Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.51B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.48%.
Starting with 5.51B and growing at 11.48%
for 5 years, we estimate Free Cash Flow will be
9.49B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 3.5M.
We will project this out 5 year(s) with a growth rate
of -0.72%.
Estimated Diluted Shares Outstanding: 3.37M.
Step 3: Project Future Stock Price
Using a price ratio of 11.05, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.49B ÷ 3.37M) × 11.05 =
$31094
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.8.
Projected over 5 years with a growth rate of
28.01%, dividends add to total shareholder return.
Expected dividends in 5 years:
$44.49600144861864.
Step 5: Discount the Projected Stock Price
Projected stock price: $31094.
Including dividends, total future value: $31138.5.
Discounted at 10% per
year over 5 years → Fair Value:
$19334.
