Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
1.2B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
30.44%.
Starting with 1.2B and growing at 30.44%
for 5 years, we estimate Free Cash Flow will be
4.52B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 217.53M.
We will project this out 5 year(s) with a growth rate
of -2.5%.
Estimated Diluted Shares Outstanding: 191.67M.
Step 3: Project Future Stock Price
Using a price ratio of 13.77, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.52B ÷ 191.67M) × 13.77 =
$324
Step 4: Project Future Dividends Paid
Forward dividend per share: $1.29.
Projected over 5 years with a growth rate of
3.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$7.008918890491951.
Step 5: Discount the Projected Stock Price
Projected stock price: $324.
Including dividends, total future value: $331.01.
Discounted at 10% per
year over 5 years → Fair Value:
$205.
