Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
654M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-7.98%.
Starting with 654M and growing at -7.98%
for 5 years, we estimate Free Cash Flow will be
431.51M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 48.59M.
We will project this out 5 year(s) with a growth rate
of -6.77%.
Estimated Diluted Shares Outstanding: 34.22M.
Step 3: Project Future Stock Price
Using a price ratio of 15.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(431.51M ÷ 34.22M) × 15.1 =
$190
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.33.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.65.
Step 5: Discount the Projected Stock Price
Projected stock price: $190.
Including dividends, total future value: $196.65.
Discounted at 10% per
year over 5 years → Fair Value:
$122.
