Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
564M
as of Aug 3, 2025.
We will project this out 5 years with a yearly growth
rate of
26.63%.
Starting with 564M and growing at 26.63%
for 5 years, we estimate Free Cash Flow will be
1.84B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 190.3M.
We will project this out 5 year(s) with a growth rate
of -3.52%.
Estimated Diluted Shares Outstanding: 159.08M.
Step 3: Project Future Stock Price
Using a price ratio of 8.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.84B ÷ 159.08M) × 8.78 =
$101
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: $101.
Including dividends, total future value: $101.
Discounted at 10% per
year over 5 years → Fair Value:
$62.
