Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
666.4M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
31.01%.
Starting with 666.4M and growing at 31.01%
for 5 years, we estimate Free Cash Flow will be
2.57B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 210.06M.
We will project this out 5 year(s) with a growth rate
of 10.18%.
Estimated Diluted Shares Outstanding: 341.09M.
Step 3: Project Future Stock Price
Using a price ratio of 3.27, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.57B ÷ 341.09M) × 3.27 =
$24
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.5.
Projected over 5 years with a growth rate of
4.37%, dividends add to total shareholder return.
Expected dividends in 5 years:
$19.47499062828811.
Step 5: Discount the Projected Stock Price
Projected stock price: $24.
Including dividends, total future value: $43.47.
Discounted at 10% per
year over 5 years → Fair Value:
$26.
