Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.13B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
19.08%.
Starting with 1.13B and growing at 19.08%
for 5 years, we estimate Free Cash Flow will be
2.71B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 60.85M.
We will project this out 5 year(s) with a growth rate
of 0.43%.
Estimated Diluted Shares Outstanding: 62.17M.
Step 3: Project Future Stock Price
Using a price ratio of 6.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.71B ÷ 62.17M) × 6.94 =
$302
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.87.
Projected over 5 years with a growth rate of
3.93%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.295890832475484.
Step 5: Discount the Projected Stock Price
Projected stock price: $302.
Including dividends, total future value: $312.3.
Discounted at 10% per
year over 5 years → Fair Value:
$193.
