Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
6.92B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.37%.
Starting with 6.92B and growing at 12.37%
for 5 years, we estimate Free Cash Flow will be
12.4B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.25B.
We will project this out 5 year(s) with a growth rate
of 1%.
Estimated Diluted Shares Outstanding: 1.31B.
Step 3: Project Future Stock Price
Using a price ratio of 55.85, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(12.4B ÷ 1.31B) × 55.85 =
$527
Step 4: Project Future Dividends Paid
Forward dividend per share: $3.12.
Projected over 5 years with a growth rate of
6.72%, dividends add to total shareholder return.
Expected dividends in 5 years:
$18.35435552605295.
Step 5: Discount the Projected Stock Price
Projected stock price: $527.
Including dividends, total future value: $545.35.
Discounted at 10% per
year over 5 years → Fair Value:
$338.
