Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
101.66M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
57.59%.
Starting with 101.66M and growing at 57.59%
for 5 years, we estimate Free Cash Flow will be
988.05M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 100.21M.
We will project this out 5 year(s) with a growth rate
of 0.7%.
Estimated Diluted Shares Outstanding: 103.76M.
Step 3: Project Future Stock Price
Using a price ratio of 16.7, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(988.05M ÷ 103.76M) × 16.7 =
$159
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $159.
Including dividends, total future value: $159.
Discounted at 10% per
year over 5 years → Fair Value:
$98.
