Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
244.24M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.06%.
Starting with 244.24M and growing at 13.06%
for 5 years, we estimate Free Cash Flow will be
451.19M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 68.57M.
We will project this out 5 year(s) with a growth rate
of 1.18%.
Estimated Diluted Shares Outstanding: 72.72M.
Step 3: Project Future Stock Price
Using a price ratio of 26.6, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(451.19M ÷ 72.72M) × 26.6 =
$165
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.53.
Projected over 5 years with a growth rate of
2.13%, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.7933747536816247.
Step 5: Discount the Projected Stock Price
Projected stock price: $165.
Including dividends, total future value: $167.79.
Discounted at 10% per
year over 5 years → Fair Value:
$104.
