Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
724M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
23.28%.
Starting with 724M and growing at 23.28%
for 5 years, we estimate Free Cash Flow will be
2.06B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 92.8M.
We will project this out 5 year(s) with a growth rate
of -2.15%.
Estimated Diluted Shares Outstanding: 83.24M.
Step 3: Project Future Stock Price
Using a price ratio of 0.7, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.06B ÷ 83.24M) × 0.7 =
$17
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.24.
Projected over 5 years with a growth rate of
0.53%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.415503986941292.
Step 5: Discount the Projected Stock Price
Projected stock price: $17.
Including dividends, total future value: $33.42.
Discounted at 10% per
year over 5 years → Fair Value:
$20.
