Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
604.3M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.41%.
Starting with 604.3M and growing at 7.41%
for 5 years, we estimate Free Cash Flow will be
863.93M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 140.24M.
We will project this out 5 year(s) with a growth rate
of -4.58%.
Estimated Diluted Shares Outstanding: 110.94M.
Step 3: Project Future Stock Price
Using a price ratio of 19.59, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(863.93M ÷ 110.94M) × 19.59 =
$152
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.26.
Projected over 5 years with a growth rate of
4.24%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.989185322597469.
Step 5: Discount the Projected Stock Price
Projected stock price: $152.
Including dividends, total future value: $158.99.
Discounted at 10% per
year over 5 years → Fair Value:
$98.
