Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.47B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.3%.
Starting with 2.47B and growing at 12.3%
for 5 years, we estimate Free Cash Flow will be
4.4B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 985.88M.
We will project this out 5 year(s) with a growth rate
of 12.44%.
Estimated Diluted Shares Outstanding: 1.77B.
Step 3: Project Future Stock Price
Using a price ratio of 20.24, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.4B ÷ 1.77B) × 20.24 =
$50
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.11.
Projected over 5 years with a growth rate of
-0.85%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.432813285304865.
Step 5: Discount the Projected Stock Price
Projected stock price: $50.
Including dividends, total future value: $55.43.
Discounted at 10% per
year over 5 years → Fair Value:
$34.
