Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
868.87M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
24.07%.
Starting with 868.87M and growing at 24.07%
for 5 years, we estimate Free Cash Flow will be
2.55B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 67.5M.
We will project this out 5 year(s) with a growth rate
of -2.5%.
Estimated Diluted Shares Outstanding: 59.48M.
Step 3: Project Future Stock Price
Using a price ratio of 10.37, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.55B ÷ 59.48M) × 10.37 =
$445
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.93.
Projected over 5 years with a growth rate of
3.27%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.039510976166533.
Step 5: Discount the Projected Stock Price
Projected stock price: $445.
Including dividends, total future value: $450.04.
Discounted at 10% per
year over 5 years → Fair Value:
$279.
