Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
290M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
36.96%.
Starting with 290M and growing at 36.96%
for 5 years, we estimate Free Cash Flow will be
1.4B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 76.36M.
We will project this out 5 year(s) with a growth rate
of -3.68%.
Estimated Diluted Shares Outstanding: 63.3M.
Step 3: Project Future Stock Price
Using a price ratio of 33.67, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.4B ÷ 63.3M) × 33.67 =
$743
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.61.
Projected over 5 years with a growth rate of
17.04%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.929758803250234.
Step 5: Discount the Projected Stock Price
Projected stock price: $743.
Including dividends, total future value: $754.93.
Discounted at 10% per
year over 5 years → Fair Value:
$468.
