Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.79B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.04%.
Starting with 1.79B and growing at 21.04%
for 5 years, we estimate Free Cash Flow will be
4.64B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 504.74M.
We will project this out 5 year(s) with a growth rate
of 0.59%.
Estimated Diluted Shares Outstanding: 519.81M.
Step 3: Project Future Stock Price
Using a price ratio of 14.64, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.64B ÷ 519.81M) × 14.64 =
$130
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.83.
Projected over 5 years with a growth rate of
71.08%, dividends add to total shareholder return.
Expected dividends in 5 years:
$35.028311086940654.
Step 5: Discount the Projected Stock Price
Projected stock price: $130.
Including dividends, total future value: $165.03.
Discounted at 10% per
year over 5 years → Fair Value:
$102.
