Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.82B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
10.08%.
Starting with 1.82B and growing at 10.08%
for 5 years, we estimate Free Cash Flow will be
2.94B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 976.43M.
We will project this out 5 year(s) with a growth rate
of -1.51%.
Estimated Diluted Shares Outstanding: 904.9M.
Step 3: Project Future Stock Price
Using a price ratio of 45.19, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.94B ÷ 904.9M) × 45.19 =
$146
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$0.
Step 5: Discount the Projected Stock Price
Projected stock price: $146.
Including dividends, total future value: $146.
Discounted at 10% per
year over 5 years → Fair Value:
$90.
