Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
832.1M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.27%.
Starting with 832.1M and growing at 11.27%
for 5 years, we estimate Free Cash Flow will be
1.42B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 125.16M.
We will project this out 5 year(s) with a growth rate
of 7.53%.
Estimated Diluted Shares Outstanding: 179.93M.
Step 3: Project Future Stock Price
Using a price ratio of 23.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.42B ÷ 179.93M) × 23.1 =
$182
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.9.
Projected over 5 years with a growth rate of
17.31%, dividends add to total shareholder return.
Expected dividends in 5 years:
$66.32810626962086.
Step 5: Discount the Projected Stock Price
Projected stock price: $182.
Including dividends, total future value: $248.33.
Discounted at 10% per
year over 5 years → Fair Value:
$154.
