Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
678.91M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.94%.
Starting with 678.91M and growing at 10.94%
for 5 years, we estimate Free Cash Flow will be
1.14B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 143.39M.
We will project this out 5 year(s) with a growth rate
of -1.27%.
Estimated Diluted Shares Outstanding: 134.51M.
Step 3: Project Future Stock Price
Using a price ratio of 22.03, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.14B ÷ 134.51M) × 22.03 =
$186
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $186.
Including dividends, total future value: $186.
Discounted at 10% per
year over 5 years → Fair Value:
$115.
