Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
255.83M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
26.4%.
Starting with 255.83M and growing at 26.4%
for 5 years, we estimate Free Cash Flow will be
825.44M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 99.24M.
We will project this out 5 year(s) with a growth rate
of -1.3%.
Estimated Diluted Shares Outstanding: 92.96M.
Step 3: Project Future Stock Price
Using a price ratio of 24.72, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(825.44M ÷ 92.96M) × 24.72 =
$219
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: $219.
Including dividends, total future value: $219.
Discounted at 10% per
year over 5 years → Fair Value:
$135.
