Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
931M
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
30.45%.
Starting with 931M and growing at 30.45%
for 5 years, we estimate Free Cash Flow will be
3.52B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 4.53B.
We will project this out 5 year(s) with a growth rate
of -0.13%.
Estimated Diluted Shares Outstanding: 4.5B.
Step 3: Project Future Stock Price
Using a price ratio of 553.49, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.52B ÷ 4.5B) × 553.49 =
$432
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.23.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.1500000000000001.
Step 5: Discount the Projected Stock Price
Projected stock price: $432.
Including dividends, total future value: $433.15.
Discounted at 10% per
year over 5 years → Fair Value:
$268.
