Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
126.7M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.77%.
Starting with 126.7M and growing at 15.77%
for 5 years, we estimate Free Cash Flow will be
263.49M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 125.98M.
We will project this out 5 year(s) with a growth rate
of 27.39%.
Estimated Diluted Shares Outstanding: 422.64M.
Step 3: Project Future Stock Price
Using a price ratio of 45.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(263.49M ÷ 422.64M) × 45.25 =
$28
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: $28.
Including dividends, total future value: $28.
Discounted at 10% per
year over 5 years → Fair Value:
$17.
