Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.21B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.79%.
Starting with 5.21B and growing at 9.79%
for 5 years, we estimate Free Cash Flow will be
8.3B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 706.07M.
We will project this out 5 year(s) with a growth rate
of -2.82%.
Estimated Diluted Shares Outstanding: 611.98M.
Step 3: Project Future Stock Price
Using a price ratio of 5.62, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(8.3B ÷ 611.98M) × 5.62 =
$76
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.31.
Projected over 5 years with a growth rate of
38.18%, dividends add to total shareholder return.
Expected dividends in 5 years:
$14.701250266760725.
Step 5: Discount the Projected Stock Price
Projected stock price: $76.
Including dividends, total future value: $90.7.
Discounted at 10% per
year over 5 years → Fair Value:
$56.
