Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.49B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.54%.
Starting with 6.49B and growing at 10.54%
for 5 years, we estimate Free Cash Flow will be
10.71B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.17B.
We will project this out 5 year(s) with a growth rate
of -0.24%.
Estimated Diluted Shares Outstanding: 1.15B.
Step 3: Project Future Stock Price
Using a price ratio of 34.52, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(10.71B ÷ 1.15B) × 34.52 =
$320
Step 4: Project Future Dividends Paid
Forward dividend per share: $5.22.
Projected over 5 years with a growth rate of
7.04%, dividends add to total shareholder return.
Expected dividends in 5 years:
$30.938963377718377.
Step 5: Discount the Projected Stock Price
Projected stock price: $320.
Including dividends, total future value: $350.94.
Discounted at 10% per
year over 5 years → Fair Value:
$217.
