Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.7B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
36.89%.
Starting with 1.7B and growing at 36.89%
for 5 years, we estimate Free Cash Flow will be
8.17B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 257.04M.
We will project this out 5 year(s) with a growth rate
of 0.47%.
Estimated Diluted Shares Outstanding: 263.13M.
Step 3: Project Future Stock Price
Using a price ratio of 5.9, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.17B ÷ 263.13M) × 5.9 =
$183
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.2.
Projected over 5 years with a growth rate of
19.14%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.295981265321789.
Step 5: Discount the Projected Stock Price
Projected stock price: $183.
Including dividends, total future value: $192.3.
Discounted at 10% per
year over 5 years → Fair Value:
$119.
