Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
319.58M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.72%.
Starting with 319.58M and growing at 9.72%
for 5 years, we estimate Free Cash Flow will be
508.17M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 149.36M.
We will project this out 5 year(s) with a growth rate
of -4.42%.
Estimated Diluted Shares Outstanding: 119.14M.
Step 3: Project Future Stock Price
Using a price ratio of 42.99, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(508.17M ÷ 119.14M) × 42.99 =
$183
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.09.
Projected over 5 years with a growth rate of
34.51%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.436231393173966.
Step 5: Discount the Projected Stock Price
Projected stock price: $183.
Including dividends, total future value: $194.44.
Discounted at 10% per
year over 5 years → Fair Value:
$120.
