Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
495M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.17%.
Starting with 495M and growing at 2.17%
for 5 years, we estimate Free Cash Flow will be
551.09M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 65.01M.
We will project this out 5 year(s) with a growth rate
of -5.21%.
Estimated Diluted Shares Outstanding: 49.75M.
Step 3: Project Future Stock Price
Using a price ratio of 9.81, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(551.09M ÷ 49.75M) × 9.81 =
$108
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.68.
Projected over 5 years with a growth rate of
0.98%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.730716941427618.
Step 5: Discount the Projected Stock Price
Projected stock price: $108.
Including dividends, total future value: $121.73.
Discounted at 10% per
year over 5 years → Fair Value:
$75.
