Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.36B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
28.19%.
Starting with 3.36B and growing at 28.19%
for 5 years, we estimate Free Cash Flow will be
11.62B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 22.48M.
We will project this out 5 year(s) with a growth rate
of 2.23%.
Estimated Diluted Shares Outstanding: 25.1M.
Step 3: Project Future Stock Price
Using a price ratio of 1.11, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(11.62B ÷ 25.1M) × 1.11 =
$513
Step 4: Project Future Dividends Paid
Forward dividend per share: $30.
Projected over 5 years with a growth rate of
8.45%, dividends add to total shareholder return.
Expected dividends in 5 years:
$183.72368598389568.
Step 5: Discount the Projected Stock Price
Projected stock price: $513.
Including dividends, total future value: $696.72.
Discounted at 10% per
year over 5 years → Fair Value:
$432.
