Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
451M
as of Jul 4, 2025.
We will project this out 5 years with a yearly growth
rate of
8.5%.
Starting with 451M and growing at 8.5%
for 5 years, we estimate Free Cash Flow will be
678.15M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 128.84M.
We will project this out 5 year(s) with a growth rate
of -1.15%.
Estimated Diluted Shares Outstanding: 121.6M.
Step 3: Project Future Stock Price
Using a price ratio of 24.08, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(678.15M ÷ 121.6M) × 24.08 =
$134
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.8.
Projected over 5 years with a growth rate of
4.35%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.449294213794994.
Step 5: Discount the Projected Stock Price
Projected stock price: $134.
Including dividends, total future value: $138.45.
Discounted at 10% per
year over 5 years → Fair Value:
$85.
