Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.96B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
9.26%.
Starting with 2.96B and growing at 9.26%
for 5 years, we estimate Free Cash Flow will be
4.61B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 156.27M.
We will project this out 5 year(s) with a growth rate
of 4.47%.
Estimated Diluted Shares Outstanding: 194.46M.
Step 3: Project Future Stock Price
Using a price ratio of 9.53, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.61B ÷ 194.46M) × 9.53 =
$225
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.9.
Projected over 5 years with a growth rate of
-0.93%, dividends add to total shareholder return.
Expected dividends in 5 years:
$33.70346113979169.
Step 5: Discount the Projected Stock Price
Projected stock price: $225.
Including dividends, total future value: $258.7.
Discounted at 10% per
year over 5 years → Fair Value:
$160.
