Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
214.54M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.76%.
Starting with 214.54M and growing at 9.76%
for 5 years, we estimate Free Cash Flow will be
341.77M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 131.01M.
We will project this out 5 year(s) with a growth rate
of 5.1%.
Estimated Diluted Shares Outstanding: 168.01M.
Step 3: Project Future Stock Price
Using a price ratio of 9.93, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(341.77M ÷ 168.01M) × 9.93 =
$20
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.98.
Projected over 5 years with a growth rate of
15.65%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.047907130568418.
Step 5: Discount the Projected Stock Price
Projected stock price: $20.
Including dividends, total future value: $27.05.
Discounted at 10% per
year over 5 years → Fair Value:
$16.
