Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
727M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
16.28%.
Starting with 727M and growing at 16.28%
for 5 years, we estimate Free Cash Flow will be
1.55B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 567.71M.
We will project this out 5 year(s) with a growth rate
of -0.62%.
Estimated Diluted Shares Outstanding: 550.32M.
Step 3: Project Future Stock Price
Using a price ratio of 18.27, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.55B ÷ 550.32M) × 18.27 =
$51
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.3.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.5.
Step 5: Discount the Projected Stock Price
Projected stock price: $51.
Including dividends, total future value: $52.5.
Discounted at 10% per
year over 5 years → Fair Value:
$32.
