Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.15B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.5%.
Starting with 2.15B and growing at 21.5%
for 5 years, we estimate Free Cash Flow will be
5.69B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 852.6M.
We will project this out 5 year(s) with a growth rate
of 0.18%.
Estimated Diluted Shares Outstanding: 860.3M.
Step 3: Project Future Stock Price
Using a price ratio of 19.35, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(5.69B ÷ 860.3M) × 19.35 =
$127
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.85.
Projected over 5 years with a growth rate of
10.12%, dividends add to total shareholder return.
Expected dividends in 5 years:
$5.408221083080021.
Step 5: Discount the Projected Stock Price
Projected stock price: $127.
Including dividends, total future value: $132.41.
Discounted at 10% per
year over 5 years → Fair Value:
$82.
