Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
354.79M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.45%.
Starting with 354.79M and growing at 7.45%
for 5 years, we estimate Free Cash Flow will be
508.16M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 199.27M.
We will project this out 5 year(s) with a growth rate
of -2.81%.
Estimated Diluted Shares Outstanding: 172.8M.
Step 3: Project Future Stock Price
Using a price ratio of 16.83, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(508.16M ÷ 172.8M) × 16.83 =
$49
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.61.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.05.
Step 5: Discount the Projected Stock Price
Projected stock price: $49.
Including dividends, total future value: $52.05.
Discounted at 10% per
year over 5 years → Fair Value:
$32.
