Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.53B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.76%.
Starting with 4.53B and growing at 21.76%
for 5 years, we estimate Free Cash Flow will be
12.11B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 41.94M.
We will project this out 5 year(s) with a growth rate
of 1.1%.
Estimated Diluted Shares Outstanding: 44.3M.
Step 3: Project Future Stock Price
Using a price ratio of 3.26, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.11B ÷ 44.3M) × 3.26 =
$891
Step 4: Project Future Dividends Paid
Forward dividend per share: $10.
Projected over 5 years with a growth rate of
-0.65%, dividends add to total shareholder return.
Expected dividends in 5 years:
$49.19145664299111.
Step 5: Discount the Projected Stock Price
Projected stock price: $891.
Including dividends, total future value: $940.19.
Discounted at 10% per
year over 5 years → Fair Value:
$583.
