Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
385M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
25.77%.
Starting with 385M and growing at 25.77%
for 5 years, we estimate Free Cash Flow will be
1.21B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 220.1M.
We will project this out 5 year(s) with a growth rate
of 1.62%.
Estimated Diluted Shares Outstanding: 238.51M.
Step 3: Project Future Stock Price
Using a price ratio of 118.7, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.21B ÷ 238.51M) × 118.7 =
$602
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.01.
Projected over 5 years with a growth rate of
28.31%, dividends add to total shareholder return.
Expected dividends in 5 years:
$28.06646798096117.
Step 5: Discount the Projected Stock Price
Projected stock price: $602.
Including dividends, total future value: $630.07.
Discounted at 10% per
year over 5 years → Fair Value:
$391.
