Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.68B
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
0.26%.
Starting with 1.68B and growing at 0.26%
for 5 years, we estimate Free Cash Flow will be
1.7B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 325.4M.
We will project this out 5 year(s) with a growth rate
of -1.73%.
Estimated Diluted Shares Outstanding: 298.21M.
Step 3: Project Future Stock Price
Using a price ratio of 66.1, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(1.7B ÷ 298.21M) × 66.1 =
$376
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.95.
Projected over 5 years with a growth rate of
33.64%, dividends add to total shareholder return.
Expected dividends in 5 years:
$20.13009308353375.
Step 5: Discount the Projected Stock Price
Projected stock price: $376.
Including dividends, total future value: $396.13.
Discounted at 10% per
year over 5 years → Fair Value:
$245.
