Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.51B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
20.32%.
Starting with 3.51B and growing at 20.32%
for 5 years, we estimate Free Cash Flow will be
8.85B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 178.34M.
We will project this out 5 year(s) with a growth rate
of 5.07%.
Estimated Diluted Shares Outstanding: 228.38M.
Step 3: Project Future Stock Price
Using a price ratio of 11.14, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.85B ÷ 228.38M) × 11.14 =
$431
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.08.
Projected over 5 years with a growth rate of
2.90%, dividends add to total shareholder return.
Expected dividends in 5 years:
$21.91132317110549.
Step 5: Discount the Projected Stock Price
Projected stock price: $431.
Including dividends, total future value: $452.91.
Discounted at 10% per
year over 5 years → Fair Value:
$281.
