Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.81B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.71%.
Starting with 1.81B and growing at 11.71%
for 5 years, we estimate Free Cash Flow will be
3.15B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 104.59M.
We will project this out 5 year(s) with a growth rate
of -1.15%.
Estimated Diluted Shares Outstanding: 98.71M.
Step 3: Project Future Stock Price
Using a price ratio of 27.25, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.15B ÷ 98.71M) × 27.25 =
$869
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.24.
Projected over 5 years with a growth rate of
4.88%, dividends add to total shareholder return.
Expected dividends in 5 years:
$18.249321037407704.
Step 5: Discount the Projected Stock Price
Projected stock price: $869.
Including dividends, total future value: $887.25.
Discounted at 10% per
year over 5 years → Fair Value:
$550.
