Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
679.6M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
39.94%.
Starting with 679.6M and growing at 39.94%
for 5 years, we estimate Free Cash Flow will be
3.65B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 361.77M.
We will project this out 5 year(s) with a growth rate
of 12.51%.
Estimated Diluted Shares Outstanding: 652.22M.
Step 3: Project Future Stock Price
Using a price ratio of 12.43, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.65B ÷ 652.22M) × 12.43 =
$69
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.52.
Projected over 5 years with a growth rate of
7.78%, dividends add to total shareholder return.
Expected dividends in 5 years:
$3.1355865733524046.
Step 5: Discount the Projected Stock Price
Projected stock price: $69.
Including dividends, total future value: $72.14.
Discounted at 10% per
year over 5 years → Fair Value:
$44.
