Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
908.98M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
30.52%.
Starting with 908.98M and growing at 30.52%
for 5 years, we estimate Free Cash Flow will be
3.44B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 37.32M.
We will project this out 5 year(s) with a growth rate
of 1.61%.
Estimated Diluted Shares Outstanding: 40.42M.
Step 3: Project Future Stock Price
Using a price ratio of 0.61, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.44B ÷ 40.42M) × 0.61 =
$51
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.22.
Projected over 5 years with a growth rate of
-1.43%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.884258270098398.
Step 5: Discount the Projected Stock Price
Projected stock price: $51.
Including dividends, total future value: $56.88.
Discounted at 10% per
year over 5 years → Fair Value:
$35.
