Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
182.1M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.38%.
Starting with 182.1M and growing at 13.38%
for 5 years, we estimate Free Cash Flow will be
341.19M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 123.99M.
We will project this out 5 year(s) with a growth rate
of -0.88%.
Estimated Diluted Shares Outstanding: 118.63M.
Step 3: Project Future Stock Price
Using a price ratio of 11.01, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(341.19M ÷ 118.63M) × 11.01 =
$31
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.32.
Projected over 5 years with a growth rate of
13.29%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.1857421365821015.
Step 5: Discount the Projected Stock Price
Projected stock price: $31.
Including dividends, total future value: $33.19.
Discounted at 10% per
year over 5 years → Fair Value:
$20.
