Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.37B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.44%.
Starting with 2.37B and growing at 9.44%
for 5 years, we estimate Free Cash Flow will be
3.72B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 179.36M.
We will project this out 5 year(s) with a growth rate
of -0.95%.
Estimated Diluted Shares Outstanding: 171M.
Step 3: Project Future Stock Price
Using a price ratio of 35.81, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.72B ÷ 171M) × 35.81 =
$779
Step 4: Project Future Dividends Paid
Forward dividend per share: $4.52.
Projected over 5 years with a growth rate of
4.71%, dividends add to total shareholder return.
Expected dividends in 5 years:
$25.35588877956077.
Step 5: Discount the Projected Stock Price
Projected stock price: $779.
Including dividends, total future value: $804.36.
Discounted at 10% per
year over 5 years → Fair Value:
$499.
