Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
205.39M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.24%.
Starting with 205.39M and growing at 18.24%
for 5 years, we estimate Free Cash Flow will be
474.68M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 64.95M.
We will project this out 5 year(s) with a growth rate
of -1.38%.
Estimated Diluted Shares Outstanding: 60.59M.
Step 3: Project Future Stock Price
Using a price ratio of 7.57, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(474.68M ÷ 60.59M) × 7.57 =
$59
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.54.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.7.
Step 5: Discount the Projected Stock Price
Projected stock price: $59.
Including dividends, total future value: $61.7.
Discounted at 10% per
year over 5 years → Fair Value:
$38.
