Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.66%.
Starting with 3.72B and growing at 9.66%
for 5 years, we estimate Free Cash Flow will be
5.9B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 661.86M.
We will project this out 5 year(s) with a growth rate
of -0.93%.
Estimated Diluted Shares Outstanding: 631.65M.
Step 3: Project Future Stock Price
Using a price ratio of 71.23, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.9B ÷ 631.65M) × 71.23 =
$665
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.88.
Projected over 5 years with a growth rate of
-5.59%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.140908015970846.
Step 5: Discount the Projected Stock Price
Projected stock price: $665.
Including dividends, total future value: $673.14.
Discounted at 10% per
year over 5 years → Fair Value:
$417.
