Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
804M
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
11%.
Starting with 804M and growing at 11%
for 5 years, we estimate Free Cash Flow will be
1.35B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 268.55M.
We will project this out 5 year(s) with a growth rate
of -1.99%.
Estimated Diluted Shares Outstanding: 242.87M.
Step 3: Project Future Stock Price
Using a price ratio of 11.71, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.35B ÷ 242.87M) × 11.71 =
$65
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.72.
Projected over 5 years with a growth rate of
7.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.334535513015955.
Step 5: Discount the Projected Stock Price
Projected stock price: $65.
Including dividends, total future value: $69.33.
Discounted at 10% per
year over 5 years → Fair Value:
$43.
