Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
276.9M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
28.09%.
Starting with 276.9M and growing at 28.09%
for 5 years, we estimate Free Cash Flow will be
954.77M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 27.16M.
We will project this out 5 year(s) with a growth rate
of -1.15%.
Estimated Diluted Shares Outstanding: 25.64M.
Step 3: Project Future Stock Price
Using a price ratio of 21.37, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(954.77M ÷ 25.64M) × 21.37 =
$795
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.51.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.549999999999997.
Step 5: Discount the Projected Stock Price
Projected stock price: $795.
Including dividends, total future value: $812.55.
Discounted at 10% per
year over 5 years → Fair Value:
$504.
