Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
492.1M
as of Aug 1, 2025.
We will project this out 5 years with a yearly growth
rate of
13.79%.
Starting with 492.1M and growing at 13.79%
for 5 years, we estimate Free Cash Flow will be
938.8M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 97.86M.
We will project this out 5 year(s) with a growth rate
of -0.69%.
Estimated Diluted Shares Outstanding: 94.53M.
Step 3: Project Future Stock Price
Using a price ratio of 41.65, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(938.8M ÷ 94.53M) × 41.65 =
$413
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.52.
Projected over 5 years with a growth rate of
8.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.29365312655017.
Step 5: Discount the Projected Stock Price
Projected stock price: $413.
Including dividends, total future value: $422.29.
Discounted at 10% per
year over 5 years → Fair Value:
$262.
