Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
562M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.17%.
Starting with 562M and growing at 14.17%
for 5 years, we estimate Free Cash Flow will be
1.09B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 197.86M.
We will project this out 5 year(s) with a growth rate
of 1.6%.
Estimated Diluted Shares Outstanding: 214.21M.
Step 3: Project Future Stock Price
Using a price ratio of 7.04, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.09B ÷ 214.21M) × 7.04 =
$35
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.16.
Projected over 5 years with a growth rate of
4.60%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.085175645652022.
Step 5: Discount the Projected Stock Price
Projected stock price: $35.
Including dividends, total future value: $47.09.
Discounted at 10% per
year over 5 years → Fair Value:
$29.
