Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.32%.
Starting with 3.72B and growing at 14.32%
for 5 years, we estimate Free Cash Flow will be
7.26B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 47.07M.
We will project this out 5 year(s) with a growth rate
of 3.52%.
Estimated Diluted Shares Outstanding: 55.95M.
Step 3: Project Future Stock Price
Using a price ratio of 4.44, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.26B ÷ 55.95M) × 4.44 =
$576
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.59.
Projected over 5 years with a growth rate of
-3.04%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.359505695136697.
Step 5: Discount the Projected Stock Price
Projected stock price: $576.
Including dividends, total future value: $583.36.
Discounted at 10% per
year over 5 years → Fair Value:
$362.
