Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
149.52M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
26.85%.
Starting with 149.52M and growing at 26.85%
for 5 years, we estimate Free Cash Flow will be
491.09M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 219.86M.
We will project this out 5 year(s) with a growth rate
of 21.23%.
Estimated Diluted Shares Outstanding: 575.7M.
Step 3: Project Future Stock Price
Using a price ratio of 33.02, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(491.09M ÷ 575.7M) × 33.02 =
$28
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.34.
Projected over 5 years with a growth rate of
19.16%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.384869396063317.
Step 5: Discount the Projected Stock Price
Projected stock price: $28.
Including dividends, total future value: $38.38.
Discounted at 10% per
year over 5 years → Fair Value:
$23.
