Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
345.59M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
23.29%.
Starting with 345.59M and growing at 23.29%
for 5 years, we estimate Free Cash Flow will be
984.46M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 65.83M.
We will project this out 5 year(s) with a growth rate
of 0.06%.
Estimated Diluted Shares Outstanding: 66.03M.
Step 3: Project Future Stock Price
Using a price ratio of 43.28, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(984.46M ÷ 66.03M) × 43.28 =
$645
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.2.
Projected over 5 years with a growth rate of
9.95%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.94378794282705.
Step 5: Discount the Projected Stock Price
Projected stock price: $645.
Including dividends, total future value: $658.94.
Discounted at 10% per
year over 5 years → Fair Value:
$409.
