Step 1: Project Free Cash Flow
The most recent Free Cash Flow (TTM) value is
2.82B
as of Jun 30, 2025.
We will project this out 5 years with a yearly growth
rate of
7.57%.
Starting with 2.82B and growing at 7.57%
for 5 years, we estimate Free Cash Flow will be
4.06B.
Step 2: Project Future Diluted Shares Outstanding
The most recent Diluted Shares Outstanding value is 175.45M.
We will project this out 5 year(s) with a growth rate
of 0.17%.
Estimated Diluted Shares Outstanding: 176.95M.
Step 3: Project Future Stock Price
Using a price ratio of 21.3, formula: (Future Free Cash Flow ÷ Future Diluted Shares Outstanding)
× Price Ratio
(4.06B ÷ 176.95M) × 21.3 =
$488
Step 4: Project Future Dividends Paid
Forward dividend per share: $12.
Projected over 5 years with a growth rate of
2.38%, dividends add to total shareholder return.
Expected dividends in 5 years:
$63.633976527164485.
Step 5: Discount the Projected Stock Price
Projected stock price: $488.
Including dividends, total future value: $551.63.
Discounted at 10% per
year over 5 years → Fair Value:
$342.
