Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.13B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.68%.
Starting with 2.13B and growing at 15.68%
for 5 years, we estimate Free Cash Flow will be
4.42B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 573.8M.
We will project this out 5 year(s) with a growth rate
of 2.95%.
Estimated Diluted Shares Outstanding: 663.57M.
Step 3: Project Future Stock Price
Using a price ratio of 24.63, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.42B ÷ 663.57M) × 24.63 =
$164
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.26.
Projected over 5 years with a growth rate of
3.82%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.918996498352358.
Step 5: Discount the Projected Stock Price
Projected stock price: $164.
Including dividends, total future value: $170.92.
Discounted at 10% per
year over 5 years → Fair Value:
$106.
