Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.03B
as of Aug 3, 2025.
We will project this out 5 years with a yearly growth
rate of
22.02%.
Starting with 1.03B and growing at 22.02%
for 5 years, we estimate Free Cash Flow will be
2.78B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 123.38M.
We will project this out 5 year(s) with a growth rate
of -4.17%.
Estimated Diluted Shares Outstanding: 99.72M.
Step 3: Project Future Stock Price
Using a price ratio of 12.04, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.78B ÷ 99.72M) × 12.04 =
$335
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.12.
Projected over 5 years with a growth rate of
20.95%, dividends add to total shareholder return.
Expected dividends in 5 years:
$25.098009543196.
Step 5: Discount the Projected Stock Price
Projected stock price: $335.
Including dividends, total future value: $360.1.
Discounted at 10% per
year over 5 years → Fair Value:
$223.
