Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
463.98M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.28%.
Starting with 463.98M and growing at 10.28%
for 5 years, we estimate Free Cash Flow will be
756.81M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 80.18M.
We will project this out 5 year(s) with a growth rate
of -3.91%.
Estimated Diluted Shares Outstanding: 65.69M.
Step 3: Project Future Stock Price
Using a price ratio of 14.38, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(756.81M ÷ 65.69M) × 14.38 =
$165
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.88.
Projected over 5 years with a growth rate of
12.97%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.9684354107234165.
Step 5: Discount the Projected Stock Price
Projected stock price: $165.
Including dividends, total future value: $170.97.
Discounted at 10% per
year over 5 years → Fair Value:
$106.
