Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
618M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.2%.
Starting with 618M and growing at 18.2%
for 5 years, we estimate Free Cash Flow will be
1.43B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 101.59M.
We will project this out 5 year(s) with a growth rate
of 0.32%.
Estimated Diluted Shares Outstanding: 103.23M.
Step 3: Project Future Stock Price
Using a price ratio of 22.54, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.43B ÷ 103.23M) × 22.54 =
$311
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.93.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$19.650000000000002.
Step 5: Discount the Projected Stock Price
Projected stock price: $311.
Including dividends, total future value: $330.65.
Discounted at 10% per
year over 5 years → Fair Value:
$205.
