Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
432M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
20.13%.
Starting with 432M and growing at 20.13%
for 5 years, we estimate Free Cash Flow will be
1.08B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 521.27M.
We will project this out 5 year(s) with a growth rate
of 0.29%.
Estimated Diluted Shares Outstanding: 528.87M.
Step 3: Project Future Stock Price
Using a price ratio of 126.28, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.08B ÷ 528.87M) × 126.28 =
$258
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.91.
Projected over 5 years with a growth rate of
18.04%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.8878613876550006.
Step 5: Discount the Projected Stock Price
Projected stock price: $258.
Including dividends, total future value: $264.89.
Discounted at 10% per
year over 5 years → Fair Value:
$164.
