Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
394.37M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.5%.
Starting with 394.37M and growing at 18.5%
for 5 years, we estimate Free Cash Flow will be
921.49M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 41.18M.
We will project this out 5 year(s) with a growth rate
of 1.58%.
Estimated Diluted Shares Outstanding: 44.54M.
Step 3: Project Future Stock Price
Using a price ratio of 27.98, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(921.49M ÷ 44.54M) × 27.98 =
$578
Step 4: Project Future Dividends Paid
Forward dividend per share: $14.1.
Projected over 5 years with a growth rate of
4.67%, dividends add to total shareholder return.
Expected dividends in 5 years:
$79.02139230766323.
Step 5: Discount the Projected Stock Price
Projected stock price: $578.
Including dividends, total future value: $657.02.
Discounted at 10% per
year over 5 years → Fair Value:
$407.
