Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
525.1M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.72%.
Starting with 525.1M and growing at 10.72%
for 5 years, we estimate Free Cash Flow will be
873.72M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 9.4M.
We will project this out 5 year(s) with a growth rate
of -3.06%.
Estimated Diluted Shares Outstanding: 8.04M.
Step 3: Project Future Stock Price
Using a price ratio of 18.68, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(873.72M ÷ 8.04M) × 18.68 =
$2028
Step 4: Project Future Dividends Paid
Forward dividend per share: $13.25.
Projected over 5 years with a growth rate of
1.65%, dividends add to total shareholder return.
Expected dividends in 5 years:
$69.01672386484128.
Step 5: Discount the Projected Stock Price
Projected stock price: $2028.
Including dividends, total future value: $2097.02.
Discounted at 10% per
year over 5 years → Fair Value:
$1302.
