Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.21B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
34.11%.
Starting with 1.21B and growing at 34.11%
for 5 years, we estimate Free Cash Flow will be
5.24B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 44.76M.
We will project this out 5 year(s) with a growth rate
of -3.7%.
Estimated Diluted Shares Outstanding: 37.07M.
Step 3: Project Future Stock Price
Using a price ratio of 15.88, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.24B ÷ 37.07M) × 15.88 =
$2245
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.25.
Projected over 5 years with a growth rate of
18.57%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.5679096808481.
Step 5: Discount the Projected Stock Price
Projected stock price: $2245.
Including dividends, total future value: $2254.57.
Discounted at 10% per
year over 5 years → Fair Value:
$1399.
