Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
881M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
8.97%.
Starting with 881M and growing at 8.97%
for 5 years, we estimate Free Cash Flow will be
1.35B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 243.41M.
We will project this out 5 year(s) with a growth rate
of 6.09%.
Estimated Diluted Shares Outstanding: 327.12M.
Step 3: Project Future Stock Price
Using a price ratio of 48.48, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.35B ÷ 327.12M) × 48.48 =
$200
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.92.
Projected over 5 years with a growth rate of
2.90%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.311210904049643.
Step 5: Discount the Projected Stock Price
Projected stock price: $200.
Including dividends, total future value: $210.31.
Discounted at 10% per
year over 5 years → Fair Value:
$130.
