Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
777M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
22.51%.
Starting with 777M and growing at 22.51%
for 5 years, we estimate Free Cash Flow will be
2.14B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 83.69M.
We will project this out 5 year(s) with a growth rate
of 10.68%.
Estimated Diluted Shares Outstanding: 139M.
Step 3: Project Future Stock Price
Using a price ratio of 3.59, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.14B ÷ 139M) × 3.59 =
$55
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.94.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.7.
Step 5: Discount the Projected Stock Price
Projected stock price: $55.
Including dividends, total future value: $64.7.
Discounted at 10% per
year over 5 years → Fair Value:
$40.
