Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
389.8M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.03%.
Starting with 389.8M and growing at 12.03%
for 5 years, we estimate Free Cash Flow will be
687.88M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 42.18M.
We will project this out 5 year(s) with a growth rate
of -0.05%.
Estimated Diluted Shares Outstanding: 42.07M.
Step 3: Project Future Stock Price
Using a price ratio of 42.67, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(687.88M ÷ 42.07M) × 42.67 =
$697
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.23.
Projected over 5 years with a growth rate of
3.74%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.221949263788273.
Step 5: Discount the Projected Stock Price
Projected stock price: $697.
Including dividends, total future value: $709.22.
Discounted at 10% per
year over 5 years → Fair Value:
$440.
