Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
322.41M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
3.27%.
Starting with 322.41M and growing at 3.27%
for 5 years, we estimate Free Cash Flow will be
378.68M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 95M.
We will project this out 5 year(s) with a growth rate
of 5.26%.
Estimated Diluted Shares Outstanding: 122.76M.
Step 3: Project Future Stock Price
Using a price ratio of 11.88, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(378.68M ÷ 122.76M) × 11.88 =
$36
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.32.
Projected over 5 years with a growth rate of
-1.43%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.189737038219903.
Step 5: Discount the Projected Stock Price
Projected stock price: $36.
Including dividends, total future value: $47.19.
Discounted at 10% per
year over 5 years → Fair Value:
$29.
