Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.66B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
27.87%.
Starting with 3.66B and growing at 27.87%
for 5 years, we estimate Free Cash Flow will be
12.52B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 914.31M.
We will project this out 5 year(s) with a growth rate
of 22.63%.
Estimated Diluted Shares Outstanding: 2.54B.
Step 3: Project Future Stock Price
Using a price ratio of 19, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.52B ÷ 2.54B) × 19 =
$93
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.47.
Projected over 5 years with a growth rate of
-0.29%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.224485955530415.
Step 5: Discount the Projected Stock Price
Projected stock price: $93.
Including dividends, total future value: $110.22.
Discounted at 10% per
year over 5 years → Fair Value:
$68.
