Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
742.08M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
17.17%.
Starting with 742.08M and growing at 17.17%
for 5 years, we estimate Free Cash Flow will be
1.64B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 38.6M.
We will project this out 5 year(s) with a growth rate
of -0.73%.
Estimated Diluted Shares Outstanding: 37.21M.
Step 3: Project Future Stock Price
Using a price ratio of 9.22, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.64B ÷ 37.21M) × 9.22 =
$406
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.08.
Projected over 5 years with a growth rate of
1.08%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.955269499857565.
Step 5: Discount the Projected Stock Price
Projected stock price: $406.
Including dividends, total future value: $426.96.
Discounted at 10% per
year over 5 years → Fair Value:
$265.
