Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.68B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.95%.
Starting with 1.68B and growing at 10.95%
for 5 years, we estimate Free Cash Flow will be
2.83B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 230.95M.
We will project this out 5 year(s) with a growth rate
of 0.24%.
Estimated Diluted Shares Outstanding: 233.74M.
Step 3: Project Future Stock Price
Using a price ratio of 26.51, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.83B ÷ 233.74M) × 26.51 =
$321
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.49.
Projected over 5 years with a growth rate of
5.25%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.466648577407849.
Step 5: Discount the Projected Stock Price
Projected stock price: $321.
Including dividends, total future value: $329.47.
Discounted at 10% per
year over 5 years → Fair Value:
$204.
