Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.36B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.69%.
Starting with 2.36B and growing at 12.69%
for 5 years, we estimate Free Cash Flow will be
4.28B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 312.22M.
We will project this out 5 year(s) with a growth rate
of -0.45%.
Estimated Diluted Shares Outstanding: 305.25M.
Step 3: Project Future Stock Price
Using a price ratio of 27.95, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.28B ÷ 305.25M) × 27.95 =
$392
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.95.
Projected over 5 years with a growth rate of
7.34%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.607431102865537.
Step 5: Discount the Projected Stock Price
Projected stock price: $392.
Including dividends, total future value: $409.61.
Discounted at 10% per
year over 5 years → Fair Value:
$254.
