Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
349M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.93%.
Starting with 349M and growing at 2.93%
for 5 years, we estimate Free Cash Flow will be
403.21M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 40.37M.
We will project this out 5 year(s) with a growth rate
of -0.97%.
Estimated Diluted Shares Outstanding: 38.45M.
Step 3: Project Future Stock Price
Using a price ratio of 6.68, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(403.21M ÷ 38.45M) × 6.68 =
$70
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.25.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.25.
Step 5: Discount the Projected Stock Price
Projected stock price: $70.
Including dividends, total future value: $81.25.
Discounted at 10% per
year over 5 years → Fair Value:
$50.
