Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
987.31M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
16.56%.
Starting with 987.31M and growing at 16.56%
for 5 years, we estimate Free Cash Flow will be
2.12B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 123.25M.
We will project this out 5 year(s) with a growth rate
of -1.9%.
Estimated Diluted Shares Outstanding: 111.98M.
Step 3: Project Future Stock Price
Using a price ratio of 33.18, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.12B ÷ 111.98M) × 33.18 =
$629
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.67.
Projected over 5 years with a growth rate of
5.88%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.399836050219667.
Step 5: Discount the Projected Stock Price
Projected stock price: $629.
Including dividends, total future value: $644.4.
Discounted at 10% per
year over 5 years → Fair Value:
$400.
