Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
510.4M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
27.02%.
Starting with 510.4M and growing at 27.02%
for 5 years, we estimate Free Cash Flow will be
1.69B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 128.04M.
We will project this out 5 year(s) with a growth rate
of 4.53%.
Estimated Diluted Shares Outstanding: 159.79M.
Step 3: Project Future Stock Price
Using a price ratio of 16.42, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.69B ÷ 159.79M) × 16.42 =
$173
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.58.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.9.
Step 5: Discount the Projected Stock Price
Projected stock price: $173.
Including dividends, total future value: $175.9.
Discounted at 10% per
year over 5 years → Fair Value:
$109.
