Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
733.5M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
23.81%.
Starting with 733.5M and growing at 23.81%
for 5 years, we estimate Free Cash Flow will be
2.13B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 83.02M.
We will project this out 5 year(s) with a growth rate
of -0.03%.
Estimated Diluted Shares Outstanding: 82.9M.
Step 3: Project Future Stock Price
Using a price ratio of 15.85, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.13B ÷ 82.9M) × 15.85 =
$408
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.2.
Projected over 5 years with a growth rate of
11.15%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.32736591542777.
Step 5: Discount the Projected Stock Price
Projected stock price: $408.
Including dividends, total future value: $422.33.
Discounted at 10% per
year over 5 years → Fair Value:
$262.
