Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
901.33M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.95%.
Starting with 901.33M and growing at 8.95%
for 5 years, we estimate Free Cash Flow will be
1.38B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 435.39M.
We will project this out 5 year(s) with a growth rate
of 1.94%.
Estimated Diluted Shares Outstanding: 479.29M.
Step 3: Project Future Stock Price
Using a price ratio of 66.95, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.38B ÷ 479.29M) × 66.95 =
$193
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.2.
Projected over 5 years with a growth rate of
13.62%, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.3760587060096034.
Step 5: Discount the Projected Stock Price
Projected stock price: $193.
Including dividends, total future value: $194.38.
Discounted at 10% per
year over 5 years → Fair Value:
$120.
