Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.13B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.97%.
Starting with 2.13B and growing at 10.97%
for 5 years, we estimate Free Cash Flow will be
3.58B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 142.51M.
We will project this out 5 year(s) with a growth rate
of 1.84%.
Estimated Diluted Shares Outstanding: 156.11M.
Step 3: Project Future Stock Price
Using a price ratio of 9.7, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.58B ÷ 156.11M) × 9.7 =
$222
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.68.
Projected over 5 years with a growth rate of
0.40%, dividends add to total shareholder return.
Expected dividends in 5 years:
$8.484252167916102.
Step 5: Discount the Projected Stock Price
Projected stock price: $222.
Including dividends, total future value: $230.48.
Discounted at 10% per
year over 5 years → Fair Value:
$143.
