Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
603.5M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.98%.
Starting with 603.5M and growing at 9.98%
for 5 years, we estimate Free Cash Flow will be
971.06M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 155.98M.
We will project this out 5 year(s) with a growth rate
of -3.75%.
Estimated Diluted Shares Outstanding: 128.85M.
Step 3: Project Future Stock Price
Using a price ratio of 9.02, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(971.06M ÷ 128.85M) × 9.02 =
$67
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.97.
Projected over 5 years with a growth rate of
-7.94%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.009652174153183.
Step 5: Discount the Projected Stock Price
Projected stock price: $67.
Including dividends, total future value: $75.01.
Discounted at 10% per
year over 5 years → Fair Value:
$46.
