Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
144.03M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.71%.
Starting with 144.03M and growing at 2.71%
for 5 years, we estimate Free Cash Flow will be
164.63M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 45.35M.
We will project this out 5 year(s) with a growth rate
of 8.44%.
Estimated Diluted Shares Outstanding: 68.01M.
Step 3: Project Future Stock Price
Using a price ratio of 121.71, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(164.63M ÷ 68.01M) × 121.71 =
$294
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.23.
Projected over 5 years with a growth rate of
-6.70%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.375166226904941.
Step 5: Discount the Projected Stock Price
Projected stock price: $294.
Including dividends, total future value: $303.38.
Discounted at 10% per
year over 5 years → Fair Value:
$188.
