Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
887.9M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.6%.
Starting with 887.9M and growing at 9.6%
for 5 years, we estimate Free Cash Flow will be
1.4B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 66.37M.
We will project this out 5 year(s) with a growth rate
of 9.59%.
Estimated Diluted Shares Outstanding: 104.92M.
Step 3: Project Future Stock Price
Using a price ratio of 21.59, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.4B ÷ 104.92M) × 21.59 =
$288
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.4.
Projected over 5 years with a growth rate of
-2.64%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.5471072166731625.
Step 5: Discount the Projected Stock Price
Projected stock price: $288.
Including dividends, total future value: $294.55.
Discounted at 10% per
year over 5 years → Fair Value:
$182.
