Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.45B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
28.43%.
Starting with 2.45B and growing at 28.43%
for 5 years, we estimate Free Cash Flow will be
8.57B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.07B.
We will project this out 5 year(s) with a growth rate
of 18.99%.
Estimated Diluted Shares Outstanding: 2.54B.
Step 3: Project Future Stock Price
Using a price ratio of 14.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.57B ÷ 2.54B) × 14.32 =
$48
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.18.
Projected over 5 years with a growth rate of
0.94%, dividends add to total shareholder return.
Expected dividends in 5 years:
$11.157958683361807.
Step 5: Discount the Projected Stock Price
Projected stock price: $48.
Including dividends, total future value: $59.16.
Discounted at 10% per
year over 5 years → Fair Value:
$36.
