Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
373.49M
as of Jul 1, 2025.
We will project this out 5 years with a yearly growth
rate of
20.08%.
Starting with 373.49M and growing at 20.08%
for 5 years, we estimate Free Cash Flow will be
932.46M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 66.45M.
We will project this out 5 year(s) with a growth rate
of -1.13%.
Estimated Diluted Shares Outstanding: 62.78M.
Step 3: Project Future Stock Price
Using a price ratio of 33.52, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(932.46M ÷ 62.78M) × 33.52 =
$497
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.26.
Projected over 5 years with a growth rate of
41.47%, dividends add to total shareholder return.
Expected dividends in 5 years:
$38.80149760764796.
Step 5: Discount the Projected Stock Price
Projected stock price: $497.
Including dividends, total future value: $535.8.
Discounted at 10% per
year over 5 years → Fair Value:
$332.
