Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.91B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.84%.
Starting with 2.91B and growing at 11.84%
for 5 years, we estimate Free Cash Flow will be
5.1B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 215.63M.
We will project this out 5 year(s) with a growth rate
of -2.45%.
Estimated Diluted Shares Outstanding: 190.48M.
Step 3: Project Future Stock Price
Using a price ratio of 24.73, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.1B ÷ 190.48M) × 24.73 =
$661
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.51.
Projected over 5 years with a growth rate of
3.99%, dividends add to total shareholder return.
Expected dividends in 5 years:
$19.353346236081602.
Step 5: Discount the Projected Stock Price
Projected stock price: $661.
Including dividends, total future value: $680.35.
Discounted at 10% per
year over 5 years → Fair Value:
$422.
