Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.59B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
17.28%.
Starting with 2.59B and growing at 17.28%
for 5 years, we estimate Free Cash Flow will be
5.74B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 156.38M.
We will project this out 5 year(s) with a growth rate
of -0.9%.
Estimated Diluted Shares Outstanding: 149.47M.
Step 3: Project Future Stock Price
Using a price ratio of 9.2, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.74B ÷ 149.47M) × 9.2 =
$353
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.42.
Projected over 5 years with a growth rate of
1.69%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.831658109671654.
Step 5: Discount the Projected Stock Price
Projected stock price: $353.
Including dividends, total future value: $370.83.
Discounted at 10% per
year over 5 years → Fair Value:
$230.
