Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.88B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.68%.
Starting with 1.88B and growing at 21.68%
for 5 years, we estimate Free Cash Flow will be
5.02B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 212.25M.
We will project this out 5 year(s) with a growth rate
of 9.17%.
Estimated Diluted Shares Outstanding: 329.13M.
Step 3: Project Future Stock Price
Using a price ratio of 21.48, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.02B ÷ 329.13M) × 21.48 =
$327
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.1.
Projected over 5 years with a growth rate of
6.19%, dividends add to total shareholder return.
Expected dividends in 5 years:
$47.06131684581118.
Step 5: Discount the Projected Stock Price
Projected stock price: $327.
Including dividends, total future value: $374.06.
Discounted at 10% per
year over 5 years → Fair Value:
$232.
