Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.28B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.49%.
Starting with 1.28B and growing at 13.49%
for 5 years, we estimate Free Cash Flow will be
2.4B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 705.37M.
We will project this out 5 year(s) with a growth rate
of 7.88%.
Estimated Diluted Shares Outstanding: 1.03B.
Step 3: Project Future Stock Price
Using a price ratio of 72.01, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.4B ÷ 1.03B) × 72.01 =
$167
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.92.
Projected over 5 years with a growth rate of
-2.09%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.106235120009309.
Step 5: Discount the Projected Stock Price
Projected stock price: $167.
Including dividends, total future value: $176.11.
Discounted at 10% per
year over 5 years → Fair Value:
$109.
