Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
914M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
16.11%.
Starting with 914M and growing at 16.11%
for 5 years, we estimate Free Cash Flow will be
1.93B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 83.63M.
We will project this out 5 year(s) with a growth rate
of -4.4%.
Estimated Diluted Shares Outstanding: 66.78M.
Step 3: Project Future Stock Price
Using a price ratio of 9.98, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.93B ÷ 66.78M) × 9.98 =
$288
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.76.
Projected over 5 years with a growth rate of
23.52%, dividends add to total shareholder return.
Expected dividends in 5 years:
$23.40034680274819.
Step 5: Discount the Projected Stock Price
Projected stock price: $288.
Including dividends, total future value: $311.4.
Discounted at 10% per
year over 5 years → Fair Value:
$193.
