Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
719.7M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
24.3%.
Starting with 719.7M and growing at 24.3%
for 5 years, we estimate Free Cash Flow will be
2.14B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 66.04M.
We will project this out 5 year(s) with a growth rate
of -4.1%.
Estimated Diluted Shares Outstanding: 53.57M.
Step 3: Project Future Stock Price
Using a price ratio of 10.31, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.14B ÷ 53.57M) × 10.31 =
$410
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.06.
Projected over 5 years with a growth rate of
35.24%, dividends add to total shareholder return.
Expected dividends in 5 years:
$64.44741965148012.
Step 5: Discount the Projected Stock Price
Projected stock price: $410.
Including dividends, total future value: $474.45.
Discounted at 10% per
year over 5 years → Fair Value:
$294.
