Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
789.5M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.11%.
Starting with 789.5M and growing at 5.11%
for 5 years, we estimate Free Cash Flow will be
1.01B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 19.66M.
We will project this out 5 year(s) with a growth rate
of 0.72%.
Estimated Diluted Shares Outstanding: 20.38M.
Step 3: Project Future Stock Price
Using a price ratio of 14.24, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.01B ÷ 20.38M) × 14.24 =
$707
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: $707.
Including dividends, total future value: $707.
Discounted at 10% per
year over 5 years → Fair Value:
$438.
