Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.94B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.41%.
Starting with 2.94B and growing at 21.41%
for 5 years, we estimate Free Cash Flow will be
7.75B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 242.61M.
We will project this out 5 year(s) with a growth rate
of 5.06%.
Estimated Diluted Shares Outstanding: 310.52M.
Step 3: Project Future Stock Price
Using a price ratio of 18.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.75B ÷ 310.52M) × 18.77 =
$468
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.25.
Projected over 5 years with a growth rate of
-0.78%, dividends add to total shareholder return.
Expected dividends in 5 years:
$6.128837040984815.
Step 5: Discount the Projected Stock Price
Projected stock price: $468.
Including dividends, total future value: $474.13.
Discounted at 10% per
year over 5 years → Fair Value:
$294.
