Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.03B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
24.67%.
Starting with 1.03B and growing at 24.67%
for 5 years, we estimate Free Cash Flow will be
3.09B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 55.38M.
We will project this out 5 year(s) with a growth rate
of -2.06%.
Estimated Diluted Shares Outstanding: 49.9M.
Step 3: Project Future Stock Price
Using a price ratio of 7.87, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.09B ÷ 49.9M) × 7.87 =
$487
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.33.
Projected over 5 years with a growth rate of
8.45%, dividends add to total shareholder return.
Expected dividends in 5 years:
$38.765697742601986.
Step 5: Discount the Projected Stock Price
Projected stock price: $487.
Including dividends, total future value: $525.77.
Discounted at 10% per
year over 5 years → Fair Value:
$326.
