Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
353M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.39%.
Starting with 353M and growing at 5.39%
for 5 years, we estimate Free Cash Flow will be
458.96M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 43.8M.
We will project this out 5 year(s) with a growth rate
of -3.07%.
Estimated Diluted Shares Outstanding: 37.48M.
Step 3: Project Future Stock Price
Using a price ratio of 17.46, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(458.96M ÷ 37.48M) × 17.46 =
$213
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: $213.
Including dividends, total future value: $213.
Discounted at 10% per
year over 5 years → Fair Value:
$132.
