Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
3.34B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
12.69%.
Starting with 3.34B and growing at 12.69%
for 5 years, we estimate Free Cash Flow will be
6.07B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 128.3M.
We will project this out 5 year(s) with a growth rate
of 0.06%.
Estimated Diluted Shares Outstanding: 128.68M.
Step 3: Project Future Stock Price
Using a price ratio of 20.24, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(6.07B ÷ 128.68M) × 20.24 =
$954
Step 4: Project Future Dividends Paid
Forward dividend per share: $6.86.
Projected over 5 years with a growth rate of
8.24%, dividends add to total shareholder return.
Expected dividends in 5 years:
$41.80840303439644.
Step 5: Discount the Projected Stock Price
Projected stock price: $954.
Including dividends, total future value: $995.81.
Discounted at 10% per
year over 5 years → Fair Value:
$618.
