Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
111.01M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
27.13%.
Starting with 111.01M and growing at 27.13%
for 5 years, we estimate Free Cash Flow will be
368.65M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 30.95M.
We will project this out 5 year(s) with a growth rate
of 4.07%.
Estimated Diluted Shares Outstanding: 37.78M.
Step 3: Project Future Stock Price
Using a price ratio of 4.15, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(368.65M ÷ 37.78M) × 4.15 =
$40
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $40.
Including dividends, total future value: $40.
Discounted at 10% per
year over 5 years → Fair Value:
$24.
