Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
8.44B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.28%.
Starting with 8.44B and growing at 14.28%
for 5 years, we estimate Free Cash Flow will be
16.45B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.21B.
We will project this out 5 year(s) with a growth rate
of -3.95%.
Estimated Diluted Shares Outstanding: 991.93M.
Step 3: Project Future Stock Price
Using a price ratio of 9.61, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(16.45B ÷ 991.93M) × 9.61 =
$159
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.04.
Projected over 5 years with a growth rate of
8.23%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.429948174031178.
Step 5: Discount the Projected Stock Price
Projected stock price: $159.
Including dividends, total future value: $171.43.
Discounted at 10% per
year over 5 years → Fair Value:
$106.
