Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.12B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.13%.
Starting with 2.12B and growing at 18.13%
for 5 years, we estimate Free Cash Flow will be
4.88B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 624.06M.
We will project this out 5 year(s) with a growth rate
of 17.01%.
Estimated Diluted Shares Outstanding: 1.37B.
Step 3: Project Future Stock Price
Using a price ratio of 21.46, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.88B ÷ 1.37B) × 21.46 =
$76
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.79.
Projected over 5 years with a growth rate of
25.66%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.991811868972808.
Step 5: Discount the Projected Stock Price
Projected stock price: $76.
Including dividends, total future value: $82.99.
Discounted at 10% per
year over 5 years → Fair Value:
$51.
