Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.58B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.15%.
Starting with 1.58B and growing at 18.15%
for 5 years, we estimate Free Cash Flow will be
3.63B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 184.21M.
We will project this out 5 year(s) with a growth rate
of -0.95%.
Estimated Diluted Shares Outstanding: 175.62M.
Step 3: Project Future Stock Price
Using a price ratio of 511.43, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.63B ÷ 175.62M) × 511.43 =
$10573
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.77.
Projected over 5 years with a growth rate of
-5.88%, dividends add to total shareholder return.
Expected dividends in 5 years:
$24.794229326117815.
Step 5: Discount the Projected Stock Price
Projected stock price: $10573.
Including dividends, total future value: $10597.79.
Discounted at 10% per
year over 5 years → Fair Value:
$6580.
