Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.97B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
20.01%.
Starting with 1.97B and growing at 20.01%
for 5 years, we estimate Free Cash Flow will be
4.91B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 256.4M.
We will project this out 5 year(s) with a growth rate
of 3.33%.
Estimated Diluted Shares Outstanding: 302.03M.
Step 3: Project Future Stock Price
Using a price ratio of 27.76, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.91B ÷ 302.03M) × 27.76 =
$451
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.15.
Projected over 5 years with a growth rate of
1.61%, dividends add to total shareholder return.
Expected dividends in 5 years:
$16.391612794540766.
Step 5: Discount the Projected Stock Price
Projected stock price: $451.
Including dividends, total future value: $467.39.
Discounted at 10% per
year over 5 years → Fair Value:
$290.
