Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
198.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.4%.
Starting with 198.8M and growing at 2.4%
for 5 years, we estimate Free Cash Flow will be
223.83M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 52.86M.
We will project this out 5 year(s) with a growth rate
of 0.24%.
Estimated Diluted Shares Outstanding: 53.49M.
Step 3: Project Future Stock Price
Using a price ratio of 16.64, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(223.83M ÷ 53.49M) × 16.64 =
$69
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.31.
Projected over 5 years with a growth rate of
-3.49%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.568485923321495.
Step 5: Discount the Projected Stock Price
Projected stock price: $69.
Including dividends, total future value: $79.57.
Discounted at 10% per
year over 5 years → Fair Value:
$49.
