Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.65B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
-35.01%.
Starting with 1.65B and growing at -35.01%
for 5 years, we estimate Free Cash Flow will be
191.53M.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 137.79M.
We will project this out 5 year(s) with a growth rate
of -2.28%.
Estimated Diluted Shares Outstanding: 122.78M.
Step 3: Project Future Stock Price
Using a price ratio of 334.85, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(191.53M ÷ 122.78M) × 334.85 =
$522
Step 4: Project Future Dividends Paid
Forward dividend per share: $9.28.
Projected over 5 years with a growth rate of
1.32%, dividends add to total shareholder return.
Expected dividends in 5 years:
$47.94639217472599.
Step 5: Discount the Projected Stock Price
Projected stock price: $522.
Including dividends, total future value: $569.95.
Discounted at 10% per
year over 5 years → Fair Value:
$353.
