Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
171.74M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.66%.
Starting with 171.74M and growing at 9.66%
for 5 years, we estimate Free Cash Flow will be
272.34M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 94.24M.
We will project this out 5 year(s) with a growth rate
of 6.85%.
Estimated Diluted Shares Outstanding: 131.25M.
Step 3: Project Future Stock Price
Using a price ratio of 13.93, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(272.34M ÷ 131.25M) × 13.93 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.53.
Projected over 5 years with a growth rate of
-7.47%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.418301725616326.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $38.42.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
