Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
281.22M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.38%.
Starting with 281.22M and growing at 1.38%
for 5 years, we estimate Free Cash Flow will be
301.17M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 77.55M.
We will project this out 5 year(s) with a growth rate
of -3.97%.
Estimated Diluted Shares Outstanding: 63.33M.
Step 3: Project Future Stock Price
Using a price ratio of 10.91, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(301.17M ÷ 63.33M) × 10.91 =
$51
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.61.
Projected over 5 years with a growth rate of
-13.80%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.5534650742001075.
Step 5: Discount the Projected Stock Price
Projected stock price: $51.
Including dividends, total future value: $56.55.
Discounted at 10% per
year over 5 years → Fair Value:
$35.
