Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
4.74B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
14.7%.
Starting with 4.74B and growing at 14.7%
for 5 years, we estimate Free Cash Flow will be
9.41B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 1.94B.
We will project this out 5 year(s) with a growth rate
of 1.32%.
Estimated Diluted Shares Outstanding: 2.07B.
Step 3: Project Future Stock Price
Using a price ratio of 67.7, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.41B ÷ 2.07B) × 67.7 =
$308
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.14.
Projected over 5 years with a growth rate of
6.90%, dividends add to total shareholder return.
Expected dividends in 5 years:
$12.642356730984362.
Step 5: Discount the Projected Stock Price
Projected stock price: $308.
Including dividends, total future value: $320.64.
Discounted at 10% per
year over 5 years → Fair Value:
$199.
