Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.94B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.28%.
Starting with 1.94B and growing at 7.28%
for 5 years, we estimate Free Cash Flow will be
2.75B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 220.65M.
We will project this out 5 year(s) with a growth rate
of -3.57%.
Estimated Diluted Shares Outstanding: 183.98M.
Step 3: Project Future Stock Price
Using a price ratio of 12.32, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.75B ÷ 183.98M) × 12.32 =
$184
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.44.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$2.2.
Step 5: Discount the Projected Stock Price
Projected stock price: $184.
Including dividends, total future value: $186.2.
Discounted at 10% per
year over 5 years → Fair Value:
$115.
