Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
359.2M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.03%.
Starting with 359.2M and growing at 21.03%
for 5 years, we estimate Free Cash Flow will be
932.84M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 56.26M.
We will project this out 5 year(s) with a growth rate
of -0.73%.
Estimated Diluted Shares Outstanding: 54.23M.
Step 3: Project Future Stock Price
Using a price ratio of 83.65, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(932.84M ÷ 54.23M) × 83.65 =
$1438
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.88.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.399999999999999.
Step 5: Discount the Projected Stock Price
Projected stock price: $1438.
Including dividends, total future value: $1447.4.
Discounted at 10% per
year over 5 years → Fair Value:
$898.
