Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
908.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.65%.
Starting with 908.8M and growing at 15.65%
for 5 years, we estimate Free Cash Flow will be
1.88B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 98.49M.
We will project this out 5 year(s) with a growth rate
of 2.96%.
Estimated Diluted Shares Outstanding: 113.96M.
Step 3: Project Future Stock Price
Using a price ratio of 41.9, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.88B ÷ 113.96M) × 41.9 =
$691
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.91.
Projected over 5 years with a growth rate of
2.82%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.597571751985205.
Step 5: Discount the Projected Stock Price
Projected stock price: $691.
Including dividends, total future value: $706.6.
Discounted at 10% per
year over 5 years → Fair Value:
$438.
