Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.45B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
17.49%.
Starting with 1.45B and growing at 17.49%
for 5 years, we estimate Free Cash Flow will be
3.24B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 77.37M.
We will project this out 5 year(s) with a growth rate
of -1.59%.
Estimated Diluted Shares Outstanding: 71.41M.
Step 3: Project Future Stock Price
Using a price ratio of 40.48, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(3.24B ÷ 71.41M) × 40.48 =
$1835
Step 4: Project Future Dividends Paid
Forward dividend per share: $8.6.
Projected over 5 years with a growth rate of
13.08%, dividends add to total shareholder return.
Expected dividends in 5 years:
$58.469981324639896.
Step 5: Discount the Projected Stock Price
Projected stock price: $1835.
Including dividends, total future value: $1893.47.
Discounted at 10% per
year over 5 years → Fair Value:
$1175.
