Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
251.53M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.18%.
Starting with 251.53M and growing at 2.18%
for 5 years, we estimate Free Cash Flow will be
280.17M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 139.09M.
We will project this out 5 year(s) with a growth rate
of -0.94%.
Estimated Diluted Shares Outstanding: 132.68M.
Step 3: Project Future Stock Price
Using a price ratio of 23.16, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(280.17M ÷ 132.68M) × 23.16 =
$48
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.09.
Projected over 5 years with a growth rate of
-0.45%, dividends add to total shareholder return.
Expected dividends in 5 years:
$25.164653079550778.
Step 5: Discount the Projected Stock Price
Projected stock price: $48.
Including dividends, total future value: $73.16.
Discounted at 10% per
year over 5 years → Fair Value:
$45.
