Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
682.3M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.64%.
Starting with 682.3M and growing at 6.64%
for 5 years, we estimate Free Cash Flow will be
940.97M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 85.85M.
We will project this out 5 year(s) with a growth rate
of -1.46%.
Estimated Diluted Shares Outstanding: 79.76M.
Step 3: Project Future Stock Price
Using a price ratio of 22.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(940.97M ÷ 79.76M) × 22.69 =
$267
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.49.
Projected over 5 years with a growth rate of
3.63%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.610782587528593.
Step 5: Discount the Projected Stock Price
Projected stock price: $267.
Including dividends, total future value: $280.61.
Discounted at 10% per
year over 5 years → Fair Value:
$174.
