Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
381.5M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.58%.
Starting with 381.5M and growing at 9.58%
for 5 years, we estimate Free Cash Flow will be
602.77M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 147.09M.
We will project this out 5 year(s) with a growth rate
of -1.21%.
Estimated Diluted Shares Outstanding: 138.41M.
Step 3: Project Future Stock Price
Using a price ratio of 16.16, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(602.77M ÷ 138.41M) × 16.16 =
$70
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.
Projected over 5 years with a growth rate of
-1.28%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.841532717936879.
Step 5: Discount the Projected Stock Price
Projected stock price: $70.
Including dividends, total future value: $74.84.
Discounted at 10% per
year over 5 years → Fair Value:
$46.
