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
29.57%.
Starting with 931M and growing at 29.57%
for 5 years, we estimate Free Cash Flow will be
3.4B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 8.91B.
We will project this out 5 year(s) with a growth rate
of -0.11%.
Estimated Diluted Shares Outstanding: 8.86B.
Step 3: Project Future Stock Price
Using a price ratio of 511.33, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.4B ÷ 8.86B) × 511.33 =
$196
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.12.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.6.
Step 5: Discount the Projected Stock Price
Projected stock price: $196.
Including dividends, total future value: $196.6.
Discounted at 10% per
year over 5 years → Fair Value:
$122.
