Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
502.96M
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
13.93%.
Starting with 502.96M and growing at 13.93%
for 5 years, we estimate Free Cash Flow will be
965.45M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 116.07M.
We will project this out 5 year(s) with a growth rate
of 1.95%.
Estimated Diluted Shares Outstanding: 127.84M.
Step 3: Project Future Stock Price
Using a price ratio of 82.47, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(965.45M ÷ 127.84M) × 82.47 =
$622
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.35.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.75.
Step 5: Discount the Projected Stock Price
Projected stock price: $622.
Including dividends, total future value: $623.75.
Discounted at 10% per
year over 5 years → Fair Value:
$387.
