Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
366.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.78%.
Starting with 366.8M and growing at 5.78%
for 5 years, we estimate Free Cash Flow will be
485.79M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 150.24M.
We will project this out 5 year(s) with a growth rate
of -3.85%.
Estimated Diluted Shares Outstanding: 123.46M.
Step 3: Project Future Stock Price
Using a price ratio of 12.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(485.79M ÷ 123.46M) × 12.94 =
$50
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.66.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.3000000000000003.
Step 5: Discount the Projected Stock Price
Projected stock price: $50.
Including dividends, total future value: $53.3.
Discounted at 10% per
year over 5 years → Fair Value:
$33.
