Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
304.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.06%.
Starting with 304.8M and growing at 4.06%
for 5 years, we estimate Free Cash Flow will be
371.91M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 115.02M.
We will project this out 5 year(s) with a growth rate
of 5.84%.
Estimated Diluted Shares Outstanding: 152.77M.
Step 3: Project Future Stock Price
Using a price ratio of 9.56, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(371.91M ÷ 152.77M) × 9.56 =
$23
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
-15.39%, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $23.
Including dividends, total future value: $23.
Discounted at 10% per
year over 5 years → Fair Value:
$14.
