Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
288M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.53%.
Starting with 288M and growing at 5.53%
for 5 years, we estimate Free Cash Flow will be
376.94M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 205.24M.
We will project this out 5 year(s) with a growth rate
of -0.14%.
Estimated Diluted Shares Outstanding: 203.8M.
Step 3: Project Future Stock Price
Using a price ratio of 28, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(376.94M ÷ 203.8M) × 28 =
$51
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.64.
Projected over 5 years with a growth rate of
-5.35%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.1468620299294825.
Step 5: Discount the Projected Stock Price
Projected stock price: $51.
Including dividends, total future value: $58.15.
Discounted at 10% per
year over 5 years → Fair Value:
$36.
