Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
569M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
30.99%.
Starting with 569M and growing at 30.99%
for 5 years, we estimate Free Cash Flow will be
2.19B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 415.89M.
We will project this out 5 year(s) with a growth rate
of 9.01%.
Estimated Diluted Shares Outstanding: 640.19M.
Step 3: Project Future Stock Price
Using a price ratio of 11.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.19B ÷ 640.19M) × 11.25 =
$38
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $38.
Including dividends, total future value: $38.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
