Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
344.23M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
23.08%.
Starting with 344.23M and growing at 23.08%
for 5 years, we estimate Free Cash Flow will be
972.27M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 58.6M.
We will project this out 5 year(s) with a growth rate
of 10.91%.
Estimated Diluted Shares Outstanding: 98.34M.
Step 3: Project Future Stock Price
Using a price ratio of 22.51, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(972.27M ÷ 98.34M) × 22.51 =
$222
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.06.
Projected over 5 years with a growth rate of
5.30%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.719474885049513.
Step 5: Discount the Projected Stock Price
Projected stock price: $222.
Including dividends, total future value: $233.72.
Discounted at 10% per
year over 5 years → Fair Value:
$145.
