Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
858.6M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.02%.
Starting with 858.6M and growing at 9.02%
for 5 years, we estimate Free Cash Flow will be
1.32B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 42.75M.
We will project this out 5 year(s) with a growth rate
of -3.93%.
Estimated Diluted Shares Outstanding: 34.99M.
Step 3: Project Future Stock Price
Using a price ratio of 21.43, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.32B ÷ 34.99M) × 21.43 =
$809
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.1.
Projected over 5 years with a growth rate of
8.62%, dividends add to total shareholder return.
Expected dividends in 5 years:
$31.355568305617723.
Step 5: Discount the Projected Stock Price
Projected stock price: $809.
Including dividends, total future value: $840.36.
Discounted at 10% per
year over 5 years → Fair Value:
$521.
