Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
383.5M
as of Jul 12, 2025.
We will project this out 5 years with a yearly growth
rate of
1.28%.
Starting with 383.5M and growing at 1.28%
for 5 years, we estimate Free Cash Flow will be
408.68M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 211.18M.
We will project this out 5 year(s) with a growth rate
of 0.02%.
Estimated Diluted Shares Outstanding: 211.39M.
Step 3: Project Future Stock Price
Using a price ratio of 27.87, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(408.68M ÷ 211.39M) × 27.87 =
$53
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.21.
Projected over 5 years with a growth rate of
-1.43%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.836026644933657.
Step 5: Discount the Projected Stock Price
Projected stock price: $53.
Including dividends, total future value: $58.84.
Discounted at 10% per
year over 5 years → Fair Value:
$36.
