Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
465.2M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.96%.
Starting with 465.2M and growing at 10.96%
for 5 years, we estimate Free Cash Flow will be
782.47M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 38.29M.
We will project this out 5 year(s) with a growth rate
of -0.09%.
Estimated Diluted Shares Outstanding: 38.12M.
Step 3: Project Future Stock Price
Using a price ratio of 20.6, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(782.47M ÷ 38.12M) × 20.6 =
$422
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.12.
Projected over 5 years with a growth rate of
1.52%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.007403530861716.
Step 5: Discount the Projected Stock Price
Projected stock price: $422.
Including dividends, total future value: $433.01.
Discounted at 10% per
year over 5 years → Fair Value:
$268.
