Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.8B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
24.83%.
Starting with 2.8B and growing at 24.83%
for 5 years, we estimate Free Cash Flow will be
8.48B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 298.12M.
We will project this out 5 year(s) with a growth rate
of -2.55%.
Estimated Diluted Shares Outstanding: 262M.
Step 3: Project Future Stock Price
Using a price ratio of 17.42, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.48B ÷ 262M) × 17.42 =
$563
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.6.
Projected over 5 years with a growth rate of
10.60%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.291479289542865.
Step 5: Discount the Projected Stock Price
Projected stock price: $563.
Including dividends, total future value: $573.29.
Discounted at 10% per
year over 5 years → Fair Value:
$355.
