Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.33B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
38.67%.
Starting with 2.33B and growing at 38.67%
for 5 years, we estimate Free Cash Flow will be
11.93B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 586.83M.
We will project this out 5 year(s) with a growth rate
of -0.62%.
Estimated Diluted Shares Outstanding: 568.86M.
Step 3: Project Future Stock Price
Using a price ratio of 9.6, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(11.93B ÷ 568.86M) × 9.6 =
$201
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.79.
Projected over 5 years with a growth rate of
2.16%, dividends add to total shareholder return.
Expected dividends in 5 years:
$4.166767866284636.
Step 5: Discount the Projected Stock Price
Projected stock price: $201.
Including dividends, total future value: $205.17.
Discounted at 10% per
year over 5 years → Fair Value:
$127.
