Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
195.97M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.83%.
Starting with 195.97M and growing at 8.83%
for 5 years, we estimate Free Cash Flow will be
299.18M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 87.85M.
We will project this out 5 year(s) with a growth rate
of 10.33%.
Estimated Diluted Shares Outstanding: 143.63M.
Step 3: Project Future Stock Price
Using a price ratio of 15.49, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(299.18M ÷ 143.63M) × 15.49 =
$32
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.72.
Projected over 5 years with a growth rate of
16.03%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.220693911986649.
Step 5: Discount the Projected Stock Price
Projected stock price: $32.
Including dividends, total future value: $37.22.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
