Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.42B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
17.08%.
Starting with 1.42B and growing at 17.08%
for 5 years, we estimate Free Cash Flow will be
3.12B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 172.94M.
We will project this out 5 year(s) with a growth rate
of 8.87%.
Estimated Diluted Shares Outstanding: 264.5M.
Step 3: Project Future Stock Price
Using a price ratio of 11.66, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.12B ÷ 264.5M) × 11.66 =
$137
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.58.
Projected over 5 years with a growth rate of
-1.36%, dividends add to total shareholder return.
Expected dividends in 5 years:
$31.792783813822137.
Step 5: Discount the Projected Stock Price
Projected stock price: $137.
Including dividends, total future value: $168.79.
Discounted at 10% per
year over 5 years → Fair Value:
$104.
