Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
377.06M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.93%.
Starting with 377.06M and growing at 15.93%
for 5 years, we estimate Free Cash Flow will be
789.57M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 217.45M.
We will project this out 5 year(s) with a growth rate
of 8.78%.
Estimated Diluted Shares Outstanding: 331.21M.
Step 3: Project Future Stock Price
Using a price ratio of 16.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(789.57M ÷ 331.21M) × 16.1 =
$38
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.08.
Projected over 5 years with a growth rate of
2.43%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.043361048319438.
Step 5: Discount the Projected Stock Price
Projected stock price: $38.
Including dividends, total future value: $49.04.
Discounted at 10% per
year over 5 years → Fair Value:
$30.
