Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
645M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.63%.
Starting with 645M and growing at 12.63%
for 5 years, we estimate Free Cash Flow will be
1.17B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 147.62M.
We will project this out 5 year(s) with a growth rate
of -4.62%.
Estimated Diluted Shares Outstanding: 116.53M.
Step 3: Project Future Stock Price
Using a price ratio of 12.89, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.17B ÷ 116.53M) × 12.89 =
$129
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.15.
Projected over 5 years with a growth rate of
-0.75%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.549569870494516.
Step 5: Discount the Projected Stock Price
Projected stock price: $129.
Including dividends, total future value: $139.55.
Discounted at 10% per
year over 5 years → Fair Value:
$86.
