Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.44B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
25.61%.
Starting with 1.44B and growing at 25.61%
for 5 years, we estimate Free Cash Flow will be
4.49B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 177.92M.
We will project this out 5 year(s) with a growth rate
of 0.9%.
Estimated Diluted Shares Outstanding: 186.07M.
Step 3: Project Future Stock Price
Using a price ratio of 25.78, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.49B ÷ 186.07M) × 25.78 =
$621
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.22.
Projected over 5 years with a growth rate of
13.17%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.31109266885456.
Step 5: Discount the Projected Stock Price
Projected stock price: $621.
Including dividends, total future value: $629.31.
Discounted at 10% per
year over 5 years → Fair Value:
$390.
