Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
694.13M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
2.84%.
Starting with 694.13M and growing at 2.84%
for 5 years, we estimate Free Cash Flow will be
798.46M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 110.36M.
We will project this out 5 year(s) with a growth rate
of -1.66%.
Estimated Diluted Shares Outstanding: 101.5M.
Step 3: Project Future Stock Price
Using a price ratio of 14.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(798.46M ÷ 101.5M) × 14.32 =
$112
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.32.
Projected over 5 years with a growth rate of
13.30%, dividends add to total shareholder return.
Expected dividends in 5 years:
$15.850127639037616.
Step 5: Discount the Projected Stock Price
Projected stock price: $112.
Including dividends, total future value: $127.85.
Discounted at 10% per
year over 5 years → Fair Value:
$79.
