Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.73B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
19.63%.
Starting with 3.73B and growing at 19.63%
for 5 years, we estimate Free Cash Flow will be
9.13B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.83B.
We will project this out 5 year(s) with a growth rate
of -2.81%.
Estimated Diluted Shares Outstanding: 1.58B.
Step 3: Project Future Stock Price
Using a price ratio of 39.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.13B ÷ 1.58B) × 39.53 =
$228
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.02.
Projected over 5 years with a growth rate of
3.98%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.622697366132476.
Step 5: Discount the Projected Stock Price
Projected stock price: $228.
Including dividends, total future value: $233.62.
Discounted at 10% per
year over 5 years → Fair Value:
$145.
