Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.28B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.44%.
Starting with 3.28B and growing at 12.44%
for 5 years, we estimate Free Cash Flow will be
5.9B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 782.63M.
We will project this out 5 year(s) with a growth rate
of 2.54%.
Estimated Diluted Shares Outstanding: 887.2M.
Step 3: Project Future Stock Price
Using a price ratio of 35.66, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.9B ÷ 887.2M) × 35.66 =
$236
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.26.
Projected over 5 years with a growth rate of
12.22%, dividends add to total shareholder return.
Expected dividends in 5 years:
$28.415497516996425.
Step 5: Discount the Projected Stock Price
Projected stock price: $236.
Including dividends, total future value: $264.42.
Discounted at 10% per
year over 5 years → Fair Value:
$164.
