Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.11B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
16.16%.
Starting with 1.11B and growing at 16.16%
for 5 years, we estimate Free Cash Flow will be
2.34B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 117.13M.
We will project this out 5 year(s) with a growth rate
of 0.22%.
Estimated Diluted Shares Outstanding: 118.42M.
Step 3: Project Future Stock Price
Using a price ratio of 34.91, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.34B ÷ 118.42M) × 34.91 =
$689
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.5.
Projected over 5 years with a growth rate of
4.17%, dividends add to total shareholder return.
Expected dividends in 5 years:
$24.919491644954903.
Step 5: Discount the Projected Stock Price
Projected stock price: $689.
Including dividends, total future value: $713.92.
Discounted at 10% per
year over 5 years → Fair Value:
$443.
