Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
226.5M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
23.01%.
Starting with 226.5M and growing at 23.01%
for 5 years, we estimate Free Cash Flow will be
637.93M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 60.79M.
We will project this out 5 year(s) with a growth rate
of 0.03%.
Estimated Diluted Shares Outstanding: 60.88M.
Step 3: Project Future Stock Price
Using a price ratio of 65.09, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(637.93M ÷ 60.88M) × 65.09 =
$682
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.66.
Projected over 5 years with a growth rate of
5.59%, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.7806886593394675.
Step 5: Discount the Projected Stock Price
Projected stock price: $682.
Including dividends, total future value: $685.78.
Discounted at 10% per
year over 5 years → Fair Value:
$425.
