Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
7.42B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
5.97%.
Starting with 7.42B and growing at 5.97%
for 5 years, we estimate Free Cash Flow will be
9.92B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 103.02M.
We will project this out 5 year(s) with a growth rate
of 0.73%.
Estimated Diluted Shares Outstanding: 106.83M.
Step 3: Project Future Stock Price
Using a price ratio of 4.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(9.92B ÷ 106.83M) × 4.77 =
$442
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.9.
Projected over 5 years with a growth rate of
28.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$17.74054811173714.
Step 5: Discount the Projected Stock Price
Projected stock price: $442.
Including dividends, total future value: $459.74.
Discounted at 10% per
year over 5 years → Fair Value:
$285.
