Fair Value:
$19.
