Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
409M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-8.5%.
Starting with 409M and growing at -8.5%
for 5 years, we estimate Free Cash Flow will be
262.32M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 114.83M.
We will project this out 5 year(s) with a growth rate
of -3.17%.
Estimated Diluted Shares Outstanding: 97.75M.
Step 3: Project Future Stock Price
Using a price ratio of 19.58, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(262.32M ÷ 97.75M) × 19.58 =
$52
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.13.
Projected over 5 years with a growth rate of
-1.39%, dividends add to total shareholder return.
Expected dividends in 5 years:
$19.939875988814112.
Step 5: Discount the Projected Stock Price
Projected stock price: $52.
Including dividends, total future value: $71.94.
Discounted at 10% per
year over 5 years → Fair Value:
$44.
