Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.05B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
20.6%.
Starting with 2.05B and growing at 20.6%
for 5 years, we estimate Free Cash Flow will be
5.22B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 895.02M.
We will project this out 5 year(s) with a growth rate
of 1.31%.
Estimated Diluted Shares Outstanding: 955.2M.
Step 3: Project Future Stock Price
Using a price ratio of 21.6, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.22B ÷ 955.2M) × 21.6 =
$118
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.95.
Projected over 5 years with a growth rate of
37.23%, dividends add to total shareholder return.
Expected dividends in 5 years:
$10.478913803111881.
Step 5: Discount the Projected Stock Price
Projected stock price: $118.
Including dividends, total future value: $128.48.
Discounted at 10% per
year over 5 years → Fair Value:
$79.
