Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
379.15M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.03%.
Starting with 379.15M and growing at 6.03%
for 5 years, we estimate Free Cash Flow will be
508.11M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 252.74M.
We will project this out 5 year(s) with a growth rate
of 0.96%.
Estimated Diluted Shares Outstanding: 265.1M.
Step 3: Project Future Stock Price
Using a price ratio of 16.65, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(508.11M ÷ 265.1M) × 16.65 =
$31
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.14.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.7000000000000001.
Step 5: Discount the Projected Stock Price
Projected stock price: $31.
Including dividends, total future value: $31.7.
Discounted at 10% per
year over 5 years → Fair Value:
$19.
