Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
456M
as of Aug 1, 2025.
We will project this out 5 years with a yearly growth
rate of
0.94%.
Starting with 456M and growing at 0.94%
for 5 years, we estimate Free Cash Flow will be
477.84M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 46.02M.
We will project this out 5 year(s) with a growth rate
of -3.06%.
Estimated Diluted Shares Outstanding: 39.4M.
Step 3: Project Future Stock Price
Using a price ratio of 12.22, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(477.84M ÷ 39.4M) × 12.22 =
$148
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.85.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.25.
Step 5: Discount the Projected Stock Price
Projected stock price: $148.
Including dividends, total future value: $157.25.
Discounted at 10% per
year over 5 years → Fair Value:
$97.
