Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.51B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
27.14%.
Starting with 1.51B and growing at 27.14%
for 5 years, we estimate Free Cash Flow will be
5.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 75.74M.
We will project this out 5 year(s) with a growth rate
of -2.95%.
Estimated Diluted Shares Outstanding: 65.2M.
Step 3: Project Future Stock Price
Using a price ratio of 24.55, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.02B ÷ 65.2M) × 24.55 =
$1890
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $1890.
Including dividends, total future value: $1890.
Discounted at 10% per
year over 5 years → Fair Value:
$1173.
