Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
892.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
17.41%.
Starting with 892.8M and growing at 17.41%
for 5 years, we estimate Free Cash Flow will be
1.99B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 269.84M.
We will project this out 5 year(s) with a growth rate
of -4.71%.
Estimated Diluted Shares Outstanding: 212M.
Step 3: Project Future Stock Price
Using a price ratio of 12.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.99B ÷ 212M) × 12.32 =
$115
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: $115.
Including dividends, total future value: $115.
Discounted at 10% per
year over 5 years → Fair Value:
$71.
