Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
587M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
4.79%.
Starting with 587M and growing at 4.79%
for 5 years, we estimate Free Cash Flow will be
741.72M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 75.29M.
We will project this out 5 year(s) with a growth rate
of -0.15%.
Estimated Diluted Shares Outstanding: 74.72M.
Step 3: Project Future Stock Price
Using a price ratio of 29.08, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(741.72M ÷ 74.72M) × 29.08 =
$288
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.51.
Projected over 5 years with a growth rate of
7.11%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.83781457165236.
Step 5: Discount the Projected Stock Price
Projected stock price: $288.
Including dividends, total future value: $308.84.
Discounted at 10% per
year over 5 years → Fair Value:
$191.
