Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
454.01M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.05%.
Starting with 454.01M and growing at 12.05%
for 5 years, we estimate Free Cash Flow will be
801.92M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 72.87M.
We will project this out 5 year(s) with a growth rate
of -1.03%.
Estimated Diluted Shares Outstanding: 69.2M.
Step 3: Project Future Stock Price
Using a price ratio of 43.8, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(801.92M ÷ 69.2M) × 43.8 =
$507
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.84.
Projected over 5 years with a growth rate of
0.23%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.28179090022555.
Step 5: Discount the Projected Stock Price
Projected stock price: $507.
Including dividends, total future value: $521.28.
Discounted at 10% per
year over 5 years → Fair Value:
$323.
