Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.68B
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
13.4%.
Starting with 1.68B and growing at 13.4%
for 5 years, we estimate Free Cash Flow will be
3.15B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 212.7M.
We will project this out 5 year(s) with a growth rate
of -1.95%.
Estimated Diluted Shares Outstanding: 192.76M.
Step 3: Project Future Stock Price
Using a price ratio of 20.38, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.15B ÷ 192.76M) × 20.38 =
$333
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $333.
Including dividends, total future value: $333.
Discounted at 10% per
year over 5 years → Fair Value:
$206.
