Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.74B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
18.14%.
Starting with 3.74B and growing at 18.14%
for 5 years, we estimate Free Cash Flow will be
8.62B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 131.96M.
We will project this out 5 year(s) with a growth rate
of -3.28%.
Estimated Diluted Shares Outstanding: 111.69M.
Step 3: Project Future Stock Price
Using a price ratio of 24.42, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.62B ÷ 111.69M) × 24.42 =
$1883
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.2.
Projected over 5 years with a growth rate of
9.46%, dividends add to total shareholder return.
Expected dividends in 5 years:
$45.12748289644754.
Step 5: Discount the Projected Stock Price
Projected stock price: $1883.
Including dividends, total future value: $1928.13.
Discounted at 10% per
year over 5 years → Fair Value:
$1197.
