Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
478.96M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.41%.
Starting with 478.96M and growing at 15.41%
for 5 years, we estimate Free Cash Flow will be
980.66M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 74.18M.
We will project this out 5 year(s) with a growth rate
of 6.65%.
Estimated Diluted Shares Outstanding: 102.35M.
Step 3: Project Future Stock Price
Using a price ratio of 18.13, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(980.66M ÷ 102.35M) × 18.13 =
$173
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.15.
Projected over 5 years with a growth rate of
-14.03%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.793141604269579.
Step 5: Discount the Projected Stock Price
Projected stock price: $173.
Including dividends, total future value: $183.79.
Discounted at 10% per
year over 5 years → Fair Value:
$114.
