Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.48B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.45%.
Starting with 2.48B and growing at 21.45%
for 5 years, we estimate Free Cash Flow will be
6.54B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 791.3M.
We will project this out 5 year(s) with a growth rate
of 0.34%.
Estimated Diluted Shares Outstanding: 804.85M.
Step 3: Project Future Stock Price
Using a price ratio of 37.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.54B ÷ 804.85M) × 37.53 =
$305
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.45.
Projected over 5 years with a growth rate of
9.29%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.53972549599675.
Step 5: Discount the Projected Stock Price
Projected stock price: $305.
Including dividends, total future value: $326.54.
Discounted at 10% per
year over 5 years → Fair Value:
$202.
