Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.82B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.37%.
Starting with 1.82B and growing at 9.37%
for 5 years, we estimate Free Cash Flow will be
2.85B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 379.99M.
We will project this out 5 year(s) with a growth rate
of 0.77%.
Estimated Diluted Shares Outstanding: 394.85M.
Step 3: Project Future Stock Price
Using a price ratio of 36.52, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.85B ÷ 394.85M) × 36.52 =
$264
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.67.
Projected over 5 years with a growth rate of
4.30%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.276779768844074.
Step 5: Discount the Projected Stock Price
Projected stock price: $264.
Including dividends, total future value: $273.28.
Discounted at 10% per
year over 5 years → Fair Value:
$169.
