Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.97B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.14%.
Starting with 1.97B and growing at 14.14%
for 5 years, we estimate Free Cash Flow will be
3.82B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 271.46M.
We will project this out 5 year(s) with a growth rate
of -3.2%.
Estimated Diluted Shares Outstanding: 230.72M.
Step 3: Project Future Stock Price
Using a price ratio of 49.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.82B ÷ 230.72M) × 49.25 =
$815
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.6.
Projected over 5 years with a growth rate of
1.05%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.343942040448425.
Step 5: Discount the Projected Stock Price
Projected stock price: $815.
Including dividends, total future value: $828.34.
Discounted at 10% per
year over 5 years → Fair Value:
$514.
