Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
111.85M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
99.6%.
Starting with 111.85M and growing at 99.6%
for 5 years, we estimate Free Cash Flow will be
3.54B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 42.65M.
We will project this out 5 year(s) with a growth rate
of -4.88%.
Estimated Diluted Shares Outstanding: 33.21M.
Step 3: Project Future Stock Price
Using a price ratio of 5.55, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.54B ÷ 33.21M) × 5.55 =
$592
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.8.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.
Step 5: Discount the Projected Stock Price
Projected stock price: $592.
Including dividends, total future value: $606.
Discounted at 10% per
year over 5 years → Fair Value:
$376.
