Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.48B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.3%.
Starting with 1.48B and growing at 10.3%
for 5 years, we estimate Free Cash Flow will be
2.42B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 97.55M.
We will project this out 5 year(s) with a growth rate
of -4.74%.
Estimated Diluted Shares Outstanding: 76.52M.
Step 3: Project Future Stock Price
Using a price ratio of 24.87, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.42B ÷ 76.52M) × 24.87 =
$786
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.52.
Projected over 5 years with a growth rate of
0.07%, dividends add to total shareholder return.
Expected dividends in 5 years:
$22.63957076617222.
Step 5: Discount the Projected Stock Price
Projected stock price: $786.
Including dividends, total future value: $808.64.
Discounted at 10% per
year over 5 years → Fair Value:
$502.
