Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
5.72B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
11.24%.
Starting with 5.72B and growing at 11.24%
for 5 years, we estimate Free Cash Flow will be
9.74B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 281.17M.
We will project this out 5 year(s) with a growth rate
of -3.93%.
Estimated Diluted Shares Outstanding: 230.1M.
Step 3: Project Future Stock Price
Using a price ratio of 5.94, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.74B ÷ 230.1M) × 5.94 =
$251
Step 4: Project Future Dividends Paid
Forward dividend per share: $2.55.
Projected over 5 years with a growth rate of
3.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$13.96566982970913.
Step 5: Discount the Projected Stock Price
Projected stock price: $251.
Including dividends, total future value: $264.97.
Discounted at 10% per
year over 5 years → Fair Value:
$164.
