Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
234M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-6.51%.
Starting with 234M and growing at -6.51%
for 5 years, we estimate Free Cash Flow will be
167.13M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 136.28M.
We will project this out 5 year(s) with a growth rate
of 7.39%.
Estimated Diluted Shares Outstanding: 194.65M.
Step 3: Project Future Stock Price
Using a price ratio of 48.99, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(167.13M ÷ 194.65M) × 48.99 =
$42
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.44.
Projected over 5 years with a growth rate of
-4.00%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.046153752906918.
Step 5: Discount the Projected Stock Price
Projected stock price: $42.
Including dividends, total future value: $62.05.
Discounted at 10% per
year over 5 years → Fair Value:
$38.
