Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
609.5M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
28.79%.
Starting with 609.5M and growing at 28.79%
for 5 years, we estimate Free Cash Flow will be
2.16B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 40.7M.
We will project this out 5 year(s) with a growth rate
of -0.19%.
Estimated Diluted Shares Outstanding: 40.31M.
Step 3: Project Future Stock Price
Using a price ratio of 6.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.16B ÷ 40.31M) × 6.63 =
$355
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.73.
Projected over 5 years with a growth rate of
-2.64%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.090353917746123.
Step 5: Discount the Projected Stock Price
Projected stock price: $355.
Including dividends, total future value: $363.09.
Discounted at 10% per
year over 5 years → Fair Value:
$225.
