Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
285.2M
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
14.61%.
Starting with 285.2M and growing at 14.61%
for 5 years, we estimate Free Cash Flow will be
563.97M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 131.78M.
We will project this out 5 year(s) with a growth rate
of -0.8%.
Estimated Diluted Shares Outstanding: 126.6M.
Step 3: Project Future Stock Price
Using a price ratio of 28.6, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(563.97M ÷ 126.6M) × 28.6 =
$127
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: $127.
Including dividends, total future value: $127.
Discounted at 10% per
year over 5 years → Fair Value:
$78.
