Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
105.24M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.62%.
Starting with 105.24M and growing at 8.62%
for 5 years, we estimate Free Cash Flow will be
159.12M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 41.7M.
We will project this out 5 year(s) with a growth rate
of -0.65%.
Estimated Diluted Shares Outstanding: 40.36M.
Step 3: Project Future Stock Price
Using a price ratio of 39.22, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(159.12M ÷ 40.36M) × 39.22 =
$154
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.36.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.7999999999999998.
Step 5: Discount the Projected Stock Price
Projected stock price: $154.
Including dividends, total future value: $155.8.
Discounted at 10% per
year over 5 years → Fair Value:
$96.
