Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.42B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
13.84%.
Starting with 1.42B and growing at 13.84%
for 5 years, we estimate Free Cash Flow will be
2.71B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 47.83M.
We will project this out 5 year(s) with a growth rate
of -2.25%.
Estimated Diluted Shares Outstanding: 42.69M.
Step 3: Project Future Stock Price
Using a price ratio of 29.23, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.71B ÷ 42.69M) × 29.23 =
$1853
Step 4: Project Future Dividends Paid
Forward dividend per share: $10.67.
Projected over 5 years with a growth rate of
2.04%, dividends add to total shareholder return.
Expected dividends in 5 years:
$56.112620184883795.
Step 5: Discount the Projected Stock Price
Projected stock price: $1853.
Including dividends, total future value: $1909.11.
Discounted at 10% per
year over 5 years → Fair Value:
$1185.
