Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
73M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-32.73%.
Starting with 73M and growing at -32.73%
for 5 years, we estimate Free Cash Flow will be
10.06M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 228.77M.
We will project this out 5 year(s) with a growth rate
of -3.9%.
Estimated Diluted Shares Outstanding: 187.5M.
Step 3: Project Future Stock Price
Using a price ratio of 438.46, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.06M ÷ 187.5M) × 438.46 =
$23
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.49.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.450000000000001.
Step 5: Discount the Projected Stock Price
Projected stock price: $23.
Including dividends, total future value: $35.45.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
