Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.07B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
34.51%.
Starting with 2.07B and growing at 34.51%
for 5 years, we estimate Free Cash Flow will be
9.13B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 212.31M.
We will project this out 5 year(s) with a growth rate
of -0.22%.
Estimated Diluted Shares Outstanding: 209.99M.
Step 3: Project Future Stock Price
Using a price ratio of 1.38, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.13B ÷ 209.99M) × 1.38 =
$59
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.38.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.8999999999999995.
Step 5: Discount the Projected Stock Price
Projected stock price: $59.
Including dividends, total future value: $65.9.
Discounted at 10% per
year over 5 years → Fair Value:
$40.
