Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
366.17M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.97%.
Starting with 366.17M and growing at 1.97%
for 5 years, we estimate Free Cash Flow will be
403.68M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 390.74M.
We will project this out 5 year(s) with a growth rate
of -2.25%.
Estimated Diluted Shares Outstanding: 348.72M.
Step 3: Project Future Stock Price
Using a price ratio of 40.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(403.68M ÷ 348.72M) × 40.25 =
$46
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.37.
Projected over 5 years with a growth rate of
7.34%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.208389663749237.
Step 5: Discount the Projected Stock Price
Projected stock price: $46.
Including dividends, total future value: $48.21.
Discounted at 10% per
year over 5 years → Fair Value:
$29.
