Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
305.5M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
24.57%.
Starting with 305.5M and growing at 24.57%
for 5 years, we estimate Free Cash Flow will be
916.39M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 104.86M.
We will project this out 5 year(s) with a growth rate
of 10.06%.
Estimated Diluted Shares Outstanding: 169.33M.
Step 3: Project Future Stock Price
Using a price ratio of 9.13, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(916.39M ÷ 169.33M) × 9.13 =
$49
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.88.
Projected over 5 years with a growth rate of
-6.75%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.893142705856109.
Step 5: Discount the Projected Stock Price
Projected stock price: $49.
Including dividends, total future value: $56.89.
Discounted at 10% per
year over 5 years → Fair Value:
$35.
