Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
717M
as of Aug 3, 2025.
We will project this out 5 years with a yearly growth
rate of
-8.46%.
Starting with 717M and growing at -8.46%
for 5 years, we estimate Free Cash Flow will be
460.86M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 298M.
We will project this out 5 year(s) with a growth rate
of -0.26%.
Estimated Diluted Shares Outstanding: 294.15M.
Step 3: Project Future Stock Price
Using a price ratio of 16.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(460.86M ÷ 294.15M) × 16.77 =
$26
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.93.
Projected over 5 years with a growth rate of
2.19%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.187047031786657.
Step 5: Discount the Projected Stock Price
Projected stock price: $26.
Including dividends, total future value: $36.19.
Discounted at 10% per
year over 5 years → Fair Value:
$22.
