Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
430.3M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.37%.
Starting with 430.3M and growing at 2.37%
for 5 years, we estimate Free Cash Flow will be
483.77M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 375.8M.
We will project this out 5 year(s) with a growth rate
of -1.9%.
Estimated Diluted Shares Outstanding: 341.43M.
Step 3: Project Future Stock Price
Using a price ratio of 11.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(483.77M ÷ 341.43M) × 11.69 =
$16
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.4.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.
Step 5: Discount the Projected Stock Price
Projected stock price: $16.
Including dividends, total future value: $18.
Discounted at 10% per
year over 5 years → Fair Value:
$11.
