Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
316.9M
as of Jun 29, 2025.
We will project this out 5 years with a yearly growth
rate of
14.6%.
Starting with 316.9M and growing at 14.6%
for 5 years, we estimate Free Cash Flow will be
626.39M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 33.36M.
We will project this out 5 year(s) with a growth rate
of -0.41%.
Estimated Diluted Shares Outstanding: 32.68M.
Step 3: Project Future Stock Price
Using a price ratio of 26.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(626.39M ÷ 32.68M) × 26.63 =
$510
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.33.
Projected over 5 years with a growth rate of
9.83%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.727478057932538.
Step 5: Discount the Projected Stock Price
Projected stock price: $510.
Including dividends, total future value: $524.73.
Discounted at 10% per
year over 5 years → Fair Value:
$325.
