Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
357.62M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.67%.
Starting with 357.62M and growing at 12.67%
for 5 years, we estimate Free Cash Flow will be
649.33M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 197.08M.
We will project this out 5 year(s) with a growth rate
of 3.58%.
Estimated Diluted Shares Outstanding: 234.97M.
Step 3: Project Future Stock Price
Using a price ratio of 12.7, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(649.33M ÷ 234.97M) × 12.7 =
$35
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.99.
Projected over 5 years with a growth rate of
2.34%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.244676803640542.
Step 5: Discount the Projected Stock Price
Projected stock price: $35.
Including dividends, total future value: $40.24.
Discounted at 10% per
year over 5 years → Fair Value:
$24.
