Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
443M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
0.69%.
Starting with 443M and growing at 0.69%
for 5 years, we estimate Free Cash Flow will be
458.5M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 214.92M.
We will project this out 5 year(s) with a growth rate
of 3.52%.
Estimated Diluted Shares Outstanding: 255.51M.
Step 3: Project Future Stock Price
Using a price ratio of 14.28, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(458.5M ÷ 255.51M) × 14.28 =
$25
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.88.
Projected over 5 years with a growth rate of
-3.07%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.695076062112623.
Step 5: Discount the Projected Stock Price
Projected stock price: $25.
Including dividends, total future value: $33.7.
Discounted at 10% per
year over 5 years → Fair Value:
$20.
