Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.94B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
1.21%.
Starting with 3.94B and growing at 1.21%
for 5 years, we estimate Free Cash Flow will be
4.19B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 266.93M.
We will project this out 5 year(s) with a growth rate
of -5.7%.
Estimated Diluted Shares Outstanding: 199.05M.
Step 3: Project Future Stock Price
Using a price ratio of 11.26, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.19B ÷ 199.05M) × 11.26 =
$236
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.33.
Projected over 5 years with a growth rate of
157.52%, dividends add to total shareholder return.
Expected dividends in 5 years:
$390.0330311676109.
Step 5: Discount the Projected Stock Price
Projected stock price: $236.
Including dividends, total future value: $626.03.
Discounted at 10% per
year over 5 years → Fair Value:
$388.
