Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
242M
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
22.37%.
Starting with 242M and growing at 22.37%
for 5 years, we estimate Free Cash Flow will be
664.03M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 80M.
We will project this out 5 year(s) with a growth rate
of -2.49%.
Estimated Diluted Shares Outstanding: 70.52M.
Step 3: Project Future Stock Price
Using a price ratio of 19.23, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(664.03M ÷ 70.52M) × 19.23 =
$181
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $181.
Including dividends, total future value: $181.
Discounted at 10% per
year over 5 years → Fair Value:
$112.
