Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
560M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.67%.
Starting with 560M and growing at 5.67%
for 5 years, we estimate Free Cash Flow will be
737.81M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 256.29M.
We will project this out 5 year(s) with a growth rate
of 17.71%.
Estimated Diluted Shares Outstanding: 579.15M.
Step 3: Project Future Stock Price
Using a price ratio of 392.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(737.81M ÷ 579.15M) × 392.94 =
$500
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.6.
Projected over 5 years with a growth rate of
-16.96%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.02699366871423.
Step 5: Discount the Projected Stock Price
Projected stock price: $500.
Including dividends, total future value: $505.03.
Discounted at 10% per
year over 5 years → Fair Value:
$313.
