Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.08B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
6.56%.
Starting with 2.08B and growing at 6.56%
for 5 years, we estimate Free Cash Flow will be
2.85B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 251.65M.
We will project this out 5 year(s) with a growth rate
of -0.93%.
Estimated Diluted Shares Outstanding: 240.16M.
Step 3: Project Future Stock Price
Using a price ratio of 36.69, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(2.85B ÷ 240.16M) × 36.69 =
$435
Step 4: Project Future Dividends Paid
Forward dividend per share: $7.98.
Projected over 5 years with a growth rate of
12.10%, dividends add to total shareholder return.
Expected dividends in 5 years:
$53.086846416284175.
Step 5: Discount the Projected Stock Price
Projected stock price: $435.
Including dividends, total future value: $488.09.
Discounted at 10% per
year over 5 years → Fair Value:
$303.
