Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
560.97M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
46.26%.
Starting with 560.97M and growing at 46.26%
for 5 years, we estimate Free Cash Flow will be
3.75B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 35.28M.
We will project this out 5 year(s) with a growth rate
of -0.74%.
Estimated Diluted Shares Outstanding: 34M.
Step 3: Project Future Stock Price
Using a price ratio of 19.19, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.75B ÷ 34M) × 19.19 =
$2119
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.7.
Projected over 5 years with a growth rate of
26.01%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.150656596664176.
Step 5: Discount the Projected Stock Price
Projected stock price: $2119.
Including dividends, total future value: $2134.15.
Discounted at 10% per
year over 5 years → Fair Value:
$1325.
