Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
463M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-2.67%.
Starting with 463M and growing at -2.67%
for 5 years, we estimate Free Cash Flow will be
404.4M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 321.65M.
We will project this out 5 year(s) with a growth rate
of -1.58%.
Estimated Diluted Shares Outstanding: 297.03M.
Step 3: Project Future Stock Price
Using a price ratio of 12.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(404.4M ÷ 297.03M) × 12.54 =
$17
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.76.
Projected over 5 years with a growth rate of
-0.58%, dividends add to total shareholder return.
Expected dividends in 5 years:
$33.312029872632756.
Step 5: Discount the Projected Stock Price
Projected stock price: $17.
Including dividends, total future value: $50.31.
Discounted at 10% per
year over 5 years → Fair Value:
$31.
