Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
708M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
17.2%.
Starting with 708M and growing at 17.2%
for 5 years, we estimate Free Cash Flow will be
1.57B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 92.5M.
We will project this out 5 year(s) with a growth rate
of -0.81%.
Estimated Diluted Shares Outstanding: 88.81M.
Step 3: Project Future Stock Price
Using a price ratio of 6.58, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.57B ÷ 88.81M) × 6.58 =
$115
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.32.
Projected over 5 years with a growth rate of
5.94%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.8482891077413606.
Step 5: Discount the Projected Stock Price
Projected stock price: $115.
Including dividends, total future value: $116.85.
Discounted at 10% per
year over 5 years → Fair Value:
$72.
