Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
613.86M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.72%.
Starting with 613.86M and growing at 13.72%
for 5 years, we estimate Free Cash Flow will be
1.17B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 228.04M.
We will project this out 5 year(s) with a growth rate
of 3.47%.
Estimated Diluted Shares Outstanding: 270.44M.
Step 3: Project Future Stock Price
Using a price ratio of 18.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.17B ÷ 270.44M) × 18.77 =
$81
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.59.
Projected over 5 years with a growth rate of
9.36%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.196307824824224.
Step 5: Discount the Projected Stock Price
Projected stock price: $81.
Including dividends, total future value: $97.2.
Discounted at 10% per
year over 5 years → Fair Value:
$60.
