Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.33B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
15.85%.
Starting with 2.33B and growing at 15.85%
for 5 years, we estimate Free Cash Flow will be
4.86B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 79.41M.
We will project this out 5 year(s) with a growth rate
of -0.02%.
Estimated Diluted Shares Outstanding: 79.33M.
Step 3: Project Future Stock Price
Using a price ratio of 9.86, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.86B ÷ 79.33M) × 9.86 =
$603
Step 4: Project Future Dividends Paid
Forward dividend per share: $23.21.
Projected over 5 years with a growth rate of
4.92%, dividends add to total shareholder return.
Expected dividends in 5 years:
$130.85515902922697.
Step 5: Discount the Projected Stock Price
Projected stock price: $603.
Including dividends, total future value: $733.86.
Discounted at 10% per
year over 5 years → Fair Value:
$455.
