Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
342M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.65%.
Starting with 342M and growing at 4.65%
for 5 years, we estimate Free Cash Flow will be
429.26M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 210.33M.
We will project this out 5 year(s) with a growth rate
of 0.07%.
Estimated Diluted Shares Outstanding: 211.06M.
Step 3: Project Future Stock Price
Using a price ratio of 25.71, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(429.26M ÷ 211.06M) × 25.71 =
$52
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.15.
Projected over 5 years with a growth rate of
3.18%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.218084986611289.
Step 5: Discount the Projected Stock Price
Projected stock price: $52.
Including dividends, total future value: $58.22.
Discounted at 10% per
year over 5 years → Fair Value:
$36.
