Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.02B
as of Jun 28, 2025.
We will project this out 5 years with a yearly growth
rate of
14.54%.
Starting with 1.02B and growing at 14.54%
for 5 years, we estimate Free Cash Flow will be
2.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 52.16M.
We will project this out 5 year(s) with a growth rate
of -0.87%.
Estimated Diluted Shares Outstanding: 49.93M.
Step 3: Project Future Stock Price
Using a price ratio of 14.95, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.02B ÷ 49.93M) × 14.95 =
$603
Step 4: Project Future Dividends Paid
Forward dividend per share: $10.42.
Projected over 5 years with a growth rate of
7.51%, dividends add to total shareholder return.
Expected dividends in 5 years:
$62.43956631728696.
Step 5: Discount the Projected Stock Price
Projected stock price: $603.
Including dividends, total future value: $665.44.
Discounted at 10% per
year over 5 years → Fair Value:
$413.
