Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
901.52M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.71%.
Starting with 901.52M and growing at 7.71%
for 5 years, we estimate Free Cash Flow will be
1.31B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 63.64M.
We will project this out 5 year(s) with a growth rate
of -5.28%.
Estimated Diluted Shares Outstanding: 48.52M.
Step 3: Project Future Stock Price
Using a price ratio of 35.29, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.31B ÷ 48.52M) × 35.29 =
$950
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.
Projected over 5 years with a growth rate of
24.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.65971632153142.
Step 5: Discount the Projected Stock Price
Projected stock price: $950.
Including dividends, total future value: $958.66.
Discounted at 10% per
year over 5 years → Fair Value:
$595.
