Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.88B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.32%.
Starting with 3.88B and growing at 12.32%
for 5 years, we estimate Free Cash Flow will be
6.94B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 154.85M.
We will project this out 5 year(s) with a growth rate
of -0.76%.
Estimated Diluted Shares Outstanding: 149.06M.
Step 3: Project Future Stock Price
Using a price ratio of 29.84, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.94B ÷ 149.06M) × 29.84 =
$1389
Step 4: Project Future Dividends Paid
Forward dividend per share: $25.83.
Projected over 5 years with a growth rate of
1.48%, dividends add to total shareholder return.
Expected dividends in 5 years:
$133.98172250071917.
Step 5: Discount the Projected Stock Price
Projected stock price: $1389.
Including dividends, total future value: $1522.98.
Discounted at 10% per
year over 5 years → Fair Value:
$945.
