Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
474.82M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.1%.
Starting with 474.82M and growing at 21.1%
for 5 years, we estimate Free Cash Flow will be
1.24B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 24.3M.
We will project this out 5 year(s) with a growth rate
of 12.01%.
Estimated Diluted Shares Outstanding: 42.85M.
Step 3: Project Future Stock Price
Using a price ratio of 7.96, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.24B ÷ 42.85M) × 7.96 =
$229
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.25.
Projected over 5 years with a growth rate of
30.26%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.103408795619885.
Step 5: Discount the Projected Stock Price
Projected stock price: $229.
Including dividends, total future value: $241.1.
Discounted at 10% per
year over 5 years → Fair Value:
$149.
