Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
837M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.64%.
Starting with 837M and growing at 18.64%
for 5 years, we estimate Free Cash Flow will be
1.97B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 163.93M.
We will project this out 5 year(s) with a growth rate
of -0.39%.
Estimated Diluted Shares Outstanding: 160.76M.
Step 3: Project Future Stock Price
Using a price ratio of 22.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.97B ÷ 160.76M) × 22.25 =
$272
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.
Projected over 5 years with a growth rate of
5.64%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.735099878503372.
Step 5: Discount the Projected Stock Price
Projected stock price: $272.
Including dividends, total future value: $277.74.
Discounted at 10% per
year over 5 years → Fair Value:
$172.
