Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.56B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.7%.
Starting with 2.56B and growing at 7.7%
for 5 years, we estimate Free Cash Flow will be
3.71B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 118.19M.
We will project this out 5 year(s) with a growth rate
of -1.65%.
Estimated Diluted Shares Outstanding: 108.76M.
Step 3: Project Future Stock Price
Using a price ratio of 5.4, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.71B ÷ 108.76M) × 5.4 =
$184
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
2.05%, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $184.
Including dividends, total future value: $184.
Discounted at 10% per
year over 5 years → Fair Value:
$114.
