Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
153.49M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.7%.
Starting with 153.49M and growing at 2.7%
for 5 years, we estimate Free Cash Flow will be
175.36M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 236.67M.
We will project this out 5 year(s) with a growth rate
of 15.39%.
Estimated Diluted Shares Outstanding: 484.16M.
Step 3: Project Future Stock Price
Using a price ratio of 69.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(175.36M ÷ 484.16M) × 69.96 =
$25
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.12.
Projected over 5 years with a growth rate of
8.45%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.983140476195297.
Step 5: Discount the Projected Stock Price
Projected stock price: $25.
Including dividends, total future value: $37.98.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
