Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.89B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
21.09%.
Starting with 2.89B and growing at 21.09%
for 5 years, we estimate Free Cash Flow will be
7.53B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 654.39M.
We will project this out 5 year(s) with a growth rate
of -5.01%.
Estimated Diluted Shares Outstanding: 506.08M.
Step 3: Project Future Stock Price
Using a price ratio of 29.36, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.53B ÷ 506.08M) × 29.36 =
$436
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.88.
Projected over 5 years with a growth rate of
1.85%, dividends add to total shareholder return.
Expected dividends in 5 years:
$9.84080071262479.
Step 5: Discount the Projected Stock Price
Projected stock price: $436.
Including dividends, total future value: $445.84.
Discounted at 10% per
year over 5 years → Fair Value:
$276.
