Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.53B
as of Aug 2, 2025.
We will project this out 5 years with a yearly growth
rate of
38.4%.
Starting with 1.53B and growing at 38.4%
for 5 years, we estimate Free Cash Flow will be
7.77B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 862.25M.
We will project this out 5 year(s) with a growth rate
of 5.06%.
Estimated Diluted Shares Outstanding: 1.1B.
Step 3: Project Future Stock Price
Using a price ratio of 60.64, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(7.77B ÷ 1.1B) × 60.64 =
$426
Step 4: Project Future Dividends Paid
Forward dividend per share: $0.3.
Projected over 5 years with a growth rate of
n/a, dividends add to total shareholder return.
Expected dividends in 5 years:
$1.5.
Step 5: Discount the Projected Stock Price
Projected stock price: $426.
Including dividends, total future value: $427.5.
Discounted at 10% per
year over 5 years → Fair Value:
$265.
