Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
739.48M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
24.82%.
Starting with 739.48M and growing at 24.82%
for 5 years, we estimate Free Cash Flow will be
2.24B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 70.31M.
We will project this out 5 year(s) with a growth rate
of 0.88%.
Estimated Diluted Shares Outstanding: 73.46M.
Step 3: Project Future Stock Price
Using a price ratio of 14.92, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.24B ÷ 73.46M) × 14.92 =
$455
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.91.
Projected over 5 years with a growth rate of
6.70%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.110946833924853.
Step 5: Discount the Projected Stock Price
Projected stock price: $455.
Including dividends, total future value: $472.11.
Discounted at 10% per
year over 5 years → Fair Value:
$293.
